New data from market intelligence firm Chainalysis reveals that global cryptocurrency gains topped $37.6 billion in 2023 as asset prices and market sentiment continue to improve after a challenging 2022.
In a new report, the crypto analytics platform says that the United States accounted for the lion’s share of realized profits in 2023, hauling in billions of dollars worth of gains.
According to Chainalysis, it was able to estimate the amount of digital assets flowing into specific countries by analyzing on-chain data to differentiate between the deposit and withdrawal values of leading digital assets.
Then, the firm distributed the gains it found to individual nations based on web traffic data. Using this method, Chainalysis concluded that the US saw an estimated $9.3 billion worth of digital asset gains, far above the UK, which came in second at $1.39 billion.
“The United States led the way in cryptocurrency gains by a wide margin in 2023 at an estimated $9.36 billion. The UK placed second with an estimated $1.39 billion in crypto gains.”
Vietnam, China, Indonesia and India also realized more gains than most affluent countries, including Group of Eight (G8) members France, Germany, Italy, Japan, Canada and Russia.
“Interestingly, we also see several upper and lower middle income countries whose residents appear to have achieved outsized gains, especially in Asia – Vietnam, China, Indonesia, and India, for example, all hit over $1 billion in estimated gains, and place in the top six for all countries.”
Chainalysis says crypto gains in 2024 may be more in line with the $159.7 billion generated during the 2021 bull market if the positive trends continue.
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