Chainalysis: Crypto Activity Down Only 1.6% in 12 Months Despite $2.1T Market Cap Rout

This is the more interesting divergence in the data: usage and valuation decoupled. A $2.1 trillion drawdown in market cap produced only a 1.6% decline in activity, which suggests the trading and transfer base is less reflexive than in prior cycles, when price collapses tended to thin out on-chain volumes sharply. The read-through matters most for venues and infrastructure that earn from volume rather than from asset appreciation. Whether that resilience persists if the downturn deepens is the open question.