Yes, I do. The recent returns on VTI are irrelevant. The market goes down, the market goes up and nobody can predict which way it will move next. We only know

Yes, I do. The recent returns on VTI are irrelevant. The market goes down, the market goes up and nobody can predict which way it will move next. We only know how it behaves over decades, as a result of economic output. Robinhood, money market accounts, and HYSAs are offering high interest rates because we are in a high interest rate environment. (Which usually correlates to a high inflationary environment.) So yes, if Robinhood is behaving like any other bank, they are happy to offer their customers 4.5% in order to buy bonds (and whatever else) at 5-6% because even though the margin is small, the volume more than makes up for it.