Overview

• Chainalysis revamped its 2025 methodology by removing a retail‑DeFi sub-index and adding an institutional transfers metric that counts transactions over $1 million.
• Asia-Pacific logged a 69% year‑over‑year surge to $2.36 trillion in transaction volume, while North America grew 49% on renewed institutional interest linked to spot Bitcoin ETFs.
• Stablecoin usage reached multi‑trillion monthly volumes, with USDT exceeding $1 trillion each month and USDC ranging from $1.24 trillion to $3.29 trillion as major payment networks launched stablecoin products.
• Bitcoin remained the primary fiat on‑ramp with more than $4.6 trillion in purchases from July 2024 to June 2025, and the United States led on‑ramping with over $4.2 trillion.
• The top 10 markets were India, the United States, Pakistan, Vietnam, Brazil, Nigeria, Indonesia, Ukraine, the Philippines, and Russia.