Cryptocurrency trading activity exploded 75% higher on Robinhood last month as bitcoin regained its mojo, according to a new regulatory filing. Meanwhile, the retail trading platform reported flat equity and options volumes.

The November crypto surge represents a stark reversal after Robinhood suffered a 55% tumble in crypto revenues last quarter during the bear market. But bitcoin has rallied nearly 30% in October and this week surpassed $44,000 — its highest level since the April market meltdown.

The resurgent interest likely reflects both recovering prices and mounting speculation that SEC approval of spot bitcoin ETFs could arrive in early 2023. The prospect of new on-ramps for mainstream capital helped catalyze the rally. Multiple analysts have predicted the confluence could catapult bitcoin as high as $150,000.

Enthusiasm has also translated into sharper appetite for other crypto assets like Solana, Livepeer and Chainlink based on emerging premiums for trust products. More broadly, risk sentiment has staged a November revival across equities as well with both crypto and stocks gaining on Fed pivot bets.

But crypto led last month's charge as traders sensed the ripening of a new bull market. With indicators flashing, Robinhood saw its once-struggling crypto vertical pick up right as bitcoin tapped prices not seen since the April collapse. The platform's CEO cited regulatory developments also playing a role.