Turkey has now become the leading player in the MENA crypto market with an impressive $200 billion in transactions, surpassing all other nation-states in the region, as highlighted in Chainalysis’s recent report. In contrast, the United Arab Emirates, which ranks second, recorded only $53 billion in trading volume, making Turkey’s market nearly four times larger. Despite this remarkable performance, it has been noted that the growth is predominantly driven by speculative trading rather than genuine adoption.

A Speculative Surge in Altcoin Trading

The strong performance in Turkey’s crypto activity can be chiefly attributed to a significant increase in altcoin trading. For instance, the monthly moving average for altcoin transactions leaped from $50 million towards the end of 2024 to approximately $240 million by mid-2025. This marked a major turnaround from earlier trading tendencies that favored stablecoins.

Top countries in MENA by total crypto value received. Source: Chainalysis

Chainalysis attributes this pattern to the speculative trading environment that still surrounds Turkey’s crypto investments, characterizing current participant behavior as a reaction to regional economic uncertainties. It also noted that the retail trading segment has sharply declined, with most transactions emerging from institutional competitors.

The 31-day centered moving average of crypto trading volume in Turkey. Source: Chainalysis

Additionally, the overall MENA region continues to trail behind the global crypto market, posting a 33% growth rate compared to much higher figures from regions like Asia-Pacific and Latin America.