Recent data from Chainalysis, a market intelligence firm, indicates a surge in global cryptocurrency gains, tallying over $37.6 billion in 2023. This uptick follows a year of market difficulties and now sees the United States in the lead, reaping substantial cryptocurrency profits.
Notable Crypto Profit Allocation in the US
Chainalysis employed a method combining on-chain data with web traffic analysis to allocate cryptocurrency gains by country. This analysis revealed that the US outpaced other nations by a significant margin, capturing an estimated $9.3 billion in crypto revenue. The United Kingdom followed as a distant second with earnings of $1.39 billion, as highlighted in Chainalysis’ report.
Asian Nations Excel in Crypto Earnings
In a surprising turn, several middle-income Asian countries outperformed many of the G8 nations. Vietnam, China, Indonesia, and India each surpassed the $1 billion mark in crypto gains, ranking them among the top earners. The report recognizes the substantial profits achieved by these nations.
With a respectable performance, Turkey claimed the tenth spot, amassing $950 million in revenue. The findings by Chainalysis also hint at the potential for future earnings to mirror the high gains of the 2021 bull market, should the current positive momentum persist into 2024.