eToro saidthe value of customer assets on its platform reached $20.1 billion in May, up18% from a year earlier, as heavy stock and commodities trading offset anotherdrop in crypto activity. Thepreliminary figures also showed the trading app leaning on two recentacquisitions to lift its headline account growth.The monthlysnapshot extends a pattern that has run through eToro's data all year, withtraditional markets activity rising while digital assets fade. Capitalmarkets trades, a bucket covering stocks, commodities and currencies, rose 59%from May 2025 to 64 million. Cryptotrades fell 31% to 2.2 million over the same stretch, deepening a pivot from crypto toward traditionalmarkets that theNasdaq-listed broker has reported since the start of 2026.Smaller Trades Power theVolume SurgeThe jump intrade counts came with a catch. The average amount invested per capital marketstrade fell 36% to $201, while the figure for crypto dropped 28% to $203.eToro's users, in short, are placing far more orders, but each one is muchsmaller than it was a year ago.The companyhas tied that compression to a growing share of copy trading and automatedactivity, which spreads money across many small positions.[#highlighted-links#] It made thesame point about its first-quarter results, when capital markets tradesclimbed 90% and the per-trade figure fell sharply. The shift has also coloredhow investors read the data, with trade sizes roughly halving over recent quarters.Source:eToro Group, preliminary May 2026 metrics. Figures rounded; percentages basedon unrounded numbers.Account Growth Leans onAcquisitionseTororeported 4.23 million funded accounts at the end of May, up 17% from 3.61million a year earlier. Buried in a footnote, though, is that 110,000 of thoseaccounts came from its purchases of Zengo and Bit2C, two Israeli cryptobusinesses.Strip outthe acquired users and the base sits closer to 4.12 million. The dealstherefore account for roughly a fifth of the year-over-year increase in fundedaccounts, leaving organic onboarding more modest than the headline rateimplies.eTorodefines funded accounts as users who have deposited money and placed at leastone trade, but for the Zengo and Bit2C customers it counts anyone with apositive balance. The Zengo deal, which closed at the end of April,handed eToro a self-custodial wallet it has linked to prediction markets andother decentralized products.Crypto Trading FadesAcross Retail PlatformseToro isnot alone in watching crypto volumes cool. The slide has shown up across themulti-asset retail brokers that rode the digital asset boom, even as several ofthem keep expanding their crypto lineups.RobinhoodMarkets, the US trading app eToro is most often measured against, reported thatits crypto revenue fell 47% to $134 million in the first quarter, with the gapcovered by event contracts and options. InteractiveBrokers, meanwhile, posted 31% account growth even as trading activity easedafter a busy March. The common thread is that volatility in commodities andequities is propping up revenue while crypto lines compress.Deposits Double asInterest Assets BuildMoneymoving through the platform picked up sharply. Total money transfers, whichtrack deposits, withdrawals and currency funding through the eToro Moneyaccount, doubled from a year earlier to $1.6 billion.Interestearning assets, the balances eToro can earn a yield on, rose 14% to $7.2billion. Those balances have become a bigger part of the business as the brokerpushes subscriptions and cash features, echoing the recurring-revenue model it borrowed from Robinhood with its Platinum tiers.This article was written by Damian Chmiel at www.financemagnates.com.