27/01/2026
The final numbers for 2025 are in 📊
Thailand's digital asset market closed the year with a strategic pause. While volume cooled, the structural data reveals a much higher floor than previous cycles.
Here is the breakdown of the year-end landscape 🧵👇
1/ Market Valuation & Global Context
Following global trends, the local market saw a measured pullback.
📉 Total Market Value: ฿79.56 Billion (-7.29% MoM)
This aligns with the broader global cap (-3.37%), reflecting typical year-end selling pressure on majors like $BTC and $ETH.
2/ Seasonal Quiet Activity
Trading activity slowed as participants moved to the sidelines for the holidays.
- Daily Volume: ฿1.71 Billion (-29.64% MoM)
- Active Accounts: 151,000 (-27.37% MoM)
- Total Accounts: 3.09 Million (Steady growth)
The baseline user base continues to expand, even as monthly activity takes a breather.
3/ Year-End Comparison
Looking at the average daily volume data over the last three years, we can see a significant shift in the market's floor:
- 2023: A recovery year from the cycle bottom, with daily volumes averaging around THB 1.09 Billion
- 2024: A high-growth year fueled by Spot ETF approvals and Bitcoin Halving, pushing daily averages to THB 1.79 Billion
- 2025: Despite the December dip to 1.71 Billion, the year-end baseline remains 56% higher than the 2023 average
4/ Sector Rotation: Gold vs. Crypto
Traditional safe-havens led in year-over-year performance, reflecting a cautious macro sentiment:
- Gold: +64.58% YoY (The 2025 winner)
- MSCI Emerging Market: +30.58%
- Bitcoin / Ethereum: -6.47% / -11.02%
The high volume in USDT (55%) suggests that local participants are opting for liquidity within the digital ecosystem, possibly keeping capital ready for future entry the moment the macro tide turns.
5/ Retail Strength
As institutions closed their books for the year, Thai retail stepped up.
- Thai Retail: 41% share (⬆️ from 40%)
- Institutions: 40% share (⬇️ from 46%)
Retail's increasing share during the dip signals strong domestic conviction, holding the line while smart money de-risked for Q4 reporting.
6/ Key Takeaway
The December dip validates our CEO’s "Pond Theory" a direct result of global liquidity contraction.
Our View: This is an essential floor-building phase. As the market resets, we shift focus from simple participation to strategic risk management, preparing for the liquidity cycle of 2026.
Reference: https://www.sec.or.th/TH/PublishingImages/Pages/DAMonthlyReport/DA-Monthly-Report-Dec68.png