Crypto exchange Gemini has just reported its lowest quarterly retail trading volume in three years, despite an increase in overall crypto trading volume.

Total spot trading volume rose 18% from the second quarter to $4.5 billion, according to Gemini’s Q3 earnings report. Institutional volume climbed 26% to $3.9 billion, while retail volume fell 14% to $600 million, its lowest level since the third quarter of 2023.

Gemini said the quarterly increase in spot trading volume was “supported by increased institutional Zcash activity and expanded affiliated market-making,” but did not give a specific reason for the decline in retail trading.

Despite the retail slump, Gemini’s exchange revenue increased 7% from the previous quarter to $13.4 million as institutional revenue more than doubled. Retail traders remained its largest source of exchange revenue, contributing nearly three-quarters of the total.

A number of crypto exchanges also reported softer crypto trading activity in the most recent quarter.

Coinbase reported softer retail and institutional activity, with consumer spot trading volume falling 9% from the previous quarter to $23.4 billion. Coinbase chief financial officer Alesia Haas said “continued growth in prediction markets helped offset softer crypto trading activity.”

At Robinhood, crypto revenue fell 55% year-on-year to $120 million, offset by a sixfold increase in event-contract revenue to $173 million.

Gemini also got some help from its own prediction exchange, Gemini Predictions, with revenue from that business unit increasing 52% quarter-on-quarter to $796,000, though it wasn’t significant enough to offset declines elsewhere.

Gemini reported stronger prediction-market activity heading into the fourth quarter, with average daily traders in October running about 50% above the third-quarter average.

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