North America received over 22% of on-chain value since July 2023

North America remains the top spot for the crypto market, accounting for approximately $1.3 trillion, or 22.5% of on-chain activity internationally, according to data from Chainalytics.

Cryptocurrencies continue to be concentrated in North America despite the uncertain local regulatory environment; Latest data from Chainalysis shows that the continent generated $1.3 trillion in on-chain value, representing 22.5% of global activity between July 2023 and June this year.

Total crypto value received between July 2023 and June 2024 | Source: Chainaliz

Analysts at a New York-based blockchain forensics firm said the environment is driven primarily by institutional investors, adding that nearly 70% of crypto activity in the region “consists of transfers in excess of $1 million.” While U.S. markets appear to be the world’s largest, they are also “more volatile than global markets in terms of growth,” analysts say.

“In recent quarters, the United States has shown increased sensitivity to both bull and bear markets. When cryptocurrency prices rise, the US market shows larger growth spikes than the global market; “When cryptocurrency markets fall, the opposite is true.”

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However, the report emphasizes that US markets faced difficulties last year, especially as stablecoin activity moved away from US-regulated platforms.

Chainalytics points out that the share of stablecoin transactions on US-regulated exchanges was “steadily increasing” until 2023, but in 2024 this trend “began to reverse.” As a result, crypto exchanges outside the US have begun to see increased stablecoin trading volumes, indicating that global stablecoin adoption is “outpacing US growth,” according to Chainalytics.

The Canadian market, although smaller than its U.S. counterparts, remains large in North America, generating approximately $119 billion in value during the period, data shows.

At the beginning of October, Chainalytics revealed that Latin America had become the second fastest growing region, with an annual growth rate exceeding 42%. According to the firm’s data, Brazil received approximately $90.3 billion in cryptocurrencies between July 2023 and June of this year, coming in just behind Argentina.