Overseas share estimated at 80–85%... Grayscale analyzes virtual asset activity

Grayscale estimates that 80–85% of global crypto activity occurs outside the United States, with the U.S. accounting for just 15–20%, according to a research note published October 28 by research head Zach Pandl. The firm argues the industry is bipartisan, global and increasingly institutionalized, and expects that structure to persist regardless of the U.S. midterm election results. Grayscale did not disclose the specific formula or metric breakdown behind its "crypto activity" estimate, so the figures cannot be tied to a single measure such as user counts or trading volume. The claim matters because it frames U.S. policy and election outcomes as less decisive for the industry than global and institutional trends. What to watch next is whether Grayscale publishes a clearer methodology for the split, and whether subsequent data on users, volumes or institutional flows corroborate the offshore-majority estimate.