In 2025, Turkey has become the leading crypto market in the Middle East and North Africa (MENA) region, with trading volumes far surpassing those of major markets like the United Arab Emirates.
According to a regional report by Chainalysis published Thursday, Turkey—struggling with high inflation in recent years—recorded nearly $200 billion in crypto transactions over the past year. By comparison, the UAE, MENA’s second-largest market, saw crypto volumes of $53 billion, almost four times smaller than Turkey’s.
However, Chainalysis’ on-chain research indicates that Turkey’s crypto boom is largely driven by speculative activity rather than sustained adoption.
A gap fueled by altcoin trading
Turkey’s $200 billion in annual crypto transactions alone exceed the combined volumes of other MENA markets, including Egypt, Jordan, Saudi Arabia, Morocco, and Israel.
In contrast to the UAE, where crypto usage is increasingly shifting from speculation to practical payments, Turkey’s market remains dominated by speculative trading, particularly in altcoins.
Chainalysis highlighted the increasingly speculative nature of Turkey’s crypto market, noting a dramatic surge in altcoin trading. The 31-day moving average for altcoin trades jumped from roughly $50 million in late 2024 to $240 million by mid-2025.
Altcoins overtake stablecoins
This rise in altcoin trading represents a major shift from Turkey’s previous preference for stablecoins, which had historically dominated the market. Chainalysis data shows that Turkey’s stablecoin trading volume fell sharply, with the 31-day centered moving average dropping from over $200 million in late 2024 to around $70 million by mid-2025.
“The timing of this altcoin surge aligns with broader regional economic pressures,” Chainalysis noted, suggesting the trend may reflect “desperate yield-seeking behavior” among remaining market participants.
The report also highlighted that Turkey’s crypto market is heavily concentrated in institutional transactions, which have driven much of the recent surge, while retail trading has declined sharply. Chainalysis observed that this pattern indicates Turkey’s economic challenges may be encouraging larger players to seek inflation hedges and currency alternatives, potentially limiting everyday citizens’ ability to participate.
MENA still trails global markets
Despite Turkey’s speculative trading fueling regional growth, the MENA region as a whole continues to lag behind other markets. Chainalysis reported 33% year-over-year growth in MENA, compared with 69% in Asia-Pacific (APAC) and 63% in Latin America, the fastest-growing regions globally.
The MENA region also lagged behind other parts of the world, with Sub-Saharan Africa, North America, and Europe posting stronger growth rates of approximately 55%, 50%, and 43%, respectively.
Globally, the US ranked second among leading crypto markets in a September report by Chainalysis, trailing only India, which retained the top spot for the third consecutive year.
