Flight-to-quality resulted in strategic profit-taking among Singaporean crypto investorsStablecoins are fast becoming the bridge between traditional finance and decentralised finance (DeFi)In Bitcoin, Singaporeans trust: BTC remains a preferred choice over all other crypto

SINGAPORE, May 22, 2025 /PRNewswire/ — The 5th edition of the annual cryptocurrency study[1] by Independent Reserve (IR), Singapore’s first licensed cryptocurrency exchange for all investors, shows that Singapore is experiencing a unique phase in the cryptocurrency cycle: a selective bull market that has not led to widespread buying, but has instead prompted strategic profit-taking and portfolio rebalancing.

Amid a shifting macro environment marked by political changes and rising global costs, nearly half of Singaporean crypto investors[2] or 49% have sold part or all of their holdings. Amongst these, a whopping 67% reported locking in profits as savvy investors cash in on earlier positions and capitalise on the opportunity to secure gains after volatile conditions in recent years.

As a result, crypto ownership in Singapore trended downward despite the market rally in 2024, with 29% reporting owning crypto (2024: 40%). Bitcoin and Ethereum continue to be the most popular crypto assets  amongst crypto investors, with 68% and 48% ownership respectively.

Unlike past cycles driven by speculative hype and accumulation of crypto assets, Singaporean crypto investors today are showing a flight-to-quality. Even as 79% of crypto investors diversified their portfolio to own more than one type of crypto, 65% only invest in 2 to 5 types of crypto assets. This reflects a narrowing investor focus on a select few cryptocurrencies for long-term asset growth.

Mr Lasanka Perera, CEO, Independent Reserve Singapore, said, “What we’re seeing from this year’s IRCI data is not a retreat from crypto, but a recalibration. Seasoned investors in Singapore have weathered a few market cycles and are now choosing to concentrate on a handful of strong, well-established cryptocurrencies they have conviction in.”

“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.”

This year’s index score stands at 43[3] compared to 56 in 2024, reflecting a mixed set of findings across Singaporeans’ awareness, adoption, confidence and trust in crypto. Public awareness is at an all-time high with 94% of respondents being familiar with at least one crypto asset, and long-term confidence and trust in crypto remain robust, even as overall ownership dipped.

The overall surge in awareness suggests that digital assets have firmly established themselves in Singapore’s financial consciousness, even as adoption rates fluctuate with market conditions.

Bitcoin maintains its dominance with a significant 9 percentage points (pp) jump in awareness from 2024. Ethereum had a similar growth in awareness of 9 pp. In addition, the rise of memecoins has driven crypto’s growing traction in 2025. Dogecoin saw a boost in recognition likely due to Elon Musk’s high-profile mentions and increased media attention on ongoing U.S. crypto policy developments.

The “Trump effect” [more on page 11 of report]

The “Trump effect” has rippled into Singapore’s crypto scene this past year, and many view the United States’ increasingly pro-crypto stance as a positive development for the global digital asset market.  President Trump’s administration introduced crypto-friendly policies, including the creation of a strategic Bitcoin reserve and proposals for deregulation of the digital asset space. This has coincided with a dramatic surge in Bitcoin’s value, which surpassed US$100,000 in December 2024. As a result: 

33% of Singapore respondents including non-crypto investors viewed President Trump as positive for cryptocurrency62% of bullish local crypto investors held this same view

Interestingly, the longer investors have been in crypto, the more favourably they view President Trump. Among those with over 10 years of crypto investing experience, support is unanimous — 100% see him as a positive force for the industry.

“There’s no denying that U.S. regulatory and market signals continue to influence investor confidence worldwide. Crypto investors globally also expect the Trump administration’s influence to persist in policy discussions around innovation, regulation, and the broader financial ecosystem.

However, Singaporeans on the whole tend to take a more measured view, factoring in broader global trends beyond just the U.S. They are generally more attuned to a wider range of global developments and are likely less swayed by the Trump-era crypto rhetoric.

We will be gearing up for an interesting year ahead as the developments in the U.S. continue to unfold in the coming months,” commented Mr Perera.

