The $340 billion sounds scary, but if you look closely, the metric is just on-chain address correlation, which is completely different from actual cross-border capital. This batch of data from India has a lot of water that needs to be squeezed out.

According to Moneycontrol, citing the OECD’s *Asia Capital Markets Report 2026*, between June 2024 and June 2025, India received about $340 billion in crypto asset inflows (including stablecoins), equivalent to nearly 9% of the country’s GDP, ranking first among Asia’s major economies by absolute scale. The report’s data comes from Chainalysis. The article also notes that, under this metric, “inflows” refer to the total value of cryptocurrencies received by on-chain addresses associated with users in India, and do not equate to cross-border capital inflows; nor do they prove that funds actually entered or left India. Some may involve local transactions, wallet transfers, payments, or DeFi activity.