86% of Onchain Activity Slips Through Crypto Tax Loopholes

Crypto tax rules may still be missing a significant portion of onchain activity, according to new research from Chainalysis. The company estimates that at least $457 billion in potentially taxable onchain crypto activity took place in 2025.

This number represents a lower boundary, not the actual amount of unpaid taxes governments are entitled to collect. Tax treatment varies greatly between jurisdictions, and exemptions, holding periods, and transaction classifications can change whether an individual event produces a tax liability.

The research combines realized gains from centralized and decentralized exchanges with income from activities such as mining, staking, and lending, alongside crypto-denominated payments. It covers activity across Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain, and Base.