Grayscale says the US accounts for only 15-20% of global crypto activity

A new research note argues crypto's global footprint makes US midterm politics less decisive than many investors assume The US likes to think of itself as the center of the crypto universe. Grayscale’s latest research suggests the universe is considerably bigger than that. In a research note published on October 28, 2026, Grayscale Investments estimated that the United States accounts for approximately 15-20% of global crypto activity. By that math, roughly 80-85% of transactions happen somewhere else. The note was authored by Zach Pandl, Grayscale’s Head of Research.