Key takeaways

• Global retail crypto activity reached USD 979 billion in Q1 2026, down 11% from Q1 2025, and continuing a two-quarter contraction driven by macroeconomic tightening and reduced retail participation.
• The United States retained the top spot at USD 212 billion, followed by South Korea (USD 69 billion), Russia (USD 48 billion), India (USD 46 billion), and Turkey (USD 40 billion).
• India was the most resilient major market, declining just 6% year-over-year against a 20% global average — sustained by P2P activity and domestic exchange growth.
• Turkey rose to #5, up from #7, growing 7% year-over-year — one of the few major markets to expand amid the global contraction.
• Venezuela ranked #17 globally at USD 17.9 billion, with adoption…