The latest Chainalysis Global Crypto Adoption Index, released on September 2, 2025, highlights a transformative year for cryptocurrency, with India and the United States emerging as global leaders in grassroots and institutional adoption, respectively.
This latest report by Chainalysis, a blockchain analytics firm, analyzes on-chain and off-chain data across 151 countries to measure grassroots cryptocurrency adoption, revealing dynamic shifts in how digital assets are reshaping financial landscapes worldwide.
India retains its position at the top of the index, driven by widespread grassroots adoption.
Despite regulatory challenges, including a 30% capital gains tax and a 1% tax deducted at source (TDS) on crypto transactions, India’s crypto market thrives.
The report notes that India’s resilience stems from its vibrant ecosystem of centralized exchanges and decentralized finance (DeFi) platforms, with significant activity in retail-sized transactions (under $10,000).
This reflects a growing trend of everyday Indians using cryptocurrencies for remittances, inflation hedging, and digital payments, particularly in response to economic uncertainties.
The Central & Southern Asia and Oceania (CSAO) region, led by India, Pakistan, and Vietnam, dominates the index, with seven of the top 20 countries, underscoring the region’s role as a hub for grassroots crypto activity.
Between July 2024 and June 2025, the Asia-Pacific (APAC) region, including India, saw a 69% year-over-year increase in on-chain crypto value received, the fastest growth globally.
The United States secures second place, propelled by institutional participation.
The approval of spot Bitcoin exchange-traded funds (ETFs) in 2024, coupled with clearer regulatory frameworks, has catalyzed institutional inflows, particularly in North America, which received $1.3 trillion in on-chain value from July 2023 to June 2024.
Approximately 70% of North America’s crypto activity involved transfers exceeding $1 million, signaling the dominance of institutional players like BlackRock and Goldman Sachs.
The introduction of a new institutional activity sub-index in the 2025 report reflects this shift, capturing large-scale transfers by professional investors, hedge funds, and custodians.
This institutional momentum has positioned the U.S. as a leader in transaction volume, with Bitcoin ETFs attracting global investments from Asia, Europe, and Latin America, reinforcing cryptocurrency’s integration into traditional finance.
The 2025 index evaluates countries based on four sub-indices: centralized service value received, retail centralized service value, DeFi value received, and retail DeFi value, weighted by population size and purchasing power parity (PPP).
A key methodological change this year was the removal of the peer-to-peer (P2P) exchange sub-index, previously used but discontinued due to declining P2P activity following the shutdown of platforms like LocalBitcoins.
The new institutional activity sub-index better reflects the growing influence of large-scale players, ensuring a more accurate measure of today’s crypto ecosystem.
Globally, crypto activity surged in 2025, with APAC and Latin America leading regional growth at 69% and 63% year-over-year, respectively.
Stablecoins, particularly in lower- and middle-income countries, have gained traction for real-world use cases like cross-border payments and inflation mitigation, while DeFi adoption continues to rise in regions like Eastern Europe.
While India and the U.S. lead, other regions show significant progress.
In Eastern Europe, Ukraine and Russia rank sixth and seventh, driven by DeFi growth despite geopolitical challenges.
The report also highlights the role of regulatory clarity, with the U.S. and Hong Kong implementing frameworks that foster trust and market integrity.
Looking ahead, Chainalysis predicts continued growth in 2025, with CEO Jonathan Levin forecasting a new all-time high in global crypto holders, driven by regulatory advancements and institutional interest.
As cryptocurrencies evolve from speculative assets to tools for financial inclusion and institutional investment, the 2025 index underscores their role in shaping a decentralized global economy.