Crypto ownership has moderated downwards in 2024. About half of those who exited the market in the past year did so after locking in gains, reflecting a wave of strategic profit-taking in a bull market.

Singaporeans are taking a more defensive financial posture against the backdrop of global macroeconomic uncertainty, and reallocating toward traditional investments. More respondents are keeping cash in savings or fixed deposits at 49%, up from 42% in 2024. This suggests that investors are selectively managing risk and diversifying across asset classes in response to broader economic conditions.

Portfolio diversification remains the primary motivation for cryptocurrency investment. Singaporeans continue to view digital assets as a distinct asset class that can complement traditional investments.

They are also increasingly pragmatic, using crypto to save for the future and to trade for gains. Most avoid experimental areas like DAOs, metaverse platforms, or blockchain-based social media, suggesting a shift toward seeing crypto as a practical investment vehicle.

However, there was a marked decline in other motivating factors for crypto investing compared to 2024:

Friends and family influence: 27%, down from 50%Media-driven curiosity: 35%, down from 45%Promotions from crypto exchanges: 15%, down from 29%

This points to a significant reduction in “FOMO” (fear of missing out) and hype-driven investment decisions. Instead, Singaporean crypto investors are making more deliberate, strategically motivated choices based on portfolio considerations rather than external influences or promotional incentives.

While some Singaporeans are still likely to purchase cryptocurrency within the next 12 months, about half of crypto investors plan to buy more. Against an evolving macroeconomic backdrop, 44% of Singaporean crypto investors said they will hold their crypto and will wait to see what happens.

Nevertheless, crypto owners stand out as confident believers in the future of cryptocurrencies. Conversely, only 19% of non-crypto investors believed crypto would become mainstream. Unsurprisingly, the younger generation (Gen Z and Young Millennials[4]) are more likely to believe that the mainstream will accept crypto compared to the older generation.

Mark Wong, Head of Trading, Independent Reserve Singapore added: “The scars of past market losses have upended investor behaviour, steering them towards high-quality assets that maintain resilience in volatile conditions. Painful lessons from speculative crypto assets have taught investors to prioritise robustness over hype.

“The 2025 IRCI data reveals that 75% of investors holding two to five cryptocurrencies are most likely to report gains or break even, whilst those with eleven or more cryptocurrencies fare worse with only a 40% success rate – highlighting the advantage of focused, high-quality portfolios. Looking ahead, confidence in the crypto market remains strong as half of Singaporean crypto owners plan to increase their holdings in the next year.”

Singaporeans have consistently mentioned that they want clarity and a well-regulated environment before deepening their involvement in crypto, and this year is no exception: more than half do not view the current measures as sufficient.

Increasingly, Singaporeans also expect responsible corporate practices from market players, underscoring the importance of ethical business practices. This shows that trust is shaped not only by strong regulatory oversight but also by sound corporate governance and robust risk management.

The Monetary Authority of Singapore (MAS) has been playing a proactive role in building trust. In 2025, MAS updated its licensing and conduct requirements for digital payment token service providers, with a focus on operational soundness and customer protection. These requirements underscore MAS’ efforts to strengthen customer safeguards within the digital asset ecosystem.

However, consumers may remain unaware of the steps regulators and licensed exchanges are taking to create a safer and more transparent crypto environment.

Hannah Puganenthran, Head of Compliance, Independent Reserve Singapore observed: “Even though regulatory oversight is seen as a key driver of trust at 58%, it does not necessarily deter individuals from engaging with unlicensed platforms. More consumers are familiar with unregulated exchanges because of media exposure and the wider service offerings, with fewer barriers to entry. Ironically, the media exposure is frequently linked to adverse events, which can erode public trust in the legitimate crypto industry and licensed players.

“Regulated exchanges in Singapore, on the other hand, are subject to strict advertising and media restrictions, which limit their visibility. The MAS enforces stringent regulatory standards on them, designed to protect users, but these are not always obvious to consumers who may see these safeguards as inconveniences or barriers to entry.  While consumers feel that the solution lies in stronger efforts by the regulators or the exchanges, in fact, we all have a part to play in building trust within the industry. Consumers therefore, also need to conduct their own research on the assets they invest in and the exchanges they engage with.”

