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Crypto economy shrank 1.6% over 12 months despite $2.1T rout

Chainalysis said domestic peer-to-peer transfers surged 302.9% to $228.7 billion while cross-border stablecoin flows rose 77.5% to $220.3 billion over the 12 months ended June 30, 2026.

Reported · Written up by our desk · Market Structure

Crypto economic activity fell 1.6% over the 12 months ended June 30, 2026 to $9.4 trillion, even as total crypto market capitalization contracted by about $2.1 trillion, according to blockchain analytics firm Chainalysis, as covered by The Block.

Chainalysis said the episode marked one of the worst bear markets since 2022, while also finding activity was uneven across crypto channels. Value flowing into exchanges, DeFi protocols, and other crypto services declined 4.3% to $8.9 trillion.

The report highlighted a sharp rise in transaction activity in some areas. Domestic peer-to-peer transfers jumped 302.9% to $228.7 billion, and cross-border stablecoin flows increased 77.5%, rising from $124.2 billion to $220.3 billion.

Chainalysis also noted its onchain balance measures fell, with global onchain balances dropping from $860 billion in September 2025 to $440 billion in June 2026, while stablecoin balances stayed between $98 billion and $109 billion during the period. In its Geographies work, it said Brazil ranked first in the crypto economy with a $252.5 billion figure.

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