Chainalysis data shows the US became a net Bitcoin importer in 2026 for the first time since 2022, while overseas users bought dollar stablecoins. The 2026 Geography of Crypto report covers the 12 months to July 1. Chainalysis says Americans already hold dollars, while users elsewhere want access to dollars without a US bank account. Transfers above $10 million alone brought in a net 53,200 BTC. Chainalysis says Bitcoin accumulation depends on institutions' allocation decisions, while users who adopt digital dollars are unlikely to stop using digital dollars.