Russia May Be Europe’s Leading Crypto Market as Bitcoin and DeFi Activity Increase, Chainalysis Reports

• Russia received $376.3 billion in crypto inflows (Jul 2024–Jun 2025)

• U.K. follows with $273.2 billion; Germany, Ukraine, and France show converging volumes

• December 2024 transaction volumes peaked at $234 million, and DeFi activity surged notably in early 2025

European crypto adoption: Russia leads the continent with $376.3B received; read how institutional flows and DeFi drove this shift — COINOTAG coverage.

By COINOTAG — Published: 2025-10-16 · Updated: 2025-10-16

How did Russia become Europe’s top crypto market?

Russia’s surge in European crypto adoption is driven by two measurable trends: a large increase in institutional transfers (up 86%) and a multi-fold rise in DeFi activity (about eight-fold in early 2025). Chainalysis data shows Russia received $376.3 billion between July 2024 and June 2025, surpassing the U.K.

Why did Chainalysis rank Russia ahead of the U.K. in crypto activity?

Chainalysis reports that Russia’s lead results from substantial large-value transfers and accelerating decentralized finance usage. The analytics firm observes that Russia’s figures outpace the U.K. by nearly $103.1 billion for the period studied. Transaction-level data and market classification changes reveal distinct drivers across markets: Germany benefits from regulatory clarity, Ukraine and Poland leverage remittance flows, while Britain shows strong institutional presence.

Chainalysis states: “Between July 2024 and June 2025, Russia emerged as the dominant crypto market with $376.3 billion received, substantially ahead of the United Kingdom ($273.2 billion). This gap between Russia and the U.K. — traditionally the region’s leading markets — is notably larger than in previous years.”

How are market structure and regulation shaping European crypto adoption?

Regulatory rollout — notably the Markets in Crypto Assets (MiCA) framework — is influencing platform location choices and product development. Germany’s smoother implementation of EU rules is attracting platforms, while euro stablecoins gain traction across the continent. Chainalysis highlights a positive correlation between market size and growth rates in Europe, suggesting network effects where larger markets attract new participants and liquidity.

The data indicate December 2024 saw a transaction-volume peak at $234 million, followed by a robust recovery into 2025. The report also notes a shift in asset mix: a move from BTC and ETH dominance toward stablecoins and altcoins in certain markets, particularly the U.K., which shows growing retail DeFi engagement alongside institutional concentration in centralized venues.

Top countries within the wider European region by total value received. Source: Chainalysis.

Frequently Asked Questions

How much crypto did Russia receive compared to the U.K. in 2024–25?

According to Chainalysis data covering July 2024–June 2025, Russia received $376.3 billion while the United Kingdom received $273.2 billion. This represents a clear lead for Russia driven by institutional transfers and significant DeFi expansion.

What does this mean for European DeFi growth?

DeFi activity is rising across Europe, with Russia and the U.K. showing marked increases. The early 2025 period recorded roughly an eight-fold DeFi growth in Russia, signaling growing use of decentralized financial services for cross-border payments and institutional purposes.

Analysis and supporting data

Chainalysis’s regional classification—separating the European Economic Area, the Rest of Europe, Russia, and the U.K.—captures differing market behaviors. Key datapoints from the report include:

• Russia: $376.3 billion received (Jul 2024–Jun 2025); institutional transfers +86%; DeFi adoption ~8x in early 2025.

• United Kingdom: $273.2 billion received; 32% growth, with structural shift to stablecoins and altcoins and strong institutional engagement.

• Germany, Ukraine, France: Volumes of $219.4 billion, $206.3 billion, and $180.1 billion respectively, reflecting a narrowing gap among major markets.

Crypto adoption in Europe: growth vs. market size. Source: Chainalysis.

Key Takeaways

• Russia leads Europe: Received $376.3B in the 12-month period analyzed.
• DeFi and institutions: Rapid DeFi expansion and elevated institutional transfers are core drivers of Russia’s lead.
• Regulation matters: MiCA implementation and national regulatory clarity are shaping platform migration and euro stablecoin use.

Conclusion

The Chainalysis report confirms a transformative phase in European crypto adoption: Russia’s market leadership is supported by measurable increases in institutional flows and DeFi usage, while the U.K., Germany, Ukraine and France show converging activity levels. COINOTAG will continue tracking official data and regulatory developments as markets evolve; readers should consult primary sources such as Chainalysis reports for the full dataset and methodology.