For the first time since 2022, the United States has seen positive net Bitcoin inflows. Large transfers exceeding $10 million contributed to the acquisition of 53,200 BTC during the 2026 reporting period outlined by Chainalysis.
Summary
- Major Bitcoin transactions accounted for net inflows to the U.S., while smaller transactions under $10,000 were generally net outbound.
- The overall U.S. cryptocurrency market stood at $2.78 trillion, reflecting a 2.2% decrease since the last reporting period.
- There has been an uptick in U.S. Bitcoin transactions’ global market share following the launch of spot ETFs in January 2024.
- Dollar-denominated stablecoins have found greater acceptance internationally as U.S. institutions increased their Bitcoin holdings, as indicated by the report.
In its October 14 analysis titled “North America: Inside the Growth of Agentic Commerce,” Chainalysis revealed that renewed institutional buying was pivotal for the U.S. to experience net Bitcoin inflows in the year ending June 2026.
The report indicates that transactions under $10,000 consistently saw more Bitcoin exiting the United States than entering it. Conversely, larger transactions showed a different trend, with institutions acquiring while retail investors tended to sell off their holdings.
Institutional buying propels Bitcoin inflows into the U.S.
The report noted that transfers over $10 million accounted for a total of 53,200 BTC in net inflows. This revival in net imports coincides with a steady rise in the United States’ share of global Bitcoin activity since the introduction of U.S. spot Bitcoin ETFs in January 2024.
To analyze national Bitcoin activities, Chainalysis combined various metrics, including Bitcoin’s share of service inflows, trading volumes, and net cross-border receipts into a single index. The findings illustrated that U.S. engagement with Bitcoin has intensified, unlike other markets that have leaned more on dollar stablecoins.
Despite the influx of investments, the U.S. crypto ecosystem experienced a 2.2% decline, settling at $2.78 trillion. The report emphasized that the country still retained a significant portion of its growth from the previous period when the crypto market had nearly doubled.
According to Chainalysis, the availability of ETFs, tokenized assets, and stablecoins helped maintain activity levels during the downturn. The U.S. remains the largest national crypto economy analyzed in the study.
US Bitcoin ETFs attract renewed investments following withdrawals
Recent reports on fund flows indicate a resurgence of investments in U.S.-listed products, though daily fund allocations have fluctuated.
As previously noted on September 4, U.S. spot Bitcoin ETFs received $730.9 million in inflows on September 3, marking their highest daily intake since January 14, per SoSoValue’s data.
BlackRock’s IBIT led with $454 million, followed by ARK Invest and 21Shares’ ARKB with $138 million, and approximately $74 million for Fidelity’s FBTC. The total combined assets in these funds reached $103.34 billion, representing 6.32% of Bitcoin’s market cap at that moment.
Since the launch of these products in January 2024, cumulative net inflows have hit $55.44 billion. This uptick in September followed a previous withdrawal of $236 million on September 1, which included around $201 million from IBIT, although approximately $101 million returned across the board on September 2.
Earlier reports from August 8 highlighted Morgan Stanley’s Bitcoin ETF adding 232.5 BTC, valued at about $15.05 million, according to Arkham’s data. This increase brought its total holdings to around 6,563 BTC while Bitcoin was trading under $65,000.
Arkham also noted around $111 million flowing into BlackRock’s Bitcoin ETF, $33 million into Fidelity’s product, and $9 million into Franklin Templeton’s fund in early August.
Morgan Stanley launched its Bitcoin Trust, trading as MSBT, on April 8. The fund’s disclosures clarify that while it holds Bitcoin, owning its shares does not equate to direct ownership of the cryptocurrency.
Overseas adoption of dollar stablecoins serves diverse purposes
The Chainalysis report also highlighted the increasing use of dollar stablecoins abroad for savings, peer-to-peer transactions, and international business payments, in conjunction with institutional Bitcoin investments.
The variation in usage is partly due to access to banking services: Americans can deposit dollars in domestic banks, while stablecoins give individuals in other regions a method to hold dollar-denominated assets without needing a U.S. bank account.
The report indicated that stablecoins represent a smaller segment of American crypto activity compared to their global counterparts, and this gap has widened in recent reporting periods. It characterized American Bitcoin utilization as increasingly linked to its function as a limited store of value.
Will Su, head of digital assets research at BlackRock, expressed to the researchers that the interest in Bitcoin “as a monetary alternative remains strong,” attributing it to rising levels of government debt and spending.
The report associates the international acceptance of stablecoins with economic activities that benefit U.S. entities and the federal government. In its analysis, it links the demand for digital dollars to the need for U.S. government debt, with these tokens facilitating transactions outside traditional banking systems.
Federal proposals set guidelines for reserves and bank applications
On the regulatory front, President Donald Trump enacted the GENIUS Act in 2025, creating a federal framework for payment stablecoins that mandates reserve backing and monthly disclosures about reserves.
In coverage from September 24, the Federal Reserve’s proposed rules on stablecoin reserves outline how issuers under its oversight would back their tokens and the process by which covered banks can apply to issue them through subsidiaries.
According to the Fed’s announcement, the initial proposal demands full backing with acceptable assets such as short-term Treasury securities and other high-quality liquid investments. The draft also sets forth capital requirements for managing credit and operational risks, as well as guidelines for firms safeguarding stablecoin reserves.
Under the follow-up proposal, covered banks need to submit comprehensive business plans, financial data, and additional application materials. The draft outlines the processes for appeals, hearings, and final decisions, with public comments required within 60 days of its publication in the Federal Register.