Crypto activity slipped 1.6% as market value halved, Chainalysis says

Crypto activity fell 1.6% in the year to June 30, 2026, even as the market lost half its value, according to Chainalysis’ seventh annual Geographies report, covered by The Block. The firm measured $9.4 trillion in activity, down from $9.5 trillion a year earlier. Over the same period, crypto market value fell by $2.1 trillion.

The figures point to a gap between falling asset prices and the volume of activity Chainalysis tracked. The market decline was about 50%, while measured economic activity fell by around $100 billion. Chainalysis described the period as the worst crypto bear market since 2022.

Which crypto flows grew during the downturn?

Domestic peer-to-peer transfers, or direct transfers between people, rose 302.9% to $228.7 billion. Cross-border stablecoin flows increased 77.5%, from $124.2 billion to $220.3 billion. Stablecoins are tokens designed to hold a steady value, often against a currency such as the U.S. dollar.

Chainalysis said the average cross-border payment was about $3,000, a size it said aligned with everyday uses such as paying a supplier or sending money home. The firm called its cross-border estimate conservative because it excludes transfers when it cannot confidently identify both the sending and receiving countries.

What parts of crypto activity fell?

Value flowing into exchanges, decentralized finance protocols and other crypto services declined 4.3% to $8.9 trillion, according to the report. The increase in peer-to-peer transfers and cross-border stablecoin flows came as this broader service-flow measure fell.

Stablecoin balances also held within a narrow range during the market slide. Global on-chain balances, which track crypto recorded on blockchains, dropped from $860 billion in September 2025 to $440 billion in June 2026. Stablecoin balances stayed between $98 billion and $109 billion over that period.

What will show whether the pattern lasts?

Chainalysis’ figures cover the 12 months ending June 30, so they do not show whether the same trends continued after that date. The next figures to watch are whether cross-border stablecoin flows and domestic peer-to-peer transfers keep growing, and whether flows into exchanges and other crypto services recover.