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Retail Investors Are Selling Crypto Assets in Flocks, What's Up?

Previously, the Commodity Futures Trading Supervisory Agency (Bappebti) noted that the value of crypto transactions in Indonesia experienced a significant spike in March 2024. The figure reached IDR 103.58 trillion, a jump of 207.5% compared to February 2024 which was IDR 33.69 trillion.

Along with the soaring transaction value, the number of crypto investors in Indonesia has also increased. As of March 2024, there were 19.75 million crypto investors, an increase of around 570,000 people or an increase of 2.97% compared to February 2024 when there were 19.18 million people.

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Commenting on this, Tokocrypto CEO, Yudhono Rawis, said that the increase in transaction value and the number of crypto investors in Indonesia was driven 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 last March was the recovery in Bitcoin prices which reached a new all-time high. BTC soared to a record high of almost USD 74,000,” said Yudhono in a press release, quoted Friday (3/5/2024)

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“Meanwhile, institutional interest in Bitcoin ETFs in the United States remains strong, thereby pushing up BTC prices and increasing public interest in entering the market and investing in crypto,” said Yudho.

Apart from that, Yudho 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.

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The risk of higher inflation could in turn drive demand for alternative stores of value, such as physical gold and Bitcoin. From a crypto sector perspective, the best performing market segments during March were memecoins that achieved high returns.

Retail Investors Are Selling Crypto Assets in Flocks, What's Up?

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