New data from market intelligence firm Chainalysis shows global cryptocurrency profits surpassed $37.6 billion in 2023, as asset prices and market sentiment continue to improve after a challenging 2022.
In a new reportAccording to the crypto analytics platform, the United States was responsible for the lion’s share of realized profits in 2023, posting billions of dollars in profits.
According to Chainalysis, it was able to estimate the amount of digital assets flowing to specific countries by analyzing on-chain data to distinguish between the deposit and withdrawal values of leading digital assets.
The company then distributed the profits it found to individual countries based on web traffic data. Using this method, Chainalysis found that the US made an estimated $9.3 billion in digital asset gains, far ahead of Britain, which came in second with $1.39 billion.
“The United States led the way in cryptocurrency profits in 2023 by a wide margin, an estimated $9.36 billion. The UK came in second with an estimated $1.39 billion in crypto profits.”
Vietnam, China, Indonesia and India also made more gains than most wealthy countries, including Group of Eight (G8) members France, Germany, Italy, Japan, Canada and Russia.
“Interestingly, we also see that several upper and lower middle-income countries whose residents appear to have made outsized profits, especially in Asia – Vietnam, China, Indonesia and India, for example, all achieved estimated profits of more than $1 billion, and the top six for all countries.”
Chainalysis says cryptocurrency gains in 2024 could be more in line with the $159.7 billion generated during the 2021 bull market if positive trends continue.
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Generated image: Midjourney