Cryptocurrency cards have stopped being a toy for speculators and become infrastructure for everyday spending. That conclusion was reached by Utexo's head of research and Pagga co-founder Alex Obchakevich, who analyzed transactions across 16 crypto cards.

Obchakevich studied data over 76 weeks — from January 2025 through June 2026. The sample included RedotPay, Cypher, EtherFi Cash, GnosisPay and others. Based on this data, the analyst drew three key conclusions.

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What the data showed

First — spending activity is independent of the market. The number of transactions grew 2.7x, while the correlation with the bitcoin (BTC) price turned out to be zero. People spend cryptocurrency every day, and it does not matter whether the market is rising or falling.

Second — top-ups have become regular rather than one-off. The median deposit holds in the $90–135 range: after a winter peak of around $165, it returned to roughly $100. Users do not keep capital on the card but reload it frequently and evenly to cover current expenses. There is yet another reason the median deposit is declining — the caution of holders. They fear that an account could be frozen or that a company may cease to exist, so they top up smaller amounts for specific payments.

Third — customer behavior is normalizing. The ratio of the average deposit to the median deposit fell from roughly 6 to 4. This means that the influence of individual large players is weakening, while the user base is becoming broader and more homogeneous. The product is moving from the early-adopter stage into the mass segment.

Why this matters for the market

Obchakevich's main conclusion: crypto cards have become a payment utility. This is no longer a store of value or a speculative asset, but infrastructure for daily and instant spending.

Source: BeInCrypto