Indonesian Crypto Market Sees Sharp Decline in Late 2025

Significant Drop in Transaction Value

The Indonesian cryptocurrency market experienced a substantial decline in transaction value towards the end of 2025. According to data from the Financial Services Authority (OJK), cryptocurrency transactions in November 2025 dropped to Rp 37.20 trillion, representing a 24.53% month-on-month decline from Rp 49.29 trillion in October 2025 ¹

Annual Performance Analysis

On a year-on-year basis, the crypto market also showed a significant decline. The total transaction value for January to November 2025 reached Rp 446.77 trillion, compared to Rp 556.53 trillion during the same period in 2024, marking a 19.72% decrease or a reduction of Rp 109.76 trillion ¹

Market Factors Contributing to Decline

Calvin Kizana, CEO of Tokocrypto, attributed the decline in crypto transactions to the sharp drop in Bitcoin (BTC) prices, which recorded its second-worst performance in 2025 during November. The price correction was exacerbated by several factors including:

1. Outflows from Bitcoin ETFs
2. Weakening institutional demand
3. Selling pressure from short-term investors
4. Global market volatility following US policy changes
5. Record-breaking US government shutdown affecting traditional market liquidity

Industry Outlook

Despite the current decline, industry players remain optimistic about domestic investor interest. The slowdown is seen as a natural market correction rather than a loss of investor confidence. As Calvin Kizana noted, "The global market pressure increased after US President Donald Trump expanded tariff policies against China on October 10, 2025, triggering a global risk reassessment." ¹