The biggest story in crypto this year has been the approval of spot Bitcoin exchange-traded funds, which entered the market in January and have been a wild success. Almost a year in, these products have helped propel the once-fringe crypto industry into the mainstream and expanded global adoption, a new report from blockchain data analysis firm Chainalysis says.

The arrival of traditional financial institutions has transformed the industry and solidified the United States as a dominant force. “It's just fundamentally changed the scene in the North American setting, but with global ramifications,” Eric Jardine, Chainalysis’ cyber crimes research lead, told Fortune.

North America makes up 22.5% of global crypto activity, with an estimated $1.3 trillion in on-chain value, according to this year’s “Geography of Cryptocurrency” report (Mexico is not included in this section of the report).

The introduction of exchange-traded funds marked a key inflection point for the crypto industry, Jardine said, codifying a place for established legacy financial entities like BlackRock, Fidelity and Goldman Sachs. A striking 70% of crypto transfers in North America exceeded $1 million, “reflecting the growing influence of major financial players in the region’s crypto market,” the report said.

The approval of Bitcoin ETFs in January legitimized the currency, allowing institutions to participate through a well-defined instrument and roping in a new group of participants, Jardine said. “So once that clarity was provided through a decision by the SEC, you end up with this whole new actor class being able and willing to participate and they wouldn't have been absent that, ” he said.

On a global scale, Jardine said that North American dominance of the crypto market could be good news for areas of the world that were early adopters. “It might translate through in a price mechanism where assets that had been previously bought and moved on-chain in years past, all of a sudden, your big institutional players are bringing lots of liquidity with them that might inflate price over the longer term,” he said.

Jardine also sees North American dominance driving global adoption at a grassroots level. “For example, what we're likely to see is other big institutions, traditional financial institutions, in other places, they're all likely to start to participate in this asset class as well, and it's all kind of a percolating legitimization effect,” he said. “Where the U.S. has now said, Bitcoin is an asset class in its own right… And that's just going to open up adoption for more people.”

Outpacing the wildly popular gold ETF within its first hundred days, the spot Bitcoin ETF became the most popular ETF in history. “This asset class is here, and they're basically going to be here for the long haul, from everything we can tell from the data so far,” Jardine said.

This story was originally featured on Fortune.com