Turkey has emerged as the Middle East and North Africa’s largest cryptocurrency market in 2025, handling nearly $200 billion in annual transactions. But a new report by Chainalysis suggests that much of this growth stems from speculative trading rather than real-world adoption.
Turkey Tops MENA’s Crypto Rankings
According to the Chainalysis 2025 MENA report, Turkey’s crypto trading volumes far exceed those of its regional peers. The country’s $200 billion annual transaction volume outpaces the United Arab Emirates’ $53 billion, the region’s second-largest market, by almost four times. The analysis places Turkey at the forefront of crypto activity in MENA, ahead of Egypt, Jordan, Saudi Arabia, Morocco, and Israel combined.
Chainalysis attributes the country’s growing involvement in crypto partly to its struggle with persistent inflation. Many investors have turned to digital assets as a hedge against the Turkish lira’s weakening value. However, the nature of this engagement tells a more complex story.
The 31-day centered moving average of crypto trading volume in Turkey. Source: Chainalysis
Speculative Trading Dominates
The report finds that speculative behavior, rather than functional use cases, drives most of Turkey’s crypto volume. While the UAE has been gradually shifting toward practical applications such as payments and remittances, Turkish trading remains heavily influenced by short-term profit-seeking.
Chainalysis’ on-chain data shows that altcoin trading activity surged dramatically over the past year. The 31-day moving average for altcoin volumes rose from roughly $50 million in late 2024 to $240 million by mid-2025. This sharp increase suggests a strong appetite for riskier, lesser-known tokens among Turkish traders.
Altcoins Replace Stablecoins as Market Focus
Historically, stablecoins played a dominant role in Turkey’s crypto scene, offering traders a way to preserve value amid economic volatility. But that trend appears to have reversed. Chainalysis data shows the 31-day moving average of stablecoin trading volumes fell from over $200 million in late 2024 to about $70 million by mid-2025.
“The timing of this altcoin surge coincides with broader regional economic pressures,” the report noted, implying that Turkish investors may be chasing higher yields in volatile assets to offset inflation and limited local investment opportunities.
Institutional Players Lead, Retail Traders Pull Back
Another notable finding is the changing composition of Turkey’s crypto market. Institutional transactions now dominate trading activity, suggesting that larger players are taking advantage of the volatile environment while retail participation wanes.
According to Chainalysis, Turkey’s ongoing economic strain has likely reduced the ability of average citizens to stay active in the market. The data indicates that while institutions and high-net-worth investors are using crypto as an inflation hedge or diversification tool, everyday traders are increasingly sidelined.
MENA Still Trails Global Crypto Growth
Despite Turkey’s dominance within MENA, the region as a whole still lags behind the world’s fastest-growing crypto markets. Chainalysis reported that MENA saw a 33% year-over-year growth rate, compared with 69% in the Asia-Pacific region and 63% in Latin America. Sub-Saharan Africa, North America, and Europe all posted stronger performances at 55%, 50%, and 43%, respectively.
The MENA region lags behind other regions in crypto market growth. Source: Chainalysis
Globally, India maintained its position as the top crypto market for the third consecutive year, with the United States ranking second, according to a separate Chainalysis report released in September.
The findings highlight that while Turkey’s crypto sector continues to expand in size, its foundation remains speculative. Without stronger regulatory clarity, infrastructure, and real-world use cases, Turkey’s $200 billion crypto boom may remain more of a trading frenzy than a sign of sustainable adoption.
