Global Crypto Market Weakens, But Indonesia's Investors Increase

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JAKARTA - Bitcoin again fell sharply to the level of 86,520 US dollars or around Rp1.44 billion.

This decline comes amid investor concerns over the Fed's interest rate cuts prospects next month.

Responding to this condition, Tokocrypto CEO Calvin Kizana considered that this global decline in the crypto market also affected trading activities in Indonesia.

"However, interestingly, even though the transaction value has decreased, the number of crypto users in Indonesia continues to increase. This shows that public trust and interest in digital assets are maintained, even when the market is cooling down," Calvin said in a statement quoted on Sunday, November 23.

According to data from the Financial Services Authority (OJK), the value of crypto transactions in Indonesia during January 'October 2025 reached IDR 409.56 trillion, down about 13.77 percent compared to the same period in 2024 which reached IDR 475 trillion.

However, the number of crypto users in Indonesia actually increased to 18.61 million in September 2025, or an increase of 3.05 percent in one month.

The average trend of the number of crypto investors increases above 3 percent every month.

According to Calvin, this shows where local investors are not withdrawing from the market, but choose to be more careful in entering new funds.

Looking ahead, Calvin projects that crypto trading until the end of 2025 is likely to be in a consolidated phase in line with the wait and see of global market players.

"Macro factors such as the Fed's interest rate policy, geopolitical stability, liquidity flow, and institutional capital flows will be the main determinant of market direction in the coming quarters," he explained.

However, entering 2026, Calvin revealed that the market has the potential to move more focused.

A strengthening scenario can occur if global macro conditions improve, including the potential for lower interest rates, increasing investor risk appetites, and the entry of new liquidity.

However, various potential risks still have to be watched out for. If macro pressure continues, the market can move sideways with bearish potential that lasts longer. Investors need to remain vigilant, carry out analysis, and understand risks," he concluded.