On-Chain Market Sizing (January 2021)

Welcome to the updated version of on-chain market sizing. Compared with our previous version, we have updated our methodology to better estimate recent changes to global crypto adoption.

Key Takeaways

• The number of global crypto users reached 106 million in January 2021
• Strong growth in Bitcoin adoption was the main driver for January’s 15.7% increase in the global crypto population.
• Likely events that drove crypto adoption was the huge growth of DeFi last summer, PayPal’s opening up crypto services, and massive institutional adoption and facilitation of cryptocurrencies.

To read the full version of the On-Chain Market Sizing, read the PDF version here.