The downturn hasn't happened yet. There's significant stickiness to getting money out of robinhood; they let you trade instantly using margin, but they don't let you withdraw it until its all settled, and settlements take 2 days after exiting your last trade. Even many of the WSB fanatics who hate RH are stuck with them, because even transferring securities in-kind to a new brokerage is often accompanied by a week or more of a freeze on liquidation.