Chainalysis released a new report today on cryptocurrency trading volume across countries. According to the report, Türkiye’s annual cryptocurrency trading volume has reached $200 billion.
At this point, Türkiye has emerged as the largest crypto asset market in the Middle East and North Africa (MENA) region.
However, analysis revealed that cryptocurrency transaction volume in Türkiye is of a speculative nature rather than actual usage.
“Türkiye’s annual cryptocurrency transaction volume reached $200 billion.
This is nearly four times the $53 billion volume of the United Arab Emirates (UAE) and far exceeds the combined transaction volume of neighboring countries such as Egypt, Saudi Arabia, and Morocco.
However, the surge in trading volume in Türkiye is driven by speculative demand for altcoins, not real adoption.
Unlike the UAE, where cryptocurrencies are moving from being primarily a speculative asset to being used as a practical payment solution, the vast majority of crypto volume in Türkiye is driven by an increase in speculative activity.
Chainalysis also added in the report that Türkiye’s altcoin trading volume increased from an average of $50 million per day at the end of 2024 to $240 million by mid-2025.
In contrast, stablecoin trading volume fell from $200 million to approximately $70 million during the same period. The report noted that this shift reflected investors shifting to “high-yield trading” aimed at short-term profits due to inflation and declines in the value of the Turkish lira.
The report finally stated that institutional transactions predominated in the cryptocurrency market in Türkiye, while retail transactions decreased significantly.
*This is not investment advice.