Small Transactions Thrive Amid Crypto Market's Worst Downturn Since 2022
The crypto market took a massive hit last year, but despite this downturn, smaller transactions and stablecoin activity showed steady growth. According to Chainalysis's 2026 Global Crypto Adoption Index, transfers under $100 rose by 78.4% between July 2025 and June 2026, while those between $100 and $1,000 grew 58.6%. These small transactions added up to a significant $273 billion, a small slice of the almost $10 trillion moved through crypto overall.
The total crypto market fell nearly 50% during this stretch, its worst downturn since 2022. However, transfers of $1 million or more told a different story, dropping just 7.2%. This indicates that big holders barely slowed down despite the market's decline.
Stablecoins like USDT remained steady throughout the nine-month downturn, pegged to the US dollar and unaffected by market swings. As a result, stablecoin balances held between $98 billion and $109 billion, making up 22.5% of all crypto value held worldwide, up from a smaller share before the crash.