The Chainalysis 2025 Global Adoption Index shows the US rose to second in global crypto adoption, driven by spot Bitcoin ETF inflows, clearer regulatory guidance and institutional uptake, while India remains first and Pakistan, Vietnam and Brazil complete the top five.
-
US rises to #2 on ETF inflows and regulatory clarity
-
India keeps top spot; Asia-Pacific is the fastest-growing region year‑on‑year.
-
Pakistan jumps six places to #3; Eastern Europe leads per‑capita adoption.
Chainalysis 2025 Global Adoption Index: US jumps to second after ETF inflows and clearer rules—see top country rankings, regional growth and policy drivers. Read now.
Chainalysis’ 2025 Global Adoption Index ranks countries by crypto value received; the US climbed to second as ETF flows and regulatory clarity boosted institutional and retail on‑ramps.
What is the Chainalysis 2025 Global Adoption Index?
Chainalysis 2025 Global Adoption Index is an analytical ranking that measures crypto adoption across countries by value received through centralized and decentralized services. It combines four subindexes to capture retail and institutional inflows, showing which markets are accelerating adoption and why.
How did the US rise to second place in crypto adoption?
The US climbed from fourth to second primarily due to large spot Bitcoin ETF inflows and clearer regulatory frameworks that encouraged institutional participation. Spot BTC ETFs registered combined inflows of approximately $54.5 billion since launch, while advisers and hedge funds accumulated spot Ether ETFs in Q2.
Regulatory clarity reduced legal and compliance uncertainty for large institutions. This, paired with established financial rails, made the US a more attractive market for both retail and institutional on‑ramps.
Why is India still first and what drove APAC growth?
India retained the top position across all four subindexes due to a tech‑savvy population, high remittance flows and large diaspora usage of crypto for cross‑border payments. Asia‑Pacific led year‑on‑year growth, with total value received up 69% to $2.36 trillion.
Emerging markets in APAC showed rapid uptake of stablecoins and decentralized apps to solve payment and savings problems, reinforcing grassroots adoption despite uneven regulatory environments.
Which countries rounded out the top rankings?
Pakistan surged six spots to third, followed by Vietnam and Brazil in the top five. Nigeria fell from second to sixth despite some regulatory progress. Indonesia, Ukraine, the Philippines and Russia completed the top 10.
| Rank | Country | Key driver |
|---|---|---|
| 1 | India | Remittances, large user base, tech adoption |
| 2 | United States | Spot BTC ETF inflows, regulatory clarity |
| 3 | Pakistan | Stablecoin utility, cross‑border needs |
| 4 | Vietnam | Rapid retail adoption, regional growth |
| 5 | Brazil | Growing Latin American crypto activity |
When does per‑capita adoption differ from overall rankings?
Per‑capita rankings shift the picture: Eastern European countries lead when adjusted for population. Ukraine, Moldova and Georgia top per‑capita lists, driven by economic uncertainty, trust gaps in banking and strong technical literacy.
In those markets, crypto serves as an alternative for wealth preservation and cross‑border transactions, especially where inflation, conflict or banking restrictions are present.
How dominant is Bitcoin in these trends?
Bitcoin remains the primary entry point, accounting for more than $4.6 trillion in fiat inflows during the report period. Layer‑1 tokens (excluding BTC and ETH) surpassed $4 trillion, while stablecoins approached $1 trillion. Memecoins contributed roughly $250 billion.
Frequently Asked Questions
How much have US spot Bitcoin ETFs taken in since launch?
Spot Bitcoin ETFs in the US recorded combined inflows of approximately $54.5 billion since their launch, with most flows concentrated between the previous June and July.
Which regions showed the fastest growth from July 2024 to June 2025?
The Asia‑Pacific region led growth with a 69% year‑on‑year increase in value received, followed by notable increases in Latin America at around 10%.
Key Takeaways
- US momentum: Spot BTC ETF inflows and regulatory clarity lifted the US to #2; institutional adoption surged.
- India leads: India retained top spot across all subindexes; APAC was the fastest-growing region.
- Per‑capita vs overall: Eastern Europe dominates per‑capita adoption, showing different dynamics than absolute value rankings.
Conclusion
The Chainalysis 2025 Global Adoption Index shows a shifting global landscape in crypto adoption, with the US moving to second due to spot ETF inflows and clearer rules while India holds first. Policymakers, institutions and users are shaping adoption trajectories—watch regulatory updates and ETF flows for the next phase.
