Key Points
- Central, Northern, and Western Europe (CNWE) contributed 22% to global crypto volume from July 2023 to June 2024.
- Bitcoin (BTC) saw nearly 75% growth for transactions under $1 million in the region.
Crypto Economy in Europe
Central, Northern, and Western Europe (CNWE) accounted for 22% of the worldwide crypto volume from July 2023 to June 2024. This region has become the second-largest crypto economy worldwide, receiving $987.25 billion in on-chain value during this period, as per a recent research report by blockchain forensic firm Chainalysis.
This figure represents more than 21.5% of the total global transaction volume. Most countries in the CNWE region saw a year-over-year growth rate of 44%. The United Kingdom led this trend, contributing $217 billion to the region’s total and ranking 12th in the global crypto adoption index.
Bitcoin and Stablecoin Transactions
Bitcoin (BTC) recorded nearly 75% growth for transactions under $1 million. This marked it as the highest-performing asset type in the region. Across all transaction sizes, BTC accounted for $212.3 billion, approximately one-fifth of CNWE’s total value received on-chain.
However, Bitcoin’s performance in smaller transactions was behind that of North America. Stablecoins made up nearly half of CNWE’s total inflows at $422.3 billion. Stablecoin purchases using fiat currency in the region significantly outpaced Bitcoin, with the euro accounting for 24% of stablecoin purchases compared to just 6% for BTC.
In the UK, which recorded a growth rate of 58.4%, stablecoins dominate the merchant services market, consistently holding a 60-80% market share. The demand for stablecoins continues to rise, especially as businesses in inflation-affected economies like Argentina seek financial stability through crypto amid challenges posed by traditional currencies.
