Chainalysis estimates that global on-chain potentially taxable crypto activity reached at least $457 billion in 2025, led by the United States at $112.6 billion. The total includes realized gains on CEXs and DEXs, income from mining, staking and lending, and crypto payments. Chainalysis said the figure is a conservative lower bound because off-chain activity within centralized exchanges is not visible on-chain. It also estimates that only about 14% of global on-chain taxable activity falls within the practical scope of the OECD’s Crypto-Asset Reporting Framework, leaving most DEX, P2P, self-custody, on-chain income and payment activity outside its coverage.