Singaporean Crypto Market Sees Shift in Investor Behavior in 2024
As the crypto market continues to evolve, a growing number of Singaporean investors are taking a more cautious approach in 2024. According to the 2025 Independent Reserve Cryptocurrency Index, there has been an 11% decrease in crypto ownership in Singapore, with 50% of holders selling off their assets.
The latest survey conducted by Independent Reserve revealed that nearly half of Singaporean crypto investors have sold part or all of their holdings in the past year, with 67% of them making a profit. Lasanka Perera, CEO of Independent Reserve Singapore, noted that this shift indicates a “recalibration” rather than a retreat from the crypto space.
Despite the decline in ownership, Bitcoin (BTC) and Ethereum (ETH) remain the top-held assets in Singapore, with 68% and 48% of investors holding these cryptocurrencies, respectively. The survey also highlighted that investors are becoming more selective, with 65% choosing to hold only two to five cryptocurrencies in their portfolios.
“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
The Changing Investment Landscape
While one in five Singaporeans invest in crypto, the majority still prefer traditional investment options such as stocks or fixed deposits. The shift towards safer investments is evident, with 49% of investors favoring cash or fixed deposits, up from 42% in the previous year.
Despite the shift towards safer options, confidence among existing crypto holders remains strong, with 53% indicating that they are likely to buy more crypto in the next 12 months. Public awareness of cryptocurrencies has also increased to 94%, although trust in the market still hinges on stronger regulations and ethical conduct by companies.
Additionally, a recent survey by crypto payment firm Triple-A found that over half of Singaporean crypto holders are using digital assets for payments. Around 52% of these holders have used crypto to pay for goods and services, with 67% planning to use it more frequently in the future.