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

Turkey leads the Middle East and North Africa (MENA) crypto market with nearly $200 billion in annual transactions, significantly outpacing the UAE's $53 billion. However, Chainalysis research indicates this boom is fueled primarily by speculative activity, particularly a sharp rise in altcoin trading, which jumped from $50 million to $240 million in mid-2025. This shift contrasts with Turkey's previous preference for stablecoins, whose trading volume plummeted. Chainalysis suggests this altcoin surge reflects "desperate yield-seeking behavior" amid regional economic pressures. Furthermore, the market growth is largely concentrated in institutional transactions, while retail participation has dropped, indicating that while large players use crypto as an inflation hedge, everyday citizens may have reduced capacity to participate. Globally, the MENA region's 33% year-over-year growth still lags behind APAC (69%) and Latin America (63%).

(Source：Cointelegraph)