Blockchain analytics firm Chainalysis revealed on Thursday that North America continues to lead in cryptocurrency market share, driven by institutional momentum and bitcoin exchange-traded products (ETPs) in the U.S. According to the report, the region received $1.3 trillion in onchain value between July 2023 and June 2024, representing 22.5% of global crypto activity.

“More than ever, North America’s crypto climate is marked by substantive institutional momentum. Established legacy financial entities such as Goldman Sachs, Fidelity, and Blackrock — who have shaped financial markets in the U.S. and globally for decades — are now taking serious positions in the crypto space,” Chainalysis wrote, adding:

This marks a critical maturation point for the industry, as cryptocurrency is increasingly integrated into the mainstream.

The 2024 launch of spot bitcoin ETPs played a pivotal role, fueling interest among both retail and institutional investors. Blackrock’s Kevin Tang highlighted, “ETPs have shifted the conversation to focus on the investment merits and the value proposition of BTC and ETH,” emphasizing the convergence of traditional finance and crypto.

The U.S. crypto market, characterized by significant volatility, has also become a global leader in centralized services through platforms like Coinbase and Gemini. Chainalysis described:

Institutional giants like Blackrock are no longer merely experimenting — they are fully invested, signaling that cryptocurrency has moved from the fringes to the mainstream financial conversation.

Still, challenges persist. “Regulatory uncertainty in the U.S. and Canada, coupled with the shift of stablecoin market share outside North America, emphasizes the need for balanced innovation, clear regulatory frameworks, and sustained institutional support to ensure the continued growth and stability of the crypto industry at large,” the firm noted.

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