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Turkey has emerged as the leading crypto market in the Middle East and North Africa (MENA) region in 2025, with volumes significantly outpacing those of other markets, including the United Arab Emirates.
Turkey, which has grappled with high inflation in recent years, dominated MENA’s crypto market in the past year, recording almost $200 billion in annual transactions, according to the latest regional report by Chainalysis <a href="https://www.chainalysis.com/blog/middle-east-north-africa-crypto-adoption-2025/" rel="noopener noreferrer nofollow" target="_blank">published</a> Thursday.
The UAE, the region’s second-largest market, lagged far behind, with crypto volumes of $53 billion, almost four times smaller than those of Turkey.
Still, according to onchain research by Chainalysis, Turkey’s surge in crypto volumes has been fueled more by speculative activity than sustainable adoption.
<h2 id="a-heavy-gap-driven-by-altcoin-trading">A heavy gap driven by altcoin trading</h2>
With $200 billion in annual crypto transactions, Turkey alone outpaces the combined crypto volumes of other MENA markets, including Egypt, Jordan, Saudi Arabia, Morocco and Israel.
Unlike in the UAE, where Chainalysis observed a shift from cryptocurrency being primarily a speculative asset to its growing use as a practical payment solution, the majority of Turkey’s crypto volume has been driven by a surge in speculative activity.
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 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a10c2-5a11-7d80-ab69-203ce3d8eaff" title="" alt="Turkey’s $200B crypto boom is built on speculation, not adoption: Chainalysis">
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 Top countries in MENA by total crypto value received. Source: Chainalysis
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Addressing the increasingly speculative nature of Turkey’s crypto adoption, Chainalysis highlighted a surge in <a href="https://cointelegraph.com/learn/articles/what-is-an-altcoin-a-beginners-guide-to-cryptocurrencies-beyond-bitcoin" rel="noopener noreferrer nofollow">altcoin</a> trading, measured by the 31-day moving average, which jumped from about $50 million in late 2024 to $240 million by mid-2025.
<h2 id="altcoin-trading-eclipses-stablecoins">Altcoin trading eclipses stablecoins</h2>
Turkey’s altcoin rise marked a significant shift away from its prior preference for <a href="https://cointelegraph.com/learn/articles/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work" rel="noopener noreferrer nofollow">stablecoins</a>, which had <a href="https://cointelegraph.com/news/stablecoin-buys-turkey-4-percent-gdp" rel="noopener noreferrer nofollow">historically dominated the country’s trading volumes</a>.
According to Chainalysis data, Turkey’s stablecoin trading volume saw a notable plunge in the 31-day centered moving average, dropping from above $200 million in late 2024 to around $70 million by mid-2025.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a10c2-5c5a-7ec6-8280-b706929a0001" title="" alt="Turkey’s $200B crypto boom is built on speculation, not adoption: Chainalysis">
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 The 31-day centered moving average of crypto trading volume in Turkey. Source: Chainalysis
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“The timing of this altcoin surge coincides with broader regional economic pressures,” Chainalysis observed, suggesting that the trend may reflect a “desperate yield-seeking behavior” among remaining market participants.
Turkey’s crypto market is concentrated in institutional transactions, which dominated the surge, while retail trading has dropped dramatically, the report noted.
Related: <a href="https://cointelegraph.com/news/here-s-why-russia-ranks-highest-in-europe-for-crypto-adoption-chainalysis" rel="noopener noreferrer nofollow" target="_self">Here’s why Russia ranks highest in Europe for crypto adoption: Chainalysis</a>
The pattern likely suggests that while Turkey’s economic challenges drive adoption among larger players seeking inflation hedges and currency alternatives, it is “perhaps reducing the capacity of everyday Turkish citizens to participate,” Chainalysis said.
<h2 id="mena-lags-behind-globally">MENA lags behind globally</h2>
Although Turkey’s speculative crypto trading has driven much of the region’s growth, the MENA region as a whole still lags significantly behind other markets.&nbsp;
According to Chainalysis, the MENA region saw 33% year-over-year growth, trailing the Asia-Pacific (APAC) region at 69% and Latin America at 63%, the fastest-growing regions globally.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a10c2-5e4f-71de-b6d6-a4c5644f5cbe" title="" alt="Turkey’s $200B crypto boom is built on speculation, not adoption: Chainalysis">
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 The MENA region lags behind other regions in crypto market growth. Source: Chainalysis
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MENA also lagged behind other regions, as Sub-Saharan Africa, North America and Europe posted higher growth rates of around 55%, 50% and 43%, respectively.
Among the top global crypto jurisdictions, the <a href="https://cointelegraph.com/news/us-second-in-crypto-adoption-india-leads-all-chainalysis" rel="noopener noreferrer nofollow" target="_self">US ranked second</a> in a report by Chainalysis in September, trailing only India, which maintained the top spot for the third consecutive year.
Magazine: <a href="https://cointelegraph.com/magazine/cliff-bought-2-homes-bitcoin-mortgage-clever-or-insane/" rel="noopener noreferrer nofollow" target="_self">Cliff bought 2 homes with Bitcoin mortgages: Clever… or insane?</a>

Turkey’s $200B crypto boom is built on speculation, not adoption: Chainalysis

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