Indonesian Crypto Investors Reach 21.37 Million Despite Ongoing Market Turmoil
JAKARTA, KOMPAS.com - The cryptocurrency asset market in Indonesia is still facing pressure amid the weakening prices of digital assets globally. Nevertheless, interest in the crypto industry among investors is deemed to remain undiminished.
This situation is reflected in the increasing number of crypto consumers, as well as the more selective stance of institutional investors in taking investment positions.
The Financial Services Authority (OJK) views the current decline in crypto asset prices as part of a normal market cycle.
During the April 2026 Monthly Commissioners’ Meeting held on Tuesday (5/5/2026), the Executive Head of Supervision for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, Adi Budiarso, stated that the transaction decline is more influenced by the market normalisation process following the price surge after the Bitcoin halving in 2024.
“This is certainly a high base effect, not a fundamental weakening. This condition is also in line with the global market, where the crypto market cap has fallen by around 45 percent from its all-time high of 4.2 trillion US dollars in October 2025 to around 2.3 trillion US dollars in March 2026,” Adi said, quoted on Friday (8/5/2026).
The value of domestic crypto asset trading in March 2026 was recorded to have decreased by 4.7 percent month-on-month, from Rp24.33 trillion in February 2026 to Rp22.24 trillion.
Meanwhile, the total value of crypto asset trading transactions from January to March 2026 reached Rp75.83 trillion.
CEO of Tokocrypto, Calvin Kizana, said that the slowdown in domestic crypto transaction activity cannot be separated from the global pressures still looming over the risk asset market.
“We see the slowdown in crypto transactions in March 2026 as more influenced by the increasing global risk-off sentiment. Investors are currently tending to be more cautious because volatility is still high, geopolitical uncertainty is rising, and the direction of The Fed’s interest rate policy remains a primary market concern,” Calvin stated.
“Investors are not fully exiting the crypto market. What is happening is a shift in strategy. Some investors are starting to reduce exposure to more speculative assets and choosing more liquid or stable assets such as Bitcoin, Ethereum, stablecoins, and gold-based assets. This is more accurately read as a wait-and-see phase,” he added.
OJK recorded that the number of crypto consumers in Indonesia as of March 2026 has reached 21.37 million accounts, a slight increase compared to the previous month.
This condition shows that public confidence in the digital asset industry remains intact despite the market being in a consolidation phase.
“There is still confidence from the public that the crypto market can provide positive impacts on their investment portfolios. The increase in the number of investors amid the consolidation phase indicates that many people still see crypto as an opportunity to gain positive returns from trading activities, which is ultimately hoped to help improve economic conditions and their quality of life,” Calvin continued.