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Key Takeaways
- Crypto market value fell by $2.1 trillion.
- Measured onchain activity declined only 1.6%.
- Cross-border stablecoin flows increased nearly 78%.
- Domestic P2P transfers rose from a small base.
- Brazil led under Chainalysis’s new methodology.
The short answer
The $2.1 trillion decline was a reduction in market valuation, rather than a measurement of money leaving crypto.
At the same time, dollar-linked stablecoins continued moving between wallets, businesses and countries without losing value when Bitcoin and other volatile assets fell.
The $2 trillion was a valuation loss, not an outflow
Crypto’s total market capitalization fell by roughly 50% between July 1, 2025 and June 30, 2026, according to the 2026 Chainalysis Global Crypto Adoption Index.
That does not mean investors collectively withdrew $2.1 trillion. Market capitalization is cal...
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