Robinhood reports August 2025 customer and trading metrics
Investing.com -- Bernstein analysts said they expect the crypto rally to extend for several more years, forecasting what they described as “a long crypto bull market, continuing the surge into 2026 and potentially peak in 2027.”
The team, led by Gautam Chhugani, noted that earlier expectations were for Bitcoin to top out in 2025 or early 2026, but policy support under the Trump administration has extended the cycle.
“We believe we are in the middle of a digital assets revolution backed by regulatory reform,” they wrote in a Tuesday note.
Bitcoin is now seen reaching a cycle peak of $200,000 within the next 6–12 months, with inflows broadening into Ethereum, Solana, and other leading tokens.
Chuggani also highlighted the investment implications for listed crypto-related stocks. Coinbase (NASDAQ:COIN), Robinhood (NASDAQ:HOOD), and Circle Internet Group (NYSE:CRCL) all carry Outperform ratings, with raised price targets of $510, $160, and $230, respectively.
The analysts see Coinbase benefiting from a wider set of trading products, including perpetual futures and options, while Robinhood’s “diversified equities-crypto-financial services business model makes it more predictable,” with estimated earnings growth of 53% through 2027.
Stablecoin issuer Circle, meanwhile, is expected to see strong upside from USDC expansion, with stablecoin supply projected to grow from $61 billion to about $220 billion by 2027.
Moreover, the analysts pointed to a strong rebound in trading volumes across the sector. Crypto activity in July surged, with Robinhood and Coinbase both reporting their highest monthly levels of 2025 so far.
That momentum, they said, should continue as rates decline in the second half of the year, helping drive demand for on-chain yield products such as staking and DeFi lending.