Until The End Of 2025, Global Crypto Is Predicted In The Consolidation Phase

JAKARTA - Tokocrypto CEO Calvin Kizana projects that trading in global crypto assets until the end of 2025 will still be in a consolidation phase, as global market players wait and see in the midst of economic uncertainty.

Bitcoin is experiencing a sharp weakening this Saturday at 84,537.42 US dollars.

In a statement in Jakarta, Saturday, Calvin saw the weakening triggered by growing concerns that the US central bank (The Fed) might delay the cut in interest rates previously expected in December.

The release of US labor data that is stronger than expectations with an additional 119,000 workers in September, well above the 50,000 projection, has again cast doubt on the prospect of lowering interest rates, with a probability of around 40 percent according to the CME FedWatch.

This global volatility also affects the domestic market. However, he emphasized that the Indonesian crypto market still shows better resilience than global conditions.

"VOLatility that occurs in the global market does affect trading activities in Indonesia. However, interestingly enough, even though the transaction value has decreased, the number of crypto users in Indonesia continues to increase. This shows that public confidence and interest in digital assets are maintained, even when the market is cooling down," said Calvin.

Data from the Financial Services Authority (OJK) shows that the value of crypto transactions in Indonesia during January-October 2025 reached IDR 409.56 trillion, a decrease of 13.77 percent compared to the same period last year. However, the number of crypto users actually rose to 18.61 million in September 2025, or an increase of 3.05 percent in one month.

The growth of crypto investors is recorded to be consistent above 3 percent per month.

This situation illustrates that local investors do not leave the market, but instead choose to be more careful in adding portfolios. In the midst of global pressure, the domestic market is considered to remain resilient.

"Currently we have not seen confirmation that the market is entering a structural bearish phase. Many on-chain indicators, user adoption, and developer activity are still stable. The conditions better describe market cooling than major trend reversals," said Calvin.

According to him, the government also plays an important role in maintaining domestic market stability through tax policies, plans to implement additional crypto asset exchanges, as well as public education programs. This effort is believed to strengthen the foundation of Indonesia's digital asset ecosystem.

Looking at 2026, Calvin assessed that the market has the opportunity to move more directedly. A recovery scenario can occur if macro conditions improve, including the potential for a reduction in global interest rates, increasing interest in risks, and the entry of new liquidity.

The four-year post-halving cycle that has historically boosted prices can also be an additional driver.

However, he reminded that various risks still need to be anticipated. If macro pressure continues, the market has the potential to move sideways in a longer time.

Calvin closed with an optimistic but careful message.