They Grew Despite a $2.1 Trillion Crypto Loss: Chainalysis Points to Two Areas
Chainalysis’s new report found that crypto use did not decline at the same rate as the market’s value, which was cut in half. Measured economic activity fell by just 1.6%, while domestic peer-to-peer transfers and cross-border stablecoin flows grew.
According to the 2026 Geographies report, as reported by The Block, measured global crypto activity totaled approximately $9.4 trillion in the 12-month period ending June 30, 2026. Compared with the previous period’s level of approximately $9.5 trillion, the report put the contraction at just 1.6%.
Over the same period, the total market capitalization of crypto assets fell by $2.1 trillion, or 50%. This figure represents a decline in total valuation, not money directly withdrawn from the market. The report highlights the divergence between prices and use.
Growth continued in two types of transfers
Value flowing to exchanges, decentralized finance protocols, and other crypto services fell 4.3% to $8.9 trillion. By contrast, peer-to-peer (P2P) transfers between people in the same country rose 302.9% to $228.7 billion.
Cross-border stablecoin flows grew 77.5%, rising from $124.2 billion to $220.3 billion. Chainalysis says this measure is conservative because it excludes transfers for which it cannot identify the sender’s and recipient’s countries with sufficient confidence.
The average amount of these transactions is approximately $3,000. The company says this scale is consistent with everyday needs such as paying a supplier, sending money to family, or moving savings into another currency. This interpretation does not mean the purpose of every transfer has been individually verified.
Stablecoin balances resisted the decline
Global on-chain balances tracked in the report fell from $860 billion in September 2025 to $440 billion in June 2026. Stablecoin balances, however, remained in the range of $98 billion to $109 billion during this period. This balance comparison covers a different time frame from the 12-month transfer activity data.