Turkey has become the leading cryptocurrency market in the Middle East and North Africa (MENA) region by 2025, with trading volumes significantly surpassing other markets, including the UAE.
According to the latest regional report released by Chainalysis on Thursday, Turkey, which has been plagued by high inflation in recent years, dominated the MENA cryptocurrency market over the past year, with an annual trading volume reaching nearly $200 billion.
The UAE, the second-largest market in the region, lags far behind, with a cryptocurrency trading volume of $53 billion, nearly four times less than Turkey.
However, Chainalysis's on-chain research indicates that the surge in Turkey's cryptocurrency trading volume is driven more by speculative activity than by sustainable adoption.
With an annual cryptocurrency trading volume of $200 billion, Turkey alone surpasses the combined total of other MENA markets, including Egypt, Jordan, Saudi Arabia, Morocco, and Israel.
Unlike the UAE, Chainalysis observed that cryptocurrencies in the UAE are shifting from being primarily speculative assets to increasingly being used as practical payment solutions, while much of Turkey's cryptocurrency trading volume is driven by a surge in speculative activity.
In response to the increasingly speculative nature of cryptocurrency adoption in Turkey, Chainalysis highlighted the surge in altcoin trading, measured by a 31-day moving average, which jumped from about $50 million at the end of 2024 to $240 million by mid-2025.
The rise of altcoins in Turkey marks a significant shift from the country's previous preference for stablecoins, which have historically dominated trading volumes.
According to Chainalysis data, the 31-day centered moving average of stablecoin trading volume in Turkey has seen a significant decline, dropping from over $200 million at the end of 2024 to about $70 million by mid-2025.
Chainalysis noted, "The timing of this altcoin surge coincides with broader regional economic pressures," suggesting that this trend may reflect the "desperate yield-seeking behavior" of remaining market participants.
The report pointed out that Turkey's cryptocurrency market is concentrated on institutional trading, which has dominated the surge, while retail trading has significantly declined.
Chainalysis stated that this pattern may indicate that while Turkey's economic challenges have driven the adoption of large participants seeking inflation hedges and currency alternatives, it "may have reduced the ability of ordinary Turkish citizens to participate."
Although speculative cryptocurrency trading in Turkey has driven much of the growth in the region, the MENA region overall still lags significantly behind other markets.
According to Chainalysis, the MENA region grew by 33% year-on-year, trailing behind the Asia-Pacific (APAC) region's 69% and Latin America's 63%, the latter two being the fastest-growing regions globally.
The MENA region also falls behind other areas, with Sub-Saharan Africa, North America, and Europe achieving higher growth rates of approximately 55%, 50%, and 43%, respectively.
Among the world's top cryptocurrency jurisdictions, the United States ranks second, according to a Chainalysis report from September, following India, which has held the top position for three consecutive years.
Related: The EU imposes sanctions on Russia's A7A5 stablecoin and cryptocurrency exchanges
Original: “Chainalysis: Turkey's $200 Billion Crypto Boom is Built on Speculation, Not Adoption”
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