November 22, 2025 | 08:57 pm
TEMPO.CO, Jakarta - CEO of Tokocrypto Calvin Kizana projects that global crypto asset trading will remain in a consolidation phase until the end of 2025, in line with the wait-and-see attitude adopted by global market players amid economic uncertainties. Bitcoin is currently experiencing a sharp decline on Saturday, November 22, 2025, at US$84,537.42.
Calvin views this decline as triggered by increasing concerns that the U.S. central bank (The Fed) might postpone the previously anticipated interest rate cut in December.
The release of U.S. employment data, which exceeded expectations with an additional 119,000 workers in September, far above the projected 50,000, has led the market to doubt the prospects of an interest rate cut, with a probability of around 40 percent according to CME FedWatch.
This global volatility has also affected the domestic market. However, Calvin emphasizes that the Indonesian crypto market continues to show better resilience compared to the global conditions.
"The volatility in the global market has indeed affected trading activities in Indonesia. However, it is interesting that despite the decrease in transaction value, the number of crypto users in Indonesia continues to increase," said Calvin in his statement in Jakarta on Saturday, November 22, 2025.
He states that this shows the public's continued confidence and interest in digital assets, even when the market cools down.
Data from the Financial Services Authority (OJK) shows that the value of cryptocurrency transactions in Indonesia from January to October 2025 was Rp409.56 trillion, representing a 13.77 percent decrease compared to the same period last year. However, the number of cryptocurrency users increased by 3.05 percent in one month, reaching 18.61 million in September 2025. The growth of crypto investors has consistently remained above 3 percent per month.
This situation shows that local investors are not leaving the market. Instead, they are taking a more cautious approach to expanding their portfolios. Amid global pressure, the domestic market is considered resilient.
"Currently, we have not seen confirmation that the market has entered a structural bearish phase. Many on-chain indicators, user adoption, and developer activity are still stable. The conditions are more indicative of a market cooldown rather than a major trend reversal," said Calvin.
According to him, the government also plays a crucial role in maintaining the stability of the domestic market through tax policies, plans for additional crypto asset exchanges, and public education programs. These efforts are believed to strengthen the foundation of Indonesia's digital asset ecosystem.
Looking ahead to 2026, Calvin believes the market has the potential to move in a more directed manner. Recovery scenarios can occur if macro conditions improve, including the potential for a global interest rate cut, increased risk appetite, and the influx of new liquidity.
The four-year post-halving cycle, which historically drives price strengthening, can also provide additional impetus.
However, he warns that various risks still need to be anticipated. If macro pressures persist, the market may potentially move sideways for a longer period. Calvin concludes with an optimistic yet cautious message.
"Investors need to remain vigilant, conduct analyses, and understand the risks. However, we see that the interest of the Indonesian public continues to grow, which is a positive signal that the crypto ecosystem in Indonesia is maturing and ready to develop in the long term," he said.
Editor's Choice: Indonesia and Asian Stock Markets Drop 0.24% This Afternoon
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