Chainalysis estimates at least $457 billion in onchain taxable crypto activity in 2025, with CARF covering only 14%.

On-chain potentially taxable crypto activity was more than $457 billion in 2025. However, many tax agencies have little insight into this activity.

Chainalysis estimates potentially taxable crypto activity reached $457 billion in 2025, with much of the onchain activity falling outside CARF’s scope.