Chainalysis estimates $457B in 2025 onchain crypto activity potentially taxable, UK reports £1.38B gains

Global onchain cryptocurrency activity potentially subject to taxation exceeded $457 billion in 2025, according to Chainalysis, with the United States accounting for $112.6 billion; North America reported $134.6 billion, the European Union $125.1 billion, and East Asia $54.7 billion. Chainalysis also said most of that activity fell outside transactions covered by emerging international reporting rules, and it examined activity across Bitcoin, Ethereum, Solana, Tron, and BNB Smart Chain ^[1].

In the UK, 17,600 taxpayers disclosed cryptocurrency capital gains for the 2024-25 fiscal period, generating £1.38 billion in recognized gains from £13.8 billion in disposal proceeds, and 240 investors each reported gains exceeding £1 million, representing 52% of aggregate gains, according to Blockonomi ^[2].

MoneyCheck reported that 240 wealthy UK crypto investors accounted for over half of all declared gains for 2024-25, but it did not provide the underlying numerical breakdown in the supplied excerpt ^[3].

CryptoNinjas also reported that over 240 UK taxpayers declared crypto capital gains of more than £1 million in 2024-25 and that 17,600 people reported £1.38 billion of crypto asset income after £13.8 billion in crypto capital disposals, with new international reporting rules for HMRC planned to be in place from 2027 ^[4].