A growing number of Singaporeans exited the crypto market in 2024, with ownership falling to 29% from 40%, according to the latest Independent Reserve Cryptocurrency Index (IRCI).

Despite a broader market rally, nearly 50% of crypto holders sold part or all of their assets in 2024, signaling a shift in investor behavior.

Of those who sold, 67% reported making a profit. Experts claim that while the data might seem gloomy for the digital assets, but Singaporeans are not abandoning the asset just yet. Instead, this is a recalibration. Lasanka Perera, CEO of Independent Reserve Singapore said

“The data doesn’t suggest a retreat, but a recalibration. It’s clear that investors are becoming more thoughtful and informed when it comes to digital assets.”

Singaporeans Favouring A Safer Approach

The IRCI data also highlighted a more refined investment strategy among Singaporean crypto holders. Despite the dip in overall ownership, Bitcoin (BTC) and Ethereum (ETH) remain the most held assets, with 68% and 48% of holders owning the respective assets.

A significant 65% of investors now hold between two to five cryptocurrencies, indicating a growing preference for curated, diversified exposure over riskier bets.

“Singaporeans now have a more disciplined approach to investing in crypto. They understand that being in the right asset class matters—and that’s a sign of a maturing market.”

The recalibration comes against a backdrop of global economic uncertainty and rising risk aversion. The IRCI survey shows that more and more Singaporeans are are taking a more conservative financial approach, with 49% of respondents now favor holding cash or fixed deposits, up from 42% last year.

Still, confidence among existing crypto holders remains strong. Over half of the users (53%) said they are likely to increase their crypto holdings over the next 12 months.

Meanwhile, public awareness of crypto has reached 94%, although trust continues to depend heavily on improved regulation and corporate accountability.

An April survey by crypto payments firm Triple-A found that 52% of Singaporean crypto users have made purchases with digital assets, and 67% plan to use crypto for payments more frequently in the future.