Chainalysis Report: Eastern Europe’s Crypto Market Active, With Spikes in Last Year Driven by Russia-Ukraine War

Chainalysis reported that Eastern Europe is the fifth-largest crypto market they study, with $630.9 billion in value received on-chain between July 2021 and June 2022. That represents just over 10% of global transaction activity during the time period studied. Eastern Europe’s comparative role in the bigger, worldwide crypto ecosystem has stayed surprisingly consistent over the last few years, generally hovering around 10%. Ukraine saw a steady increase in cryptocurrency transfers from the outset of the war through June 2022. Russia, on the other hand, has grown and shrunk in a relatively narrow range, likely related to being partially sanctioned.