Second, Apptopia also notes that Robinhood's daily active users (a proxy for retail activity level) declined about 40% in 3Q 2021 from the June quarter. Robinhood had 21.3 million and 17.7 million monthly active users in 2Q 2021 and 1Q 2021, respectively. Again, if Apptopia's data is consistent with Robinhood's tabulations, Robinhood's active monthly user total could slide to around 13 million in 3Q 2021.