Chainalysis: $457 Billion in Unreported Onchain Crypto Activity

Crypto tax rules may not be capturing a significant portion of onchain activity worldwide. According to Chainalysis, potentially taxable onchain crypto activity exceeded $457 billion globally in 2025. However, only 14% of this activity was captured by the Crypto-Asset Reporting Framework (CARF), which is designed to facilitate international reporting of crypto transactions.

Chainalysis estimated that CARF-covered transactions represented $64.6 billion in payments, $30.1 billion in gains, and $17.9 billion in income in the United States alone. The US was the largest contributor to global onchain activity at $112.6 billion, with North America ranking first among regions.

The report highlighted the challenges of tracking decentralized finance (DeFi) and private wallets, which create gaps in transaction history. Chainalysis suggested that tax agencies can use blockchain analysis to follow transfers between wallet addresses and identify income from mining, staking, lending, or liquidity provision.