While advanced economies such as the United States, South Korea, the United Kingdom and Germany posted the steepest declines in trading volume, emerging markets told a different story. Countries where crypto fulfills a more practical role — in payments, savings and as a hedge against weak local currencies — showed significantly greater resilience.
Turkey stood out with volumes rising 7% year over year, while activity across Latin America and South Asia remained broadly stable. Venezuela was also flagged as a major growth market, driven largely by ongoing sanctions that limit access to traditional financial systems.
"Where domestic monetary policy is constrained or capital controls limit alternatives, crypto functions as a store of value and shadow dollar system," TRM Labs noted — highlighting why adoption in these regions holds firm even as global volumes fall.