Grayscale says the US accounts for only 15-20% of global crypto activity

A new research note argues crypto's global footprint makes US midterm politics less decisive than many investors assume The US likes to think of itself as the center of the crypto universe. Grayscale’s latest research suggests the universe is considerably bigger than that. In a research note published on October 28, 2026, Grayscale Investments estimated that the United States accounts for approximately 15-20% of global crypto activity. By that math, roughly 80-85% of transactions happen somewhere else. The numbers behind the note The note was authored by Zach Pandl, Grayscale’s Head of Research. It puts a figure on something that tends to get lost in American headlines: most crypto users are not American. Grayscale says about 36% of the Bitcoin hashrate is located in the US. Hashrate is the combined computing power that miners devote to securing the Bitcoin network, so this is a measure of who is doing the heavy lifting. On Ethereum, about 31% of full nodes sit in the US. Full nodes are the computers that store and verify a complete copy of the blockchain, independently checking that everyone is playing by the rules. Put those figures side by side and a clear picture emerges. The U...