Chainalysis Explains Why US Is Hoarding Bitcoin While the World Buys Its Dollars

The US is hoarding Bitcoin (BTC), turning net importer in 2026 for the first time since 2022, while the rest of the world buys dollar stablecoins, Chainalysis data shows. The 2026 Geography of Crypto report covers the 12 months to July 1. Chainalysis ties the split to need, since Americans already hold dollars and users elsewhere want them without a US bank account. Why Is the US Hoarding Bitcoin While Everyone Else Wants Dollars? Chainalysis pooled on-chain service inflows, order book volume, and cross-border position into one Bitcoin index. The US scored 0.96 in 2026 against 0.52 elsewhere, a lead of 0.44 that stood at 0.09 in 2024. The stablecoin index runs the other way.

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