Crypto Users Increase, But Transaction Value Falls to Rp 32.31 Trillion

Indonesia's crypto asset industry displayed a contrasting dynamic in June 2025. Data from the Financial Services Authority (OJK) recorded a surge in the number of crypto investors, while transaction values experienced a sharp decline. This phenomenon indicates a shift in market behavior that warrants comprehensive analysis.

Crypto Investors Grow by 5.18% in One Month

As of June 2025, the number of crypto asset consumers reached 15.85 million, marking a 5.18% increase from 15.07 million recorded in May. This rise reflects the growing public interest in digital investment instruments and reinforces the position of crypto as a key component of financial portfolios among Indonesians.

June’s Transaction Value Drops 35% 

On the other hand, the total crypto transaction volume during the same month stood at only Rp 32.31 trillion, a sharp drop from Rp 49.57 trillion in May. The nearly 35% decline has sparked speculation regarding a possible slowdown in market activity.

However, the OJK emphasized that the drop in transaction value does not solely reflect a weakening market. Instead, it is part of the natural fluctuations in an industry that is highly responsive to various external factors, such as global sentiment, exchange rate volatility, and the direction of international regulatory policies.

Positive Growth Maintained in First Half of 2025

Despite the monthly decline, cumulative crypto transaction value from January to June 2025 reached Rp 224.11 trillion. This figure serves as a strong indicator that overall digital investment activity remains robust and investor confidence is still solid.

Why Are Transactions Falling Despite the Rising Number of Investors?

1. Prevalence of “Hodl” Strategy Among New Investors

Many new market entrants prefer a long-term investment strategy (“hodling”) over short-term trading. This approach directly reduces short-term transaction volumes, even though the number of active accounts continues to grow.

2. Impact of New Tax Regulation

The implementation of the Ministry of Finance Regulation (PMK) No. 50/2025, which increases the income tax (PPh) rate to 0.21% without additional VAT on crypto transactions, has contributed to the decline in trading volume. Investors are now more cautious with small or high-frequency trades due to the increased cost burden.

3. External Sentiment Holds Back Market Movement

Global factors such as regulatory uncertainty, macroeconomic volatility, and currency fluctuations have triggered a wait-and-see approach among market participants. Although the number of users continues to grow, many are opting to delay trading activities.