Indonesia's Crypto Market Shows Mixed Signals: Transaction Decline Amid Regulatory Optimism
Executive Summary
Key insights and market outlook
Indonesia's crypto market experienced a 24.53% monthly decline in transaction value to Rp 37.20 trillion in November 2025, while industry players remain optimistic about 2026 prospects due to improving regulations and increasing investor literacy. The decline was attributed to global factors including Bitcoin ETF outflows and macroeconomic pressures, while industry experts cite regulatory strengthening under OJK oversight as a positive catalyst for future growth.
Deep Dive Analysis
Indonesia's Crypto Market: Navigating Challenges and Opportunities
Mixed Performance in Late 2025
Indonesia's cryptocurrency market showed mixed signals in late 2025, with transaction volumes experiencing significant decline while industry stakeholders remain optimistic about future prospects. The total transaction value of crypto assets dropped by 24.53% month-on-month to Rp 37.20 trillion in November 2025, down from Rp 49.29 trillion in October 2025 1
Factors Contributing to the Decline
Several factors contributed to this decline, including global macroeconomic pressures and significant outflows from Bitcoin ETFs. Calvin Kizana, CEO of Tokocrypto, noted that the downturn in crypto transactions coincided with Bitcoin's poor performance, marking one of its worst months in 2025. The year-on-year comparison also showed a 19.72% decline in crypto asset transactions, with November 2025's cumulative value reaching Rp 446.77 trillion compared to Rp 556.53 trillion in the same period of the previous year 1
Positive Outlook for 2026
Despite these challenges, industry experts remain optimistic about the future. Resna Raniadi, COO of Upbit Indonesia, highlighted three key factors that are expected to drive the Indonesian crypto industry in 2026: strengthening regulations under the Financial Services Authority (OJK), increasing investor literacy, and global macroeconomic dynamics. The enhanced regulatory framework is particularly noteworthy as it is expected to improve market quality and investor confidence 2
Market Quality and Investor Behavior
The industry has observed a shift towards more mature investment strategies, with a growing trend of medium to long-term holding. This indicates improving market sophistication as investors move beyond speculative trading. Raniadi noted that trading activity has been solid, with increasing user participation and a more selective approach towards fundamental assets. The regulatory strengthening under OJK's supervision is seen as a crucial factor supporting this positive development 2
Source References
Story Info
Topics Covered
Key Events
Crypto Transaction Volume Decline
Regulatory Strengthening by OJK