The United States has long viewed itself as the center of the crypto world. But the latest research from Grayscale argues that this "universe" is far larger than the United States.
On October 28, 2026, Grayscale Investments released a research note estimating that the United States accounts for roughly 15%-20% of global crypto activity. Extrapolating from this ratio, roughly 80%-85% of transactions occur outside the United States. The note, written by Grayscale research head Zach Pandl, puts concrete numbers on a fact often overlooked by U.S. media headlines: the vast majority of crypto users are not American.
Hashrate and Nodes: The U.S. Plays More of an "Infrastructure" Role
Grayscale points out that about 36% of the world's Bitcoin hashrate is located in the United States. Hashrate refers to the combined computing power miners invest to maintain the security of the Bitcoin network; this metric measures "who is doing the work."
On Ethereum, about 31% of full nodes are located in the United States. Full nodes are computers that store and validate a complete copy of the blockchain, independently verifying whether all participants follow the rules.
Put the two sets of numbers together and the picture becomes clear: the United States builds and operates a share of crypto "machines" far exceeding its share, but most of the people actually using these machines live overseas. In other words, in this industry chain the United States is more like a "server room" than a "hub."
Why Speak Now: The "De-Americanization" Narrative Before the Midterms
The timing was clearly carefully chosen. This note was published shortly before the November 2026 U.S. midterm elections—precisely the moment when crypto investors are eager to speculate about which party will control Congress.
Grayscale's argument is that this obsession may be somewhat misplaced. Because digital assets are inherently global, the firm believes that changes in U.S. domestic politics are largely irrelevant to the industry's growth. The note describes the crypto economy as resilient to U.S. regulatory shifts: if the United States accounts for only one-fifth or even less of global activity, then even if U.S. domestic policy swings sharply, most of the market will still operate under entirely different rules.
U.S. domestic fundamentals are not particularly impressive either. The research results show that as of June 2026, the U.S. crypto economy contracted by about 2.2% year over year; while Grayscale's framework holds that the crypto economy outside the United States continues to thrive.
One area where the United States still carries outsized weight is exchange-traded products. Inflows into U.S. spot Bitcoin and Ethereum ETFs continue to play a key role in market activity, giving U.S. capital considerable say—even if U.S. users are only a minority on-chain.
The Mismatch Between Infrastructure and Usage
The gap between the 15%-20% share of activity and the 36% share of hashrate is the most revealing part of this report: the United States plays more of a "host" than a "center" in crypto networks.
Ethereum's node distribution tells the same story. Nearly one-third of the network's validators are located in the United States, but this does not translate into one-third of on-chain economic activity.
What It Means for Investors and Policymakers
For investors, the most practical takeaway is where growth may come from. If 80%-85% of activity occurs in the international community, then overseas trends may have a greater impact on network usage than any single U.S. policy decision.
The research results point to regions where stablecoin adoption and decentralized finance (DeFi) applications are growing faster. DeFi refers to lending, trading, and other financial services run by code on a blockchain rather than by traditional intermediaries.
However, the United States is not irrelevant, and Grayscale's own data illustrates this. Hosting 36% of Bitcoin hashrate means U.S. energy and regulatory policy can genuinely affect network security; hosting 31% of Ethereum full nodes gives the United States considerable weight in how that network is validated.
There is also the ETF channel. Inflows into U.S. spot Bitcoin and Ethereum ETFs remain a key entry point for new capital, meaning that even if U.S. users account for only a modest slice of trading, U.S. investors can still influence prices.
Grayscale's broader message is: crypto has long grown beyond the scale any single jurisdiction can contain. The United States remains an important player, with a disproportionate hand in running the networks; but it is not the only player at the table, and by these estimates, it is not even the majority at the table.
