Increasing investment and interest in Bitcoin and digital assets has led research companies to work in this field.
According to the latest survey conducted by the research company Chainalysis, which has always managed to attract attention with its analysis and surveys, Northern, Central and Western Europe (CNWE) has become the most active crypto money economy in the world, buying over $1 trillion in crypto assets last year.
According to the report, cryptocurrency purchases in the CNWE Region between July 2020 and June 2021 accounted for 25% of global crypto activity.
While retail investors make up only a small portion of the European crypto market, trading volume has increased significantly as large institutional investors enter the market.
While the transaction value of institutional investors was $1.4 billion in July 2020, it increased to $46.3 billion in June 2021, making the CWNE region the home of corporates.
Data from Chainalysis showed that the majority of institutional investors’ transactions go to DeFi platforms rather than exchanges, and are specifically made with Ethereum.
Surprisingly, the UK leads other countries in the CNWE region with $170 billion in crypto trading volume in the survey.
Chainalysis marketing manager Henry Updegrave, in an interview with Cointelegraph: “The UK’s growth is largely driven by increased institutional investment based on large-scale transfers that provide most of the transaction volume” said.
The bull market in Bitcoin, the introduction of decentralized platforms and smart contract projects contributed significantly to the rise of the crypto economy in the CNWE region.