Grayscale's Bitcoin ETF Inflow Reaches IDR 1 Trillion

Previously, data from the Commodity Futures Trading Supervisory Agency (Bappebti) revealed that the number of crypto investors in Indonesia was still on an increasing trend. As of March 2024, there were 19.75 million crypto investors.

This figure increased by around 570,000 people or an increase of 2.97% compared to February 2024 which was 19.18 million people.

Not only did the number of investors experience an increase, the value of crypto transactions in Indonesia experienced a significant jump in March 2024. The figure reached IDR 103.58 trillion, a 207.5% jump compared to February 2024 which was IDR 33.69 trillion.

According to Tokocrypto CEO, Yudhono Rawis, the increase in the number of investors and the value of crypto transactions in the country is caused by several factors. One of them is the increase in Bitcoin prices and increasing public interest in crypto assets.

“One of the reasons for the strong performance of the crypto market in March was the recovery in Bitcoin prices which reached a new all-time high,” said Yudhono in a written statement, quoted Friday (3/5/2024).

As is known, the price of Bitcoin reached a new high in March 2024, namely around USD 74,000 or the equivalent of IDR 1.19 billion (assuming an exchange rate of IDR 16,192 per US dollar).

Additionally, institutional interest in Bitcoin ETFs in the United States remains strong, driving up BTC prices and increasing public interest in entering the market and investing in crypto.

Apart from that, Yudhono also noted that the spike in crypto asset prices last March still reflected high market optimism regarding the Fed's policy which plans to reduce interest rates three times this year, even though inflation is higher.