Chainalysis: Crypto market cap halved but on-chain activity fell only 1.6%
- —On-chain activity hit $9.4T versus $9.5T a year earlier — a 1.6% decline
- —Domestic peer-to-peer transfers surged 302.9% to $228.7 billion
- —Cross-border stablecoin flows rose 77.5% to $220.3 billion
- —Stablecoins' share of on-chain value doubled from 11% to nearly 25%
Why it matters: The data shows real crypto and stablecoin usage is resilient through a bear market, underpinning long-term demand for USDT and USDC.
Source: Journal du Coin