A clear volume leader
US retail activity is approximately 3.2 times South Korea’s, creating a pronounced gap between first and second place.
Retail activity
Top markets by volume
The United States sits in a category of its own, recording more than three times the retail volume of second-ranked South Korea.
US
S. Korea
Russia
India
Brazil
Türkiye
UK
Vietnam
Ukraine
Germany
Source: TRM Labs · Time period: Q1 2026 · Values supplied in US$ billion
Top-three concentration
The United States, South Korea and Russia together account for over half of the volume represented in this top-10 list.
Three Asian markets
South Korea, India and Vietnam contribute a combined $144.4 billion - about one quarter of the listed total.
India market signal
Crypto TDS points to rising activity
India’s crypto TDS collections more than doubled between FY23 and FY25, implying strong growth in the transaction value captured by the tax mechanism.
₹221.27 Cr
FY23
₹362.70 Cr
FY24
₹511.83 Cr
FY25
| Financial year | TDS collected | YoY growth | Implied sale value (100×) |
|---|---|---|---|
| FY23 | ₹221.27 Cr | — | ₹22,127 Cr |
| FY24 | ₹362.70 Cr | +63.9% | ₹36,270 Cr |
| FY25 | ₹511.83 Cr | +41.1% | ₹51,183 Cr |
| Total | ₹1,095.80 Cr | 2-year CAGR ~52% | ₹1,09,580 Cr |
Estimate methodology: the implied sale value is calculated as TDS collected × 100 because the applicable TDS rate is 1%. It is an estimate of transactions captured by TDS and should not be interpreted as total Indian crypto market volume; exemptions, thresholds, offshore activity, non-compliance and timing can affect the relationship.
TDS figures: supplied data · Implied sale value: c4 Academy calculation at 1% TDS
Global adoption
Adoption reaches beyond volume
Market size tells only part of the story. The adoption index highlights broad grassroots participation across Asia, Africa, Europe and the Americas.
| Rank | Country | Region |
|---|---|---|
| 01 | India | Asia |
| 02 | United States | North America |
| 03 | Pakistan | Asia |
| 04 | Vietnam | Asia |
| 05 | Brazil | South America |
| 06 | Nigeria | Africa |
| 07 | Indonesia | Asia |
| 08 | Ukraine | Europe |
| 09 | Philippines | Asia |
| 10 | Russia | Europe / Asia |
| 11 | United Kingdom | Europe |
| 12 | Ethiopia | Africa |
| 13 | Bangladesh | Asia |
| 14 | Türkiye | Europe / Asia |
| 15 | South Korea | Asia |
| 16 | Yemen | Asia |
| 17 | Thailand | Asia |
| 18 | Venezuela | South America |
| 19 | Japan | Asia |
| 20 | Argentina | South America |
How to read these rankings: retail volume and adoption are different measures from different reports and time periods. Volume reflects transaction value, while the adoption index is designed to capture broader participation. Comparisons here are directional and should not be treated as a single combined ranking.
Source: The Chainalysis 2025 Global Adoption Index