Robinhood reported second-quarter revenue of $1.31 billion, up 32% year over year against a $1.29 billion consensus. Inside that number, event contracts revenue rose more than tenfold to $156 million while crypto revenue fell 38% to $100 million. The prediction market business is now larger than the crypto trading business, and it got there in roughly a year. That crossover is the print. Crypto trading was the growth engine that carried this company through two cycles and it is behaving exactly as a transactional crypto business always behaves, which is to say it tracks retail speculative appetite with no floor underneath it.