Grayscale pegs US crypto share at 15–20% ahead of midterms

The firm’s analysis, released October 28, aggregates 14 distinct indicators ranging from network infrastructure to consumer wallet usage. Infrastructure metrics show the highest concentration of US activity, with the country commanding an estimated 36% of the global Bitcoin hashrate and 31% of Ethereum full nodes. Transactional and retail categories show more modest figures: US-based stablecoin payments represent 24% of the global total, while mobile wallet usage sits at 12%.

These figures rely on a diverse dataset from sources including a16z, Chainalysis, and the Bank for International Settlements. Because the metrics span different reporting periods and geographic scopes—with some data points limited to North America or specific platforms like CoinGate—Grayscale characterizes the 15–20% range as an approximation. This approach contrasts with more focused industry surveys, such as a 2025 University of Cambridge study, which recorded 75.4% of its surveyed mining activity in the US, though researchers noted that strong participation from American firms likely skewed those results upward.

Despite the legislative gridlock in Washington, including a recent Senate vote that stalled the CLARITY Act, regulatory movement continues. The OCC finalized rules under the GENIUS Act on October 21, establishing new standards for stablecoin reserves and risk management. With institutional players increasingly integrating tokenized funds and exchange-traded products, Grayscale contends that the underlying adoption trends are driven by structural shifts rather than the outcome of next week’s ballots.