Chainalysis’s new Geo Report preview shows North America strengthening its lead in global crypto adoption. From July 2024 to June 2025, the region handled $2.3 trillion in crypto activity, accounting for more than a quarter of worldwide flows.
December 2024 set the record, when $244 billion moved in a single month, alongside the highest level of stablecoin transactions ever recorded.
The election of President Trump in late 2024 lifted confidence among investors expecting friendlier policies and clearer oversight. Monetary easing in the final quarter of 2024, coupled with inflows into exchange-traded funds and portfolio rebalancing, added to the surge.
Although volumes came down in 2025, they stayed well above the prior year, showing that demand for digital assets remains strong.
Transaction patterns in North America have been more volatile than in other regions. Growth rates swung sharply, with a 35% monthly drop in September 2024, followed by an 84% jump two months later.
This volatility points to the influence of institutional trading, where strategies respond quickly to policy moves and investor sentiment.
Retail investors also kept up their presence. Between June 2024 and July 2025, U.S. users bought $2.7 trillion worth of bitcoin, $1.5 trillion of ether, and $454 billion in USDT through centralized exchanges.
Bitcoin’s role has been steady, holding 42% of fiat trading in both 2022 and 2025, showing its lasting dominance even as other assets gain ground.
The shift in U.S. regulation has opened doors for financial institutions. The SEC and CFTC have rolled back earlier restrictive rules, while new frameworks allow broader participation. This has given a lift to the ETF market, where global bitcoin ETF assets reached $179.5 billion by mid-2025.
Of this, U.S.-listed funds make up more than $120 billion, showing their central role. Ethereum ETFs have also gained traction with $24 billion in assets, while discussions around Solana ETFs are beginning to emerge.
Tokenized treasuries have been another bright spot. Assets rose from $2 billion in August 2024 to over $7 billion in August 2025 as investors sought yield-bearing products on-chain.
At the same time, stablecoin transfers hit nearly $16 trillion between January and July 2025, boosted by the GENIUS Act signed in July. The law created a clear path for stablecoin oversight, reinforcing the role of the dollar in global finance.
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