The prices of several crypto assets, including Bitcoin, are currently experiencing an upward trend. Bitcoin has reached an all-time high of US$118,000, equivalent to Rp1.91 billion (based on an exchange rate of Rp16,205 per US dollar). According to CoinMarketCap data on Friday (July 11, 2025), Bitcoin’s price surged 6.02%, reaching US$118,004 per coin, its highest level ever. This increase has also lifted the value of major altcoins like Ethereum, XRP, and SOL, which have all climbed by over 5%. Other smaller-cap altcoins such as ALT, REZ, and SAGA experienced even more dramatic growth, gaining up to 50% in the past 24 hours.

Crypto observer and trader Desmond Wira noted that the rise in global crypto prices has translated into a highly positive trend in Indonesia’s domestic crypto market. He also observed a consistent increase in investor participation. “Typically, a surge in global crypto prices boosts transaction values in the domestic crypto market as well,” said Desmond on Thursday (July 10, 2025).

In addition to the price increase, Indonesia's crypto transaction volumes are projected to rise due to improved regulatory clarity. Since January 2025, regulatory oversight has officially shifted from Bappebti to the Financial Services Authority (OJK). “OJK’s regulation brings legal certainty and security, thereby enhancing trust among both retail and institutional investors,” Desmond added. He believes this transition could also promote synergy between the crypto sector and the traditional financial system.

Hasan Fawzi, Chief Executive of Financial Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, reported that crypto asset transaction value in May 2025 reached Rp49.57 trillion, up from Rp35.61 trillion in April 2025. “This indicates strong consumer confidence and a well-maintained market environment,” Hasan stated during the OJK Monthly Board of Commissioners Meeting (RDKB) on Tuesday (July 8, 2025). He also highlighted an upward trend in crypto user numbers, which grew to 14.78 million in May 2025, from 14.16 million in April 2025.

Fahmi Almuttaqin, Crypto Asset Analyst at Reku, explained that the sharp rise in crypto prices triggered massive short liquidations in derivatives markets—totaling over US$1.13 billion in the past 24 hours, the highest this year. This rally is driven by a strong bullish sentiment, evidenced by a US$2 billion increase in open interest on Bitcoin futures in just four hours and a long-short ratio now tilted toward long positions at 52%.

“The surge in open interest and growing bias toward long positions signals the potential for further price increases in the short term, although extreme volatility should be anticipated, as liquidation-driven rallies are often followed by consolidation or retracement once the hype settles,” Fahmi stated in a written release on Friday (July 11, 2025).

Fahmi emphasized the importance of disciplined risk management for crypto investors and advised against excessive leverage, as the current bullish momentum, while strong, is not backed by significant short-term catalysts. He noted that the Federal Reserve (The Fed) appears likely to maintain interest rates in its upcoming FOMC meeting, as there have been no clear signals—especially from Chairman Jerome Powell—suggesting a rate cut in July. Future movements in crypto will be heavily influenced by upcoming U.S. economic data, particularly in the short term.

“Despite the uncertainties, Bitcoin continues to show very strong demand,” said Fahmi. He highlighted growing institutional adoption through Bitcoin treasury strategies, along with increasing interest from U.S. equity market investors, as contributing to rising demand. This is in addition to sustained accumulation by whales and miners, who appear unwilling to sell.

“These factors could help maintain Bitcoin’s price level amid upcoming fluctuations and support the possibility of a continued rally, especially if liquidity improves,” he added.

Meanwhile, Indodax Chairman Oscar Darmawan remarked that Bitcoin’s price spike reflects growing trust in crypto assets—not only among individuals but also institutional investors worldwide. “Amid geopolitical tensions and the U.S. plan to implement new import tariffs starting August 1, some global investors are turning to alternative assets. Bitcoin, with its decentralized nature and limited supply, is seen as appealing due to its relative independence from any country’s monetary policy,” Oscar told Bisnis.com, Friday (July 11, 2025).

Although crypto assets still carry risk, they are increasingly recognized as viable tools for investment diversification. Domestically, Oscar observed a fairly dynamic market response. Based on Indodax’s trading data over the past week, transaction volume in rupiah rose by around 5.1% compared to the previous week. “This shows that global momentum is also driving crypto trading activity in Indonesia,” Oscar concluded.