Thailand’s digital asset market softens in December: value down 7.29%, trading off nearly 30%

Thailand’s Securities and Exchange Commission (SEC) reported that the global digital asset market remained under pressure in December 2025, with total market capitalisation falling to US$3.18 trillion (THB 103.35 trillion), a 3.37% decline from the previous month.

The slowdown was matched by a sharp drop in trading activity. Average daily trading value fell to US$21.99 billion (THB 714.67 billion), down 33.33%, reflecting subdued year-end sentiment as many investors reduced transactions and adopted a more cautious stance amid global market volatility.

Market structure remained concentrated in the leading assets, with Bitcoin holding the largest share at 55.02%, followed by Ethereum at 11.27% and USDT at 5.89%.

Over the past month, prices for the five largest digital assets all declined. Bitcoin fell 4.66%, Ethereum slipped 2.34%, and XRP dropped sharply by 16.14%.

Looking at one-year returns compared with other asset classes, the SEC said digital assets continued to underperform traditional assets. Gold posted a return of 64.58%, while global equities and emerging markets remained in positive territory. By contrast, Bitcoin and Ethereum recorded negative one-year returns of -6.47% and -11.02%, respectively.

Thailand market: holdings and trading decline

In Thailand, the digital asset market via digital asset exchanges (DA Exchanges) also slowed in line with global trends. The value of client assets fell to THB 79.56 billion, down 7.29% month on month. Average daily trading value stood at THB 1.70 billion, down nearly 30%.

The number of active trading accounts declined to 151,000, a contraction of more than 27%, even as the total number of investor accounts rose to 3.09 million—suggesting long-term investor participation is expanding despite weaker short-term trading activity.

Investor composition in the Thai market continued to be led by domestic retail investors, accounting for 41% of the total. Juristic persons, both domestic and foreign combined, accounted for more than 45%, reflecting the steadily growing role of institutional investors.

By trading value, USDT remained the most actively traded coin, making up 55% of total turnover, followed by Bitcoin and Ethereum. The SEC said this points to a preference for assets seen as less volatile during periods of uncertainty.

Overall, the SEC said the digital asset market in December 2025 remained in a consolidation phase across prices, trading volumes and investor activity, while traditional assets such as gold and global equities delivered stronger returns over the past year.