- North America recorded an estimated on-chain value of $1.3 trillion from July 2023 to June 2024, representing 22.5% of global crypto activity
- Institutional interest surged following the SEC’s approval of Bitcoin spot ETFs in January 2024, driving significant market growth
- The Canadian market remains crucial, contributing $119 billion in crypto value, with 70% of North American activity involving transfers over $1 million
A new report from the blockchain analysis company Chainalysis illustrates how North America continues to rule the roost as the world’s largest cryptocurrency market.
According to the report, North America recorded an estimated on-chain value received of $1.3 trillion between July 2023 and June 2024, which represents about 22.5% of global activity.
The Chainalysis Report
Institutional interest remains high. This, according to Eric Jardine, head of cybersecurity research at Chainalysis, is actually at the heart of the crypto market in North America: institutional activity.
“The main catalyst for the increase in institutional crypto activity in North America was the Securities and Exchange Commission’s approval of spot Bitcoin ETFs in January 2024,” he said.
“These financial instruments have become phenomenally successful, opening new markets and pools of liquidity on the continent and around the world.”
According to the flows, on October 14, US Bitcoin spot ETFs saw their largest inflow in four months at over $1 billion across the eleven ETF offerings in a single day.
The Chainalysis report also describes the Canadian market as remaining a big player, holding approximately $119 billion in value between July 2023 and June 2024. More than 70% of all crypto activity transacted in North America consisted of transfers greater than $1 million.
In fact, what the Chainalysis report shows is that North America keeps the leading role in the cryptocurrency market, backed by deep institutional interest and approved spot Bitcoin ETFs.
Conclusion
The estimated on-chain value is about $1.3 trillion, with such a heavy inflow of capital suggesting further market growth—a new frontier in which Canada should play an important role.
What do you think about it? I think that’s quite a big deal for the future of crypto investments!
