Turkey Leads MENA Crypto Market with Speculative Trading Surge

According to Cointelegraph, Turkey has emerged as the dominant player in the Middle East and North Africa (MENA) crypto market in 2025, surpassing other major markets such as the United Arab Emirates (UAE) with significant transaction volumes. Turkey recorded nearly $200 billion in annual crypto transactions, far exceeding the UAE's $53 billion, which is almost four times smaller. This surge in Turkey's crypto activity is attributed more to speculative trading rather than sustainable adoption, as highlighted by Chainalysis in their latest regional report. Turkey's crypto market, driven by altcoin trading, has outpaced the combined volumes of other MENA countries including Egypt, Jordan, Saudi Arabia, Morocco, and Israel. While the UAE has seen a shift towards using cryptocurrency as a practical payment solution, Turkey's market remains heavily influenced by speculative activity. Chainalysis noted a significant increase in altcoin trading, with the 31-day moving average rising from $50 million in late 2024 to $240 million by mid-2025. This shift marks a departure from Turkey's previous preference for stablecoins, which saw a decline in trading volume from above $200 million to around $70 million during the same period. The timing of Turkey's altcoin surge coincides with broader regional economic pressures, suggesting a "desperate yield-seeking behavior" among market participants, according to Chainalysis. Institutional transactions have largely driven Turkey's crypto market growth, while retail trading has seen a dramatic drop. This pattern indicates that Turkey's economic challenges are prompting larger players to seek inflation hedges and currency alternatives, potentially limiting everyday citizens' participation in the crypto market. Despite Turkey's speculative trading driving regional growth, the MENA region as a whole still lags behind other global markets. Chainalysis reported a 33% year-over-year growth for MENA, trailing the Asia-Pacific region at 69% and Latin America at 63%, the fastest-growing regions globally. Sub-Saharan Africa, North America, and Europe also posted higher growth rates of around 55%, 50%, and 43%, respectively. Among the top global crypto jurisdictions, the United States ranked second in a Chainalysis report from September, following India, which maintained its top spot for the third consecutive year.