Crypto Transactions in Indonesia Drop 24 Percent, What's the Cause?

JAKARTA - The Financial Services Authority (OJK) recorded the value of crypto asset transactions in November 2025 reaching IDR 37.20 trillion, down 24.53% compared to October 2025 which was recorded at IDR 49.29 trillion.

Cumulatively, from January to November 2025 (year to date/YTD), the total value of crypto asset transactions reached IDR 446.77 trillion. Meanwhile, in the same period last year, it reached IDR 556.53 trillion, down IDR 109.76 trillion or equivalent to 19.72% (YoY).

Tokocrypto CEO, Calvin Kizana, explained the decrease in transactions in general was in line with the movement of the Bitcoin price which is estimated to record the second worst month of 2025.

In November, the price of Bitcoin corrected by more than 17% due to a combination of Bitcoin ETF fund outflows, weakening institutional demand, and increased selling pressure from short-term investors.

"Global market pressure is getting bigger after US President Donald Trump expanded his tariff policy against China on October 10, 2025, which triggered a reassessment of risks in the global market," said Calvin.

In addition to macroeconomic factors, institutional fund flows also show weakness. This condition also affects domestic investor sentiment, which tends to take a wait-and-see position ahead of the year-end holiday season and Christmas celebrations.

Calvin said that market corrections are part of the crypto industry cycle that needs to be handled wisely.

"We see that the global crypto market is indeed in a correction phase which has an impact on investor psychology, including in Indonesia which tends to be wait and see before the end of the year. However, interest in crypto assets remains strong," he said.