Crypto market cap plunges $2.1 trillion, yet on-chain activity remains near $9.4 trillion

The crypto industry lost $2.1 trillion in market value over the past year, yet on-chain economic activity declined only 1.6% to $9.4 trillion in the 12 months through June 30, according to Chainalysis. Stablecoin use drove much of this resilience, with stablecoin inflows into crypto services rising 5.3% despite a 4.3% drop in total service receipts. Cross-border stablecoin transfers surged 77.5% to $220.3 billion, while domestic peer-to-peer activity reached $228.7 billion.