Indonesia’s crypto market is showing unusual signs. On one hand, adoption is surging. On the other, retail investors are increasingly pulling back.
The latest OJK data, as of July 2026, shows the number of crypto-asset customer accounts continuing to grow, reaching 22.93 million by July 2026, up 1.03% month over month. Compared with last year, the increase is dramatic: up 39% year over year from 16.50 million accounts recorded in July 2025.
Nearly 23 million people now have accounts with Digital Financial Asset Traders, up from 22.69 million in June 2026.
But...
Crypto transaction value fell 28.2% to Rp20.52 trillion in July 2026, down from Rp28.58 trillion in June. Compared with Rp52.46 trillion in July 2025, that’s a 60.9% plunge. The total for January–July 2026 was just Rp171.12 trillion.
This is why Indonesia’s Crypto Adoption Ranking fell to 14th globally, even though the number of users keeps rising.
Why Is This Happening? BMID Breaks Down the 3 Causes:
1. “Just a Normal Correction” Mode
Remember late September? Bitcoin and the IHSG stock index plunged at the same time. Instagram timelines were full of memes saying “just a normal correction.” Many retail investors got stopped out, especially those long on SOL and altcoins. In the end, they chose to stop trading for a while. OJK itself said the decline was driven more by market dynamics and fluctuations in activity, and did not necessarily reflect a drop in consumer confidence.
2. New Investors = Small Budgets, Long-Time Investors = Wait & See
Most new users who joined in 2026 came in through programs offering Rp10,000–Rp50,000. So the number of accounts is rising, but trading volume isn’t following suit. Meanwhile, whales and long-time traders are waiting for clarity. BTC is currently holding at $86,436 on October 5. It briefly looked ready to break through $87K—a high not seen in 8 months—but was held back. Retail investors are waiting for a real breakout before daring to go all-in again.
3. Are Funds Moving to Derivatives & Gold?
OJK data also shows that digital financial asset derivatives transactions fell 18.53% to Rp3.41 trillion. That means it’s not just spot trading that’s quiet. Some traders are moving into gold, which is at an all-time high, or simply holding stablecoins while they wait for the Fed.
So, a Warning Sign or a Sign of Maturity?
According to OJK, consumer confidence remains intact despite the drop in transactions. This is a healthy consolidation phase.
To me, this is actually a sign that Indonesia’s market is growing more mature:
• Before: Prices dipped a little and people panic-sold, then closed their accounts.
• Now: Prices are down 28%, but accounts are up 1%. That means people aren’t discouraged—they’re just being patient.
If transactions climb back above Rp28 trillion in Q4, with 23 million accounts as the base, that could fuel a serious local bull run.
What do you think? Are you on team “more accounts but trading less,” or are you still going full throttle every day?
Drop your thoughts in the comments.
Data:
Accounts: 22.93 million (+1.03% MoM / +39% YoY)
July transactions: Rp20.52T (-28.2% MoM)
June transactions: Rp28.58T
Global Adoption: Rank 14 (down)
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