Crypto Transaction Values Fluctuate, OJK Urges Investors to Return to Fundamentals
JAKARTA, KOMPAS.com - The Financial Services Authority (OJK) has recorded fluctuating transaction values for crypto assets in Indonesia over the past five years, in line with global dynamics.
OJK’s Executive Head of Supervision for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets, Adi Budiarso, detailed that crypto transaction values reached Rp 869.4 trillion in 2021.
They then declined in 2022 and 2023 from Rp 306.4 trillion to Rp 149.25 trillion.
Transaction values rebounded significantly in 2024 to Rp 650.61 trillion, but fell again to Rp 482.23 trillion in 2025.
He further explained that the ups and downs in crypto transaction values over the past five years were caused by global and domestic factors.
Rising geopolitical tensions, such as the US-China trade war and escalations in the Middle East conflict, have driven risk-off sentiment in global financial markets.
This situation has been exacerbated by monetary policy tightening and high interest rates in the US.
This has triggered a tendency to reduce liquidity at the global level and large-scale liquidations in the crypto market.
Adi also highlighted the significant increase in crypto transaction values in 2024.
He noted that this occurred during the Bitcoin halving momentum in April 2024, which influenced the price and transaction dynamics of crypto assets.
Thus, the decline in crypto transaction values in 2025 is not due to structural weakening of the industry, but rather the effect of normalisation after the high surge in 2024.
“This fluctuation certainly shows the phenomenon of how price fluctuations are linked to the global economy and even the domestic economy,” he stated.
Therefore, the ups and downs in crypto transactions can serve as a momentum for market participants to refocus investment decisions on fundamental aspects.
He also urged market participants to carefully observe global dynamics to mitigate their impact on the crypto market.
“When we play in crypto, we must be balanced. Balanced, based on fundamentals, strong data analysis, and looking forward to future potential,” he said.