Stablecoins gain ground: from trading to real-world use [more on page 13 of report]

Stablecoins are emerging as one of the most practical use cases in crypto today, gaining traction for payments, overseas transfers and everyday transactions – thanks to their perceived price stability and ease of use. Stablecoins are also gaining momentum as both regulators and markets globally move toward legitimising their role in the financial system. In Singapore, 46% of crypto investors currently own or used to own stablecoins.

The 2025 IRCI data also reflects a broader adoption trend where stablecoins are emerging as trading tools and functional assets within payment systems. These include subscriptions, payments for goods and services or transferring funds to other people overseas, lending and borrowing on DeFi platforms, or as on-chain reserves. Globally, stablecoin supply is projected to soar to USD 1 trillion by end 2025[5], up from around USD 225 billion at the beginning of the year, reflecting a growing recognition of stablecoins’ utility.

Fiona Murray, APAC Managing Director at Ripple said: “This year’s Independent Reserve Cryptocurrency Index (IRCI) makes one thing abundantly clear: stablecoins are becoming essential infrastructure across APAC (and the globe) for the adoption of crypto as a whole. The IRCI data shows the market is ready. The question is no longer whether to engage with stablecoins, but how quickly they can be adopted to keep up in an increasingly digital global landscape.”

The stablecoin and Bitcoin divide [more on page 15 of report]

When polled, Singaporeans’ trust in Bitcoin vis-à-vis stablecoin was split. While both groups share an interest in the crypto space, their motivations highlight two distinct visions and investment styles: one centred on pragmatic, stable growth, the other on decentralisation and long-term disruption.

In Bitcoin, Singaporeans trust [more on page 18 of report]

Bitcoin continues to command exceptional trust among Singaporean investors and even non-investors. It is the most recognised cryptocurrency and a large majority of crypto investors regard Bitcoin as a form of money, store of value, or investment asset.

Aside from being the most widely held crypto, Bitcoin supporters still prefer direct investment and would purchase via crypto exchanges rather than ETFs or intermediated products. Bitcoin also remains a preferred choice over other crypto.

Mr Perera concluded: “Fuelled by market optimism around the U.S.’s crypto-friendly policies, Bitcoin reached an all-time high in January 2025. Over the long term, Bitcoin has far outperformed traditional asset classes, despite its short-term volatility. We’re in a digital age, and Bitcoin is ‘digital gold’. Bitcoin is computationally scarce but offers additional advantages like easier storage, 24/7 transferability, and accessibility. In today’s global economy, that’s a serious game-changer.”

Download the report: https://www.independentreserve.com/blog/news/independent-reserve-cryptocurrency-index-irci-singapore-2025

Media Contacts
Independent Reserve | media@independentreserve.com

Notes to Editors
The Independent Research Cryptocurrency Index (IRCI) Singapore is an annual survey of around 1,500 Singapore residents conducted in partnership with Milieu Insight Market Research. IRCI Singapore is the only industry-led research that deep dives into Singapore’s blockchain and cryptocurrency sector.

The survey is a cross-sectional and unbiased sample of everyday Singapore residents and is designed to represent the nation as a whole. This year marks the 5th year of IRCI in Singapore, and the survey was conducted in February 2025, reflecting Singapore residents’ attitudes toward cryptocurrency in 2024.

About Independent Reserve
Founded in 2013, Independent Reserve is Singapore’s trusted cryptocurrency exchange. Independent Reserve is the first exchange licensed by the Monetary Authority of Singapore to provide a secure platform for trading and investing in digital assets. With a focus on trust and safety, the exchange serves discerning traders and investors by offering competitive fees, advanced trading tools, and comprehensive educational resources. Adhering to the highest standards of governance, compliance, and security, Independent Reserve empowers institutions and individuals in Singapore to confidently navigate the world of cryptocurrencies.

Beyond our core business, Independent Reserve is dedicated to positively impacting the communities we serve by promoting equal opportunities and fostering a society where everyone can thrive. We focus particularly on helping individuals with special needs lead independent lives and supporting athletes in pursuing their dreams and aspirations.

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SOURCE Independent Reserve Singapore