The Financial Services Authority (OJK) reported a significant month-to-month (mtm) decline in cryptocurrency transactions. The value of digital currency transactions reached Rp 32.31 trillion in June 2025, marking a 34.83% drop from Rp 49.57 trillion in May.

Indodax Chairman, Oscar Darmawan, explained that such a decline is a normal occurrence in market dynamics. He noted that the drop in transaction value was influenced by a combination of global and domestic factors.

“The decrease in crypto transactions from Rp 49.57 trillion in May to Rp 32.31 trillion in June 2025 reflects a normal cycle in the crypto market,” Oscar said in a statement on Friday (August 8, 2025).

Globally, Oscar continued, the crypto market entered a consolidation phase in June after a bullish rally that began in April. During this period, many investors opted to take profits.

“Some investors tended to engage in profit-taking, which led to lower transaction volumes,” he explained.

In addition, the global crypto market is still waiting for new, strong catalysts to boost transaction activity again. These could include the issuance of new ETF licenses or cryptocurrency adoption by major institutions. According to Oscar, such circumstances have prompted many investors to adopt a wait-and-see stance.

Nevertheless, he remains confident that Indonesia’s crypto ecosystem will continue to grow, supported by the transfer of crypto oversight from Bappebti to OJK, which he sees as a strategic step to strengthen industry governance.

“So even though there are short-term fluctuations in transaction volume, fundamentally the industry is still growing and moving towards a healthier and more regulated state,” he stated.

Previously, OJK’s Chief Executive for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Supervision, Hasan Fawzi, also confirmed the downward trend in transactions to Rp 32.31 trillion in June from Rp 49.57 trillion in May 2025.

Cumulatively, crypto asset transactions throughout 2025 have reached Rp 224.11 trillion. Meanwhile, the number of crypto users actually increased in June, rising to 15.85 million from 15.07 million in the previous month.

“As of June 2025, the number of crypto consumers is on an upward trend, reaching 15.85 million, a significant increase of 5.18% compared to May 2025,” Hasan stated during a virtual RDK press conference on Monday (August 4, 2025).