Report Shows Most Crypto is Owned in the US

Chainalysis’ seventh annual Geography of Crypto report describes a crypto market that behaved very differently from previous downturns during the year ending June 2026. Bitcoin reached a record price before suffering its deepest dollar decline, dropping $67,000 between its high and subsequent low.

Despite the sharp market contraction, the broader crypto economy proved comparatively resilient. Chainalysis measures this economy through service activity, domestic transfers, and international transactions. The combined figure slipped from $9.50 trillion to about $9.40 trillion, a 1.6% decline.

That performance contrasts with the 2023 market. During that time, cryptocurrency economic activity declined 23%, equivalent to $1.20 trillion, and the market capitalization contraction was only $0.30 trillion. In this latest period, market capitalization suffered a decline seven times larger, yet the wider economy decreased by just $0.10 trillion.

Transfers into exchanges, lending services, DeFi applications, and bridges dropped 4.3%, moving from $9.30 trillion to approximately $8.90 trillion. Domestic transfers between persons, however, rose 302.9 percent, increasing from $56.80 billion to $229 billion.

Although domestic transfers across all the crypto assets declined 19.7%, stablecoin transactions within the category jumped 377.70%. Stablecoins now take 96% of all domestic activity, suggesting that the downturn was concentrated in assets whose values fluctuate rather than in crypto’s use as a payment mechanism.

International stablecoin volume surged 77.5%, from $124.20 billion to about $220.30 billion. Monthly activity climbed from approximately $11 billion to $24bn between January last year and June 2026.

The typical transaction was worth approximately $3,000, a level that leans more toward remittances, commercial payments, and personal savings than institutional settlements.

The concentration of international flows remained high, with the busiest 25% of corridors accounting for 96.1% of total value. At the same time, smaller routes expanded rapidly, rising from $0.3 billion to $8.7 billion. Some 4,708 new corridors emerged, accounting for $2.64 billion in transfers.

Chainalysis also connected wider stablecoin adoption with developing regulations, including the U.S. GENIUS Act and the EU’s MiCA framework, alongside policy changes in the UK, Japan, Singapore, and Hong Kong.

Brazil topped the report’s country rankings, recording $252.50 billion in crypto activity. It placed among the world’s top four across all four measures: cross-border flows, service activity, domestic transfers, and on-chain balances.

The U.S. was in second place, leading in balances and service flows but placing 20th for domestic activity and 11th for international transfers. Nigeria came in third, with the strongest results in domestic and international activity, while ranking 18th in balances and service flows.

The findings indicate that cryptocurrency usage varies considerably by market. Some economies appear more focused on investment and asset holdings, while others increasingly use digital currencies for moving money.

Chainalysis cautioned that its methodology has changed, making direct comparisons with the previous year’s rankings difficult. India, for example, ranked first in the earlier index, while Brazil was fifth. The company also describes its overall activity figure as a floor rather than a complete estimate.

The resilience exhibited by the crypto industry during this downturn offers firms like Bullish (NYSE: BLSH) plenty of reason to double down on their commitment to specialize in digital assets for the long haul.

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