Chainalysis Report: North America Dominates Crypto Market Due To Institutional Activity
Rachel Wolfson has been covering the cryptocurrency, blockchain and Web3 sector since 2017. She has written for Forbes and Cointelegraph and is the host and founder of Web3 Deep Dive podcast.
A new report from blockchain analysis firm Chainalysis shows that North America remains the largest cryptocurrency market in the world.
According to the report, North America saw an estimated $1.3 trillion in on-chain value received between July 2023 and June 2024. This represents about 22.5% of global activity.
Eric Jardine, Cybercrime Research Lead at Chainalysis, told Cryptonews that institutional activity is largely driving North America’s crypto market dominance.
“The biggest catalyst for the rise of institutional crypto activity in North America is the Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds (ETFs) in January of 2024,” Jardine said. “These financial instruments have been extraordinarily successful, opening new markets and pools of liquidity in North America and across the globe.”
Monster day for spot btc ETFs…
$550mil inflows.
Now approaching *$20bil* net inflows in 10mos.
Simply ridiculous & blows away every pre-launch demand estimate.
This is NOT “degen retail” $$$ IMO.
It’s advisors & institutional investors continuing to slowly adopt.
This appears to be the case. On October 14, Spot Bitcoin ETFs in the US saw their biggest one-day inflow in over four months. Over a billion dollars in inflows were seen across the 11 ETF offerings.
Chainalysis’s report also mentions that the Canadian market remains a key player in North America, receiving approximately $119 billion in value between July 2023 and June 2024.
Overall, 70% of North America’s crypto activity was transfers exceeding $1 million.
Davi
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