FLOQ assesses public interest in crypto remains steady
The consumer base continues to expand even though transaction values have experienced a decline. This indicates that the public has not entirely abandoned cryptocurrency, but is instead beginning to transact with smaller amounts and with greater caution, according to FLOQ, a crypto asset investment platform.
Financial Services Authority (OJK) data shows that cryptocurrency transaction values reached Rp20.52 trillion in July 2026, a 28.2 per cent decrease from the Rp28.58 trillion recorded previously. However, the number of consumers has continued to rise, approaching 23 million accounts.
“The consumer base is still growing even though transaction values have decreased. This shows that the public has not completely left crypto, but is starting to transact with smaller nominal amounts and more carefully,” said Yudhono Rawis, CEO and Founder of FLOQ, in a statement in Jakarta on Wednesday.
Amidst the decline in transaction activity, the number of digital financial asset trading accounts actually increased from 22.69 million in June to 22.93 million accounts in July 2026. Additionally, transactions in digital financial asset derivatives also saw a decline, dropping from Rp4.19 trillion in June to Rp3.41 trillion in July 2026.
Compared to December 2025, when the number of investors was recorded at approximately 20.19 million, the number of consumer accounts had increased by about 2.74 million by July 2026.
According to Rawis, this condition indicates that the current weakening of market activity is more cyclical in nature and does not yet show a structural loss of interest in crypto assets. This change in investor behaviour is inseparable from the economic condition of the population.
The number of the ‘aspiring middle class’ group increased from 137.5 million people in 2024 to 142 million in 2025, now covering approximately 50.4 per cent of the Indonesian population. On the other hand, the number of people in vulnerable groups also increased from 67.7 million to 67.9 million.
Rawis stated that the expansion of the aspiring middle class reflects pressure on purchasing power and household financial resilience. This condition makes the allocation of funds for high-volatility investment instruments, such as crypto assets, tend to be more limited.
“When household financial conditions are under pressure, it is natural for the public to become more conservative. What changes is not always their interest in investment, but the amount of funds they are willing to allocate and how they choose their instruments,” he noted.
Beyond domestic factors, the decline in transactions is also occurring amidst global crypto market volatility. The global crypto market capitalisation dropped by approximately 45 per cent from $4.2 trillion in October 2025 to around $2.3 trillion in March 2026.
Therefore, Rawis views the decline in domestic crypto transactions as a combination of pressure on public purchasing power and global market conditions. Although transaction values have slowed, the growth in the number of consumers shows that Indonesia still possesses a large crypto market base. Furthermore, Rawis believes the domestic digital financial asset ecosystem continues to develop.
As of mid-2026, the OJK has granted licences to 32 entities, consisting of crypto exchanges, clearing houses, custodians, and digital financial asset traders. The entry of several global players into the Indonesian market is also an indicator that the long-term potential of the industry is still considered attractive.
Rawis believes this condition will cause industry competition to shift. Business players cannot merely chase new user numbers; they must also improve transaction quality and offer products that suit the changing investor profiles.
“Amidst a growing consumer base but pressured transaction values, competition can no longer just be about who acquires the most users. The challenge is how to keep users active and find products that meet their needs and risk profiles,” he said.
One opportunity deemed relevant is the development of tokenised stocks, particularly to reach investors seeking exposure to global company shares with different asset characteristics compared to pure crypto. Global trading volume for tokenised stocks surged from $831 million in July 2025 to approximately $54 billion in June 2026. Additionally, derivative products are also seen as having growth potential in Indonesia.
Globally, the trading volume of crypto derivatives in the second quarter of 2026 reached approximately $12.7 trillion, significantly larger than the spot market, which reached $1.95 trillion.