North America Dominates Global Crypto Market With $1.3T in On-Chain Activity: Chainalysis Report

According to the latest Chainalysis report , North America remained the largest crypto market around the globe. In the last one year, from July 2023 to June 2024, North America alone recorded $1.3 trillion in on-chain value. The report highlights the dominance of institutional players and Bitcoin ETF products in North America, among other factors.

Statistics of Crypto Activity in North America

Similar to the past few years, North America maintained its dominance in the global crypto market. While the rest of the world’s cryptocurrency value comprises 77.5%, North America alone is handling 22.5% of cryptocurrency value in the global market.

Furthermore, institutional activity consisting of transfers above $1 million is around 70% of the total crypto activity in the North America region. This demonstrates the increasing influence of major financial players and institutional investments in the state. In addition to large institutional transfers worth over $10 million and institutional transfers worth $1 million to $10 million, professional crypto transactions worth $10k - $1 million have also occupied a substantial amount of total crypto transactions.

United States Leading the Global Crypto Adoption

The crypto market and its adoption in the United States is the largest in the world. As per the statistics elaborated in the Chainalysis report, the United States is far ahead in crypto adoption with more than $750 billion worth of total cryptocurrency value from July 2023 to June 2024. All the other countries such as the United Kingdom, Russia, Indonasia, and India fell in less than $250 billion range.

The country’s immense wealth, large population, deep and liquid markets, and thriving innovation system, along with political stability, and favorable investment climate, and the dominance of the US Dollar have all played a major role in the United States leading the global crypto market.

What the Future Holds for Further Crypto Adoption in North America?

The growth of the crypto industry in North America and the entire United States is remarkable. TradFi and crypto convergence, Bitcoin ETF products, and more importantly, institutional activity in the crypto industry have contributed largely for North America’s crypto dominance. Despite the growth, challenges such as regulatory uncertainty still remain in most of the countries, including the US.

For the crypto industry to grow at this pace, there needs to be a balance between innovation in blockchain technology, continuous institutional support, and clear regulatory policies in major countries such as the United States.

Botsfolio’s Take:

Botsfolio has experienced a significant increase in the usage of its crypto investment calculator and pre-made crypto portfolios following the approval of Bitcoin ETFs. This influx of institutional participation, coupled with ETF approvals, is fostering a positive momentum that particularly benefits retail investors, the core users of Botsfolio. As institutional interest grows, retail investors are likely to feel more confident in their investment strategies, reinforcing the platform's role as a valuable resource in the evolving crypto landscape.