Its business activity soared when the stock market crashed during the peak of the virus crisis as Millennials and Gen-Z'ers flocked to HOOD's app with dreams of getting rich by day-trading meme and tech stocks from their parent's couch. And HOOD also added the ability to trade cryptos, which also is heavily retail-based. According to Apptopia data, the number of new Robinhood app downloads in Q3 (a proxy for account openings) is down -78% from 2Q21. This compares with a drop of around 50% for Bitcoin, Coinbase and other crypto apps that rode the retail trading trend. In addition, Q3 daily active users (a proxy for activity levels) have declined -40% from 2Q21. This compares with a 23% decline for crypo peers and 30% for Schwab. As stock bubbles start to pop (see 1999/2000 and 2007/2008) retail stock speculators start to lose interest in the market or try to buy the dip until they destroy their account. Most ultimately get wiped out.