Chainalysis has released its sixth annual Global Crypto Adoption Index, naming India the world’s top market for grassroots crypto adoption in 2025, with the United States in second place, followed by Pakistan, Vietnam and Brazil. Published on September 2, 2025 as an excerpt from the forthcoming Geography of Cryptocurrency Report, the study blends on-chain and off-chain data to rank 151 countries by how widely and intensively ordinary people and institutions are using crypto, rather than by headline market capitalization alone.
Regional flow data deepen that picture. Over the twelve months to June 2025, APAC’s on-chain value received jumped 69% year over year—from roughly $1.4 trillion to $2.36 trillion—making it the fastest-growing region. Latin America followed at 63% growth and Sub-Saharan Africa at 52%. In absolute terms, Europe and North America still dominate, receiving about $2.6 trillion and $2.2 trillion respectively over the period; North America’s activity grew 49% amid renewed institutional participation, while Europe rose 42%. MENA expanded by 33%.
A population-adjusted cut of the index tells a different story, highlighting where crypto has penetrated most deeply relative to country size. On that basis, Eastern Europe is ascendant: Ukraine ranks first, Moldova second and Georgia third, ahead of Jordan and Hong Kong SAR. Chainalysis links the region’s leadership to economic uncertainty, distrust in banks, and high technical literacy that make crypto attractive for wealth preservation and cross-border transfers. Vietnam again appears near the top in this view, underscoring its broad-based retail engagement.
The firm situates these flows within shifting rulesets—MiCA’s stablecoin regime in the EU and US legislative momentum exemplified by the GENIUS Act—alongside expanding merchant rails from payments giants and card-linked integrations by major crypto platforms.
Crucially, the report analyzes the fiat “on-ramp” into crypto across centralized exchanges. “Bitcoin leads by a wide margin,” Chainalysis writes, accounting for over $4.6 trillion in fiat purchase volume from July 2024 to June 2025—more than double Layer-1 tokens ex-BTC and ETH (about $3.8 trillion), with stablecoins at $1.3 trillion and altcoins around $540 billion. The United States is the largest national on-ramp at more than $4.2 trillion, followed by South Korea above $1 trillion and the European Union just under $500 billion; Bitcoin’s share of fiat inflow is especially pronounced in the UK and EU at roughly 47% and 45%.
At press time, Bitcoin traded at $110,518.
