A growing number of Singaporeans exited the crypto market in 2024, with ownership falling 11% and 50% of holders selling their assets.

Many crypto investors in Singapore are locking in gains and rebalancing their portfolios instead of jumping into the recent market rally, according to the 2025 Independent Reserve Cryptocurrency Index.

The survey found that 49% of Singaporean crypto investors had sold part or all of their holdings in the past year, and of those, 67% had made a profit. Lasanka Perera, CEO of Independent Reserve Singapore, said the data from this year’s IRCI indicated not a retreat from crypto “but a recalibration.”

Crypto ownership dropped to 29% from 40% in 2024, despite rising awareness and prices. Still, Bitcoin (BTC) and Ethereum (ETH) remain the most held assets, at 68% and 48%, respectively. Investors appear more 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.”

Lasanka Perera

One in five Singaporeans invests in crypto, compared to nearly half in stocks or fixed deposits, the data shows. The shift comes amid global uncertainty and a rising preference for safer options. Many are putting more money in savings, with 49% favoring cash or fixed deposits, up from 42% last year.

Confidence among existing crypto holders still remains strong. Over half — around 53% — said they are likely to buy more within the next 12 months. At the same time, public awareness reached 94%, though trust still depends on stronger rules and company conduct, per the survey.

In early April, a survey by crypto payment firm Triple-A found that more than half of Singapore holders are using digital assets for payments. Among these holders, around 52% said they have used crypto to pay for goods and services, while 67% said they plan to use it more often in future.