Gemini Trading Volume saw a big difference between retail and institutional trading during the third quarter of 2026. Even though the cryptocurrency platform saw an increase in overall spot volume, the number of retail users kept falling, making it the lowest in three years.
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According to the Gemini Q3 earnings report, total spot volume was up by 18% to reach $4.5 billion. But the growth was mostly due to institutional trading, which increased by 26% to reach $3.9 billion. On the other hand, retail trading volume was down by 14% to just $600 million.
The latest numbers indicate that Gemini has not had such weak retail quarter numbers since Q3 2023. It also demonstrates the increasing gap between institutional and individual involvement on the platform.
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Gemini Trading Volume Grows Despite Retail Decline
Gemini recorded higher spot volume for the period, as evidenced by increased participation of institutional clients.
According to the company, this rise was attributed to increased institutional Zcash trading as well as market making. As a result of these developments, spot volume increased despite a fall in individual customer activity.
It is important to note that Gemini did not give an explicit reason for the decrease in retail volume. This was witnessed in the form of a 14% decline in spot volume during the quarter.
Nonetheless, Gemini was able to make more money in terms of exchange revenue. The firm has noted exchange revenue for Q3 of $13.4 million, a 7% increase in comparison to the past quarter.
The rise in institutional revenue by more than doubling made a significant contribution to the outcome. Still, retail clients remained a source of more than three-quarters of Gemini’s exchange revenue.
That is the key difference between the business models of the two companies. Despite the growing importance of institutional trading volume, retail clients stay the primary source of exchange revenue for Gemini.
Crypto Exchanges Look Beyond Traditional Trading
Gemini isn’t the only crypto platform experiencing lower activity within some areas of its traditional exchange services. Prediction markets and event products have been introduced by other major firms as means of boosting revenues.
According to Coinbase’s data, the firm saw a 9% decrease in the volume of spot trading activities of consumers during the quarter to $23.4 billion. In her comments, the company’s CFO Alesia Haas noted the positive dynamics of prediction markets.
There has also been a downturn in the cryptocurrency business of Robinhood. Its crypto revenue plunged by 55% year-over-year to $120 million. But the revenue from its event contracts rose by 6 times to $173 million.
Gimi has also been growing its prediction markets segment using Gemini Predictions. Its revenue grew 52% quarter-over-quarter to $796,000.
While the growth is an achievement, prediction markets make up only a small fraction of Gemini’s total operations. The revenues from the business unit have been insufficient to make up for deficiencies elsewhere.
Gemini Predictions Sees Stronger Activity in October
Despite the decline in retail activity, Gemini Trading Volume remains an important part of the company’s exchange business as Gemini expands its prediction market operations ahead of the fourth quarter.
According to the firm, the average number of daily active participants on Gemini Predictions in October was about 50% higher than the quarterly average. This growth comes as Gemini Trading Volume faces pressure from weaker retail participation.
The platform also attracted new clients. Nearly one-third of prediction market participants who signed up in October were new to Gemini, twice the proportion recorded in the third quarter. This could help Gemini Trading Volume recover by bringing new users into its broader platform.
These figures suggest that prediction markets could attract customers who may not have previously used Gemini’s traditional crypto exchange services.
The firm is also working to expand the availability of its event contracts through partnerships with other financial platforms.
Gemini Expands Prediction Market Partnership With Apex
Gemini aims to offer its regulated cryptocurrency event contracts outside its platform through a partnership with Apex Fintech Solutions.
The two firms made an announcement on August 24, 2026, about a partnership that will see Gemini’s prediction market products reach Apex’s brokerage firm.
Under the proposed partnership, Gemini Titan will be the sole platform that offers crypto event contracts through Apex’s Futures Commission Merchant.
The collaboration seeks to help Gemini expand its prediction market by using Apex’s brokerage services. Nevertheless, the deal made in August is still non-binding.
Gemini wishes to expand its prediction market given that institutional activities have been increasing while retail trading has been decreasing.
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Bena Ilyas is a Global News Correspondent and Market Analyst at Tronweekly with over four years of experience covering global cryptocurrency, blockchain, and Web3 developments. She has written 1,000+ articles for leading crypto news platforms, reporting on Bitcoin, Ethereum, altcoins, DeFi, and global crypto regulation, alongside Web3 trends, Layer 2 ecosystems, and AI-driven crypto use cases. Her work is based on verified sources and fact-based reporting for global market participants.
