Findings from the Indonesia Crypto & Web3 Industry Report 2025—a collaborative study by Indonesia Crypto Network (ICN), Coinvestasi, and the Indonesian Blockchain Association (ABI)—indicate that Indonesia’s crypto market is developing increasingly well-defined characteristics.

The report is based on a survey of 1,851 respondents across various regions and age groups in Indonesia, offering a comprehensive overview of crypto investor profiles, behaviors, and preferences. Beyond its large user base, the Indonesian crypto market also demonstrates relatively consistent adoption patterns.

Below are seven key insights into Indonesian crypto investors, arranged from the most common to the most striking.

Gen Z as the Core of Crypto Adoption
One of the most prominent findings is the dominance of Generation Z among Indonesian crypto investors, particularly those aged 18–34. This demographic serves as the primary driver of crypto adoption, with digital assets becoming part of everyday financial discussions through online content, peer networks, and social communities.

As crypto gains traction within social circles, legitimacy forms organically and encourages broader participation. This highlights the role of social learning and peer influence in shaping Indonesia’s retail crypto market, with Gen Z at its center.

Digital Media as the Main Entry Point
Most Indonesian crypto investors were first introduced to crypto through digital channels such as online media, social platforms, and community-driven content. YouTube, TikTok, Instagram, X, and Telegram have emerged as key platforms for building initial awareness and understanding.

Recommendations from friends and family also play a significant role. In a volatile and uncertain market environment, personal trust often outweighs institutional messaging, reinforcing the community-driven and organic nature of crypto adoption in Indonesia.

Centralized Exchanges Remain Dominant
Centralized exchanges (CEX) continue to be the primary platforms for Indonesian crypto investors. Around 93.6% of respondents reported using CEX as their main access point, while adoption of decentralized exchanges and non-custodial wallets remains limited.

This dominance is driven by user-friendly interfaces, perceived security, high liquidity, and compatibility with local payment systems. These factors position CEX as the most practical option for retail investors at the current stage of adoption. Reflecting this growth, Indonesia’s financial regulator has licensed 25 crypto platforms as Digital Financial Asset Traders (PAKD).

Investor Concentration in Java and Bali
Crypto investor distribution in Indonesia remains heavily concentrated in Java and Bali, accounting for approximately 77.6% of respondents. These regions benefit from higher population density, more advanced digital infrastructure, and greater access to crypto platforms and communities.

Sumatra ranks next, indicating that adoption is gradually expanding beyond Java and Bali, particularly in urban economic centers. Meanwhile, Kalimantan, Sulawesi, and Eastern Indonesia remain in earlier stages of development, offering long-term growth potential as digital access and financial inclusion improve.

Blue-Chip Crypto Assets Dominate Holdings
Indonesian crypto portfolios are largely composed of large-cap assets. Bitcoin is the most widely held, followed by USDT, Ethereum, Solana, and BNB. These assets are favored for their strong liquidity, clearer utility, and relative market resilience.

In contrast, speculative assets such as memecoins and small-cap altcoins account for a smaller share. This suggests that Indonesian investors generally prioritize established cryptocurrencies as the foundation of their long-term portfolios.

Long-Term Investment Orientation
Contrary to perceptions of speculative behavior, most Indonesian crypto investors adopt a long-term investment approach. Approximately 58.2% of respondents prefer holding assets over extended periods, while only about 20.2% engage primarily in short-term trading.

This pattern aligns with the financial behavior of Gen Z and younger millennials, who increasingly treat crypto as a portfolio asset comparable to stocks or gold. Crypto’s use as a payment tool remains limited, supported by efficient local payment systems and relatively stable macroeconomic conditions.

Market Entry During the 2024 Bull Run
A significant portion of Indonesian investors entered the crypto market during the 2024 bull run, when Bitcoin surpassed the US$100,000 mark for the first time. This milestone sparked a surge in new investor interest.

The adoption wave was driven by a mix of positive global sentiment, improved regulatory clarity, and extensive media exposure. While market momentum played a major role in initial entry, post-entry behavior reflects a more cautious and rational investment approach.