The cryptocurrency landscape in Singapore experienced notable shifts in 2024, with crypto ownership declining by 11% and half of the holders selling their assets, according to the 2025 Independent Reserve Cryptocurrency Index (IRCI). While some investors exited the market, many are strategically rebalancing their portfolios rather than chasing the current market rally.

Crypto Ownership Trends in Singapore

The IRCI survey revealed that 49% of Singaporean crypto investors sold part or all of their holdings in the past year, with 67% of those sales resulting in profits. Despite the decline in ownership — dropping from 40% in 2024 to 29% — awareness of cryptocurrencies remains high, as does interest in major assets like Bitcoin (BTC) and Ethereum (ETH). These two cryptocurrencies continue to dominate holdings at 68% and 48%, respectively.

A Shift in Investment Strategies

Lasanka Perera, CEO of Independent Reserve Singapore, described the trend as a “recalibration” rather than a retreat from crypto investments. He noted that Singaporeans are adopting a more thoughtful and disciplined approach, focusing on the importance of being in the right asset class. This shift reflects a maturing market where investors are increasingly selective, with 65% holding only two to five cryptocurrencies.

“Singaporeans now have a more thoughtful, disciplined approach to investing in crypto. They have been making smart plays and know that being in the right asset class matters. It’s been exciting to witness the market becoming more informed and mature when it comes to digital assets.”

Preference for Safer Investment Options

While cryptocurrency remains popular among one in five Singaporeans, traditional investments like stocks and fixed deposits attract nearly half of the population. Global economic uncertainty is driving a preference for safer options, with 49% of respondents favoring cash or fixed deposits — a notable increase from 42% last year. This trend underscores a cautious approach to financial planning amid market volatility.

Confidence Among Existing Crypto Investors

Despite the decline in overall ownership, confidence among current crypto holders remains robust. Approximately 53% expressed intentions to purchase more digital assets within the next 12 months, reflecting optimism about the market’s future potential. Public awareness of cryptocurrencies reached 94%, though trust in the sector hinges on stronger regulations and ethical business practices.

Growing Use of Crypto for Payments

Beyond investing, cryptocurrencies are increasingly being used for payments, according to data from a survey conducted in early April. More than half of Singaporean crypto holders reported using digital assets to pay for goods and services, with 52% having already made payments and 67% planning to use crypto for transactions more frequently in the future.

This growing adoption highlights the evolving role of cryptocurrencies as both an investment tool and a functional payment method in Singapore’s financial ecosystem.

Key Takeaways for Investors

For those looking to navigate the crypto market in Singapore, here are some tips:

  • Focus on diversification: Limit holdings to a manageable number of cryptocurrencies to reduce risk.
  • Monitor regulations: Stay informed about new policies and compliance requirements that may impact the market.
  • Adopt disciplined strategies: Take a thoughtful approach to investment decisions rather than reacting to market hype.
  • Consider utility: Explore the practical use cases of cryptocurrencies, such as payments, alongside their investment potential.

As Singapore’s crypto market continues to evolve, investors are encouraged to stay informed and prioritize financial strategies that align with their goals and risk tolerance.

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