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Market intelligence firm Chainalysis’s new data shows that as asset prices and market sentiment continue to recover following a challenging 2022, global cryptocurrency gains have exceeded $37.6 billion in 2023. In a new report, the crypto analysis platform states that the US has garnered the lion’s share of these profits, securing billions of dollars in earnings for the year.
US Secures $9.3 Billion in Revenue
Chainalysis analyzes on-chain data to differentiate between the values of crypto assets deposited and withdrawn, enabling the estimation of the amount of crypto assets flowing into specific countries.
The company then allocated the profits it found to individual countries based on web traffic data. Using this method, Chainalysis concluded that the US had gained an estimated $9.3 billion in crypto assets, a figure significantly higher than the $1.39 billion earned by the UK, which ranked second. The report includes the following statement:
“The United States clearly led the way in cryptocurrency earnings in 2023 with an estimated $9.36 billion. The UK came in second with an estimated $1.39 billion in crypto earnings.”
Turkey Holds the Tenth Position
Vietnam, China, Indonesia, and India also earned more than most wealthy countries, including the Group of Eight (G8) members France, Germany, Italy, Japan, Canada, and Russia. The report expresses this as follows:
“Interestingly, we see several upper and lower middle-income countries, particularly in Asia, where residents appear to have made significant gains. For instance, Vietnam, China, Indonesia, and India have all surpassed $1 billion in estimated earnings, ranking among the top six nations.”
According to the company’s data, Turkey is in tenth place with $950 million in revenue. Chainalysis suggests that if positive trends continue, crypto earnings in 2024 could align more closely with the $159.7 billion gained during the 2021 bull market.
