The United States of America is undoubtedly one of the most active regions in the world in terms of cryptocurrency traffic. Although regulatory wise, the U.S government‘s stance is still not clear on crypto assets, volume-wise, U.S is one of the largest active nations.
Now, according to Chainalysis’s recent report, the North American region is only 3rd in the world in terms of crypto trading volume, behind the markets facilitated in East-Asia and Western Europe. U.S based addresses accounted for 14.8% of all crypto activity in the past 12 months and the report indicated that its market had an “extremely active” professional market. What it meant was that the transactions taking place in and out of the U.S were not for small amounts of capital.
As suggested in the above illustration, 90% of U.S digital assets transfer came from professional traders, which chainalysis categorizes as transactions worth over $10,000. The report added,
“Starting around December 2019, the share of North America’s total value transferred made up of transfers above $1 million rises from 46% to a high of 57% in May 2020. That corresponds with the jump in the overall professional market share of North America activity rising from 87% in December 2019 to a high of 92% in May 2020.”
Institutional Investors interest growth in the U.S
Aside from an active professional market, the growth of Institutional investors has also been gaining traction in the market. Fidelity Investments June 2020 survey listed that out of 800 accredited investors across the United States and Western Europe, around 36% were involved in digital currencies. The rest of the investors indicated their intrigue as well, with many suggestive that they could potentially add cryptocurrencies to their portfolios.
Fidelity’s very own Digital Assets Platform is also currently active in assisting institutional investors with their demand and crypto custody.
Bitcoin remains the most popular, followed by Stablecoins
Without a surprise, Bitcoin remains the poster boy of digital assets, as every major region involved with digital assets, were dominated with Bitcoin activity over other assets.
“Bitcoin makes up the biggest overall share of North American cryptocurrency activity, accounting for 72% of all transaction volume. Altcoins (not including stablecoins) make up just 17% of activity in North America, compared to 33% in East Asia.”