Jonathan Levin, Columnist

Too Bad the Robinhood Crowd Isn’t Buying This Dip

March 30, 2026 at 9:00 AM UTC

Jonathan Levin is a columnist focused on US markets and economics. Previously, he worked as a Bloomberg journalist in the US, Brazil and Mexico. He is a CFA charterholder.

When the cheering stops: Vlad Tenev, chairman and CEO of Robinhood Markets.
Photographer: Michael M. Santiago/Getty Images North America

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Where are the Robinhooders? Individual investors, many trading on their phones, have reliably stepped in since 2020 to buy any dip in stocks and push bull runs to extremes, driving valuations to levels previously seen as fanciful. Early evidence suggests that the retail crowd is now in retreat.

Even before the US-Israeli conflict with Iran broke out, net flows from individual investors into single-name US stocks were already slipping, according to Vanda Research data. Robinhood Markets Inc., a retail proxy popular with younger cohorts, reported that its average daily equities trading volume fell 11% in February from the previous month; its stock ended last month down by half from its October highs.