Crypto Economy Slips Just 1.6% Even as Market Value Drops by Half

Chainalysis reports that global crypto activity slipped only 1.6% to $9.4 trillion in the 12 months ended June 30, 2026, down from $9.5 trillion. Over the same period, total market capitalization fell 50%, wiping out $2.1 trillion in the weakest bear market since 2022.

Stablecoin Flows and P2P Transfers Surge

As reported by The Block,Cross border stablecoin flows climbed 77.5% to $220.3 billion, up from $124.2 billion. Chainalysis calls this figure conservative because it leaves out transfers where the sending and receiving countries can’t be identified. Payments averaged around $3,000, which points to everyday uses such as paying suppliers, sending money home, or moving savings out of a weak currency.

Domestic P2P and Service Inflows

Domestic peer-to-peer transfers rose 302.9% to $228.7 billion, while value moving into exchanges, DeFi and other services fell 4.3% to $8.9 trillion. Stablecoin balances stayed between $98 billion and $109 billion, even as total onchain balances dropped from $860 billion to $440 billion.

Brazil Leads the 2026 Crypto Adoption Index

Using a new four-part method, Chainalysis ranked Brazil first with a $252.5 billion crypto economy. The United States, Nigeria, Japan and South Korea followed. Latin America grew 9.8% to $593.8 billion, though Brazil’s own activity fell 1.6%. Venezuela jumped 107.2% to $39.1 billion, with Mexico, Argentina and Colombia also growing.