Chainalysis today released a new report on virtual currency trading volume in each country. According to the report, Turkiye's annual cryptocurrency trading volume reached $200 billion.
At present, Turkiye has emerged as the largest crypto asset market in the Middle East and North Africa (MENA) region.
However, analysis revealed that Turkiye's virtual currency trading volume was of a speculative nature rather than actual usage.
“Turkiye's annual cryptocurrency trading volume has reached $200 billion.
This is almost four times the amount traded in the United Arab Emirates (UAE), which trades at $53 billion, and far exceeds the amount traded in neighboring countries such as Egypt, Saudi Arabia, and Morocco combined.
However, the surge in Turkiye’s trading volume is driven by speculative demand for the altcoin rather than actual adoption.
Unlike the UAE, where cryptocurrencies have transitioned from being primarily speculative assets to being used as actual payment solutions, the bulk of Turkiye's cryptocurrency trading volume is driven by increased speculative activity.
Chainalysis also added in the report that Turkiye's altcoin trading volume increased from an average daily average of $50 million at the end of 2024 to $240 million by mid-2025.
In contrast, stablecoin trading volume fell from $200 million to approximately $70 million over the same period. The report said the change reflected a shift by investors into “high-yield trades” aimed at short-term profits due to inflation and the Turkish lira's decline in value.
The report ultimately stated that Turkiye's cryptocurrency market was dominated by trading by institutional investors, with individual trading significantly reduced.
*This is not investment advice.
