Weak trading across equities, options, and cryptocurrencies in November has raised concerns that retail investor momentum may be slowing.

Tumbling crypto prices contributed to disappointing overall trading volumes for Robinhood (HOOD). The brokerage reported crypto volume of $28.6 billion in November, down 12% from October’s $32.5 billion and 19% lower than the same period last year, when crypto surged following Donald Trump’s election victory. Bitstamp, the crypto exchange Robinhood agreed to acquire earlier this year, also saw volumes decline 11%.

Equity trading volumes struggled as well, falling 37% month-over-month in November to $201.5 billion, though they remained 37% higher than a year ago. Meanwhile, total platform assets declined 5% to $325 billion.

The slowdown has heightened concerns that the recent surge in retail trading may be losing steam. For a company that relies heavily on transaction-based revenue, weaker volumes across equities, options, and crypto could pressure earnings.

Robinhood shares fell 8% on Thursday, although they remain up 216% year-to-date.