A growing number of Canadians are transferring cryptocurrencies such as Bitcoin (CRYPTO: $BTC) overseas.
A new report from Chainalysis says that crypto transfers from Canada to foreign countries reached $2.36 billion U.S. in this year’s first half, up 141% from the same period in 2025.
The majority of crypto sent offshore from Canada was transferred to digital wallets and exchanges located in India, China, and the Philippines.
The money was moved in small, frequent amounts. According to blockchain data analytics firm Chainalysis, the average amount of crypto transferred from Canada overseas was $663 U.S.
Chainalysis says that the small size of the transfers suggests that it is largely people transferring money from Canada to people back home in their country of origin.
The data also shows that people in Canada are increasingly using stablecoins to transfer crypto across borders. Stablecoins are crypto pegged to another asset, typically the U.S. dollar.
Canada had the most crypto transfers on a per capita basis among the G7 developed nations.
Chainalysis notes that 23% of Canada’s population is foreign-born, the highest share in the G7, which could explain the transfers abroad that are especially strong in Asia.
BTC is trading at $80,500 U.S. on Oct. 15.
