Crypto’s bear market wiped out over $2 trillion, yet on-chain activity held above $9 trillion
Summary
Chainalysis estimates crypto generated $9.4 trillion in on-chain activity in the year through June 2026, down just 1.6% despite a roughly 50% drop in market capitalization. Stablecoins helped sustain activity: their inflows to crypto services rose 5.3%, they made up about 96% of domestic peer-to-peer activity, and cross-border transfers climbed 77.5% to $220.3 billion. Transfers between personal wallets also grew sharply, while trading and other service activity weakened. The figures suggest on-chain use is becoming less dependent on crypto prices, although transfers alone cannot show how much represents actual payments rather than savings or other movements.
