According to analytics firm Chainalysis, Turkey now leads the Middle East and North Africa crypto market with an estimated $200 billion in annual transaction volume. Despite the massive inflow, analysts say the rise is being fueled not by mainstream adoption, but by a wave of speculative trading.
Turkey’s prolonged inflation is pushing both institutions and investors toward cryptoassets as a hedge. Yet, real-world payments and utility remain limited, especially compared to markets that are integrating digital assets into business activity.
Altcoins Outpace Stablecoins as Investors Chase Returns
While the UAE is gradually expanding crypto use in payments and commerce, Turkey’s market is dominated by rapid, short-term speculative moves. Chainalysis reports that altcoin trading has become the country’s primary growth engine. The 31-day moving average for altcoins jumped from about $50 million at the end of 2024 to $240 million by mid-2025.
At the same time, stablecoin activity — once the core of Turkey’s market fell sharply from $200 million to $70 million. Analysts link this shift to rising risk appetite as traders hunt for higher returns amid economic pressure.
Institutional Money Takes the Lead
The report notes that Turkey’s crypto landscape is increasingly institutional. Big players are expanding their exposure, while retail investors are losing influence. This suggests that firms and funds are hedging currency risks, while everyday traders have fewer opportunities to participate.
Despite Turkey’s strong performance, the broader MENA region still lags behind other global leaders. Annual market growth in MENA reached 33%, compared to 69% in Asia-Pacific and 63% in Latin America. India remained the world’s most active crypto market, followed by the United States.
