Global cryptocurrency activity proved more resilient than prices during the latest crypto downturn, with on-chain economic activity falling just 1.6% to $9.4 trillion in the 12 months to June 2026 despite a 50% contraction in total crypto market capitalization, according to the latest 2026 Global Crypto Adoption Index by blockchain analytics firm, Chainalysis.

The findings suggest crypto use is becoming less dependent on market speculation. Transfers of less than $100 rose 78.4%, while transactions between $100 and $1,000 increased 58.6%. Transfers of $1 million or more fell only 7.2%, showing relatively resilient institutional activity.

Stablecoins were a major driver.

Cross-border stablecoin…