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🐳 Weekly Edition: Robinhood Chain Revives Onchain Market

🐳 Weekly Edition: Robinhood Chain Revives Onchain Market

ETF flows reverse as Robinhood's new chain attracts billions in trading volume, potentially signaling a reversal in recent onchain trends

Beluga & Will McKinnon
July 10, 2026

Crypto mounted a recovery this week, with Bitcoin bouncing over 10% from the lows we entered July at. While the Fear and Greed index is still squarely sitting at “Extreme Fear,” July 8th marked the single biggest day of inflows to Bitcoin ETFs in 2 months. It’s going to take many more days like that to see a real reversal in BTC, but it’s nice to see some positive price action coupled with onchain activity spiking.

24 Hour Heatmap, Source: CoinMarketCap

The major driver of this spike is of course the launch of Robinhood Chain, which went live on mainnet July 1 with the goal of dominating the tokenized asset market. In its first week, the chain processed 4 million transactions and pulled in over $240M in protocol deposits. The unfortunate truth here is most of the activity has come from memecoin trading, and thus the jury remains out on whether they’ll be able to execute the RWA-focused vision that Robinhood CEO Vlad Tenev hopes to achieve.

Regardless of the source of activity it’s already had a positive effect on the ecosystem in terms of interest, and having one of the most popular retail brokerages enter the onchain infrastructure race is a good thing — per data from Token Terminal, Robinhood Chain already accounts for 6.9% of all tokenized stock holders. Hyperliquid has demonstrated the insane demand for tokenized assets, and there’s arguably no better entity to bring that technology to the masses of traders than Robinhood.