Which Country Realized Most Gains From Crypto Investments in 2023? (Chainalysis)

In 2023, cryptocurrency markets experienced a period of recovery following the turmoil of 2022, witnessing improvements in asset prices and market sentiment.

According to Chainalysis, all crypto investors collectively amassed gains totaling $37.6 billion throughout the year.

Asia Leads the Pack

Although considerably smaller than the $159.7 billion gains seen during the bullish market of 2021, this figure signifies a noteworthy rebound from the losses estimated at $127.1 billion in 2022.

Interestingly, Chainalysis reports that the total gains for 2023 were lower than those of 2021 despite comparable growth rates in crypto asset prices between the two years. One possible explanation could be that investors in 2023 exhibited a reduced inclination to convert crypto assets into cash, anticipating further price escalations as prices failed to surpass previous all-time highs, unlike in 2021.

Estimated Yearly Realized Gains from Crypto. Source: Chainalysis

Crypto gains demonstrated relative stability throughout the year, experiencing two consecutive months of losses in August and September. However, gains surged significantly thereafter, with November and December eclipsing all preceding months.

The United States dominated the cryptocurrency gains chart by a considerable margin, estimated at $9.36 billion. Following closely behind, the UK secured the second position with an estimated $1.39 billion in crypto gains.

Crypto Gains by Countries. Source: Chainalysis
Crypto Gains by Countries. Source: Chainalysis

In the report shared with CryptoPotato, Chainalysis also observed that numerous upper and lower-middle-income countries, particularly in Asia such as Vietnam, China, Indonesia, and India, achieved substantial gains, each surpassing $1 billion in estimated gains and ranking within the top six globally.

This aligns with an earlier report by Chainalysis, which highlighted that countries within these income brackets, especially lower middle-income nations, exhibited robust crypto adoption, which remained remarkably resilient even during the recent bear market.

“So far, the positive trends of 2023 have carried over into 2024, with notable crypto assets like Bitcoin achieving all-time highs in the wake of Bitcoin ETF approvals and increased institutional adoption. If these trends continue, we may see gains more in line with those we saw in 2021.”

Crypto Adoption Central and Southern Asia

Central & Southern Asia and Oceania (CSAO) regions are gradually shaping the future of the digital asset industry, with India taking the forefront. According to Chainalysis’ ‘Global Crypto Adoption Index,’ India stood out as the largest CSAO cryptocurrency market globally and leads in grassroots adoption, as evidenced by its

Despite facing challenges related to regulations and taxes, India rose to become the world’s second-largest crypto market based on estimated transaction volume, surpassing several wealthier nations.


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