Chainalysis: North America Accounts for Over Twenty-Two Percent of Global On-Chain Value Since July 2023

North America continues to lead the crypto market, representing approximately $1.3 trillion, or 22.5%, of on-chain activity globally, according to recent data from Chainalysis.

Despite a murky regulatory environment, North America has seen significant concentration of cryptocurrency activity. Chainalysis reports that from July 2023 to June 2024, the continent received $1.3 trillion in on-chain value. Analysts from the New York-based blockchain forensic firm attribute this robust activity largely to institutional investors, noting that around 70% of the region’s crypto transactions involved transfers exceeding $1 million. While the U.S. market is the largest worldwide, it also experiences greater volatility in growth compared to global markets.

“In recent quarters, the U.S. has shown increased sensitivity to market fluctuations. When cryptocurrency prices rise, the U.S. market experiences sharper growth than the global average, and conversely, it declines more steeply during downturns,” Chainalysis explains.

However, the U.S. markets have faced challenges over the past year, particularly with a notable shift in stablecoin activity moving away from U.S.-regulated platforms. Chainalysis observes that until 2023, the proportion of stablecoin transactions on U.S. exchanges was steadily increasing, but this trend began to reverse in 2024. As a result, crypto exchanges outside the U.S. have started to see higher volumes of stablecoin transactions, indicating that global stablecoin adoption is outpacing growth in the U.S.

While smaller than its U.S. counterpart, the Canadian market remains significant in North America, with approximately $119 billion in value received during the same period.

In early October, Chainalysis reported that Latin America emerged as the second-fastest-growing region, with a year-over-year growth rate exceeding 42%. The data reveals that Brazil received nearly $90.3 billion in crypto from July 2023 to June 2024, closely following Argentina.