Crypto cards are no longer a toy: the number of transactions has soared 2.7 times, and the link to bitcoin has disappeared.
The crypto card market is passing the point of no return. A large-scale study covering data from 16 different cards over 76 weeks — from January 2025 to June 2026 — demonstrates a fundamental shift in user behavior. Crypto cards are transforming from a speculative tool into a full-fledged payment infrastructure for daily spending.
The analysis covered products such as RedotPay, Cypher, EtherFi Cash, GnosisPay, and others. Based on the collected statistics, three key trends that are changing the game can be identified.
Activity growth regardless of the exchange rate
The first and most important finding: the number of transactions on crypto cards increased by 2.7 times. Moreover, the correlation of this indicator with the price of Bitcoin (BTC) turned out to be zero. Users spend cryptocurrency daily, regardless of whether the market is rising or falling. This is direct evidence that cards are used not for storing capital in anticipation of growth, but for settlements.
The "top up and spend" model becomes the norm
The second important signal is a change in the structure of top-ups. The median deposit has stabilized in the range of $90–135. After a winter peak of around $165, it has returned to approximately the $100 mark. Users no longer keep large sums on their cards. They top up their balance frequently, just enough to cover current expenses. This behavior is dictated not only by convenience but also by caution: holders fear account freezes or the loss of the issuer's license, so they deposit small amounts for specific payments.
The mass market replaces the "whales"
The third trend is the normalization of the customer base. The ratio of the average deposit to the median deposit has decreased from about 6 to 4. This means that the influence of individual large players is weakening, and the user structure is becoming broader and more homogeneous. The product is moving from the stage of early enthusiasts to the mass segment. Crypto cards are no longer a store of value or a speculative asset — they are infrastructure for daily and instant spending.
My analysis: Zero correlation with the Bitcoin exchange rate is perhaps the strongest bullish signal for the entire industry. It shows that cryptocurrency is beginning to fulfill its original function — to be a medium of exchange, not just a store of value. However, the decline in the median deposit and user caution point to a weak spot in the industry: issues of licensing and trust in issuers remain the main barrier to a full transition to mass adoption. Until this risk is eliminated, crypto cards will remain more of a "wallet for the day" than a full-fledged bank account.