Points of Focus

• Crypto debit card transaction volume has grown 2.7x since January 2025, independent of Bitcoin’s price.
• Users are shifting from large deposits to smaller, frequent top-ups for everyday spending.
• Deposit patterns are becoming more uniform, suggesting broader mainstream adoption beyond high-volume users.

Obchakevich Research tracked 76 weeks of transaction data from January 2025 to June 2026 across 16 crypto card providers, including RedotPay, Cypher, Kardpay, EtherFi Cash, Sonic Card, and GnosisPay.

The result is the most comprehensive longitudinal data set on crypto card behavior published to date, covering a period that spans a full Bitcoin (BTC) cycle from the mid-cycle correction of mid-2025 through the October 2025 all-time high at $126,200 and the subsequent drawdown to current levels near $62,000.

Crypto cards are no longer just a toy for speculators. The data proves it.

I analyzed 76 weeks of transactions across 16 crypto cards ( RedotPay, Cypher, EtherFi Cash, GnosisPay, and others ) from January 2025 to June 2026. Three conclusions.

1. Activity is growing regardless… pic.twitter.com/uiFJUb04hm

— Alex (@obchakevich_) June 12, 2026

The core finding is structural rather than directional. The number of transactions grew 2.7 times across the 76-week period. Bitcoin’s price moved dramatically in both directions across the same window. The statistical correlation between the two series is zero.

That is not a coincidence; it is evidence that the user behavior driving crypto card activity is no longer connected to whether Bitcoin is in a bull or bear phase. People are using crypto cards to spend, and they are doing so consistently regardless of what BTC’s price is doing on any given week.

Deposits shift from lump sums to routine top-ups

Median weekly deposit size, the dollar amount users load onto their cards, swung sharply through 2025, ranging from roughly $40 in January to peaks above $170 in April and June. Volatility narrowed over the second half of the year, with the median settling into a band of $65-$110 between August and December.

After peaking near $190 in early 2026, median deposits fell to around $90. Researchers said the trend suggests users are making smaller, more frequent top-ups for immediate spending rather than holding larger balances on their cards.

Whale influence fades as usage normalizes

The third finding is perhaps the most significant for assessing the maturity of the market. When the average deposit is far higher than the median, it signals that a small number of very large transactions are distorting the mean upward while most users deposit modest sums.

An average-to-median ratio of 6, which characterized the early weeks of the data set, is a classic early-adopter profile: a handful of high-net-worth users generating most of the capital flow while the median user contributes relatively little.

This ratio has fallen to 4 across the most recent weeks of data. The distribution is flattening. More users are depositing at volumes closer to the median, reducing the statistical influence of outliers. In product lifecycle terms, this is what the transition from early adopter to early majority looks like in data form. The user base is not just growing; it is becoming more representative of ordinary consumer behavior.

The infrastructure conclusion

The research points to a clear conclusion: Crypto cards are increasingly being used as payment infrastructure rather than investment tools. Users are treating them as a means of everyday spending, not as a store of value or a speculative asset.

The findings further suggest crypto cards are increasingly functioning as payment tools rather than speculative products. With usage remaining steady across market cycles, the key trend to watch is whether deposit sizes continue shrinking, signaling either greater user caution or a shift toward everyday spending.