Türkiye's virtual asset trading volume surpasses $200 billion…"Highly speculative"

Türkiye has emerged as the largest virtual asset market in the Middle East and North Africa (MENA) region, but analysis suggests its character is more speculative than for actual use.

On the 22nd (local time), Cointelegraph reported that Chainalysis said in a report, "Türkiye's annual virtual asset trading volume reaches $200 billion," adding, "this is about four times the United Arab Emirates (UAE)'s $53 billion and exceeds the combined trading volumes of neighboring countries such as Egypt, Saudi Arabia, and Morocco."

However, it analyzed that Türkiye's surge in trading stems from speculative demand for altcoins rather than genuine adoption. The report stated, "Trading activity in the Türkiye market has surged in recent months, but this is largely due to short-term trading centered on altcoins," adding, "the share of stablecoin trading has fallen significantly compared to the end of last year."

In fact, Türkiye's altcoin trading volume surged 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 about $70 million over the same period. The report explained that this change reflects investors shifting to 'high-return-seeking trading' aiming for short-term profits amid inflation and declines in the Turkish lira's value.