Grayscale Investments released a research note on October 28, 2026, estimating that the United States accounts for 15–20% of global crypto activity. The firm suggests that 80–85% of transactions occur outside the country.
The report highlights a disparity between infrastructure and usage. While the US hosts 36% of the Bitcoin hashrate and 31% of Ethereum full nodes, the majority of active users are located abroad.
Data indicates that the US crypto economy contracted by 2.2% year-over-year as of June 2026. Grayscale notes that international markets continue to show growth in stablecoin and DeFi adoption.
Despite the lower share of global activity, the US maintains significant influence through spot Bitcoin and Ethereum ETFs. These products serve as major channels for capital inflows into the market.
Grayscale argues that the global nature of digital assets makes the sector resilient to domestic political shifts. The firm suggests that international trends may have a greater impact on network usage than US policy.
