Table of Contents
Singapore's sandwich class — middle-income households caught between supporting ageing parents and raising children — has emerged as the most methodical crypto investor segment in the country, according to the sixth edition of Independent Reserve's annual Cryptocurrency Index, released Wednesday.
The findings cut against the common assumption that crypto is primarily a young person's game. While Gen Z investors show the highest attrition rate of any age group, with half of those who have ever owned crypto having since exited the market, the sandwich class — skewed towards older Millennials and Gen X aged 35 to 54 — is holding firm. Gen X attrition stands at just 15%, with only 3% classified as former owners, the lowest of any cohort.
The behavioural differences are pronounced. Nearly half of sandwich class respondents, 48%, have held crypto for three to five years, and 49% invest on a dollar-cost-averaging basis, compared to 29% of the broader population surveyed. Around 65% have sold crypto in the past 12 months, and 66% of those did so at a profit — suggesting active but disciplined portfolio management rather than speculative trading.
Crypto allocation within this group also reflects a more measured approach. While 42% hold crypto — compared to 32% of the overall cohort — 35% allocate less than 5% of their portfolio to it, versus 50% for the general population, indicating they are carrying proportionally larger positions while still maintaining diversified exposure across stocks, bonds, ETFs, REITs, and derivatives.
The survey data suggests this is partly a function of financial necessity. Half of sandwich class respondents view investing as their primary route to financial success, well above the 37% seen across the broader sample. Only 19% identified traditional career progression as their preferred path, and just 12% said being debt-free represented financial success, compared to 24% overall. For this cohort, the goal is resilience rather than elimination of risk.
Bitcoin and Ethereum remain the core of their crypto holdings, at 80% and 56% respectively, and 77% view crypto as important for long-term wealth building, versus 59% of all respondents. One in three intend to buy in the next 12 months.
The generational momentum behind crypto in Singapore is not necessarily where the industry might expect it. The data from the IRCI — which polled 1,500 Singapore residents between late January and February 2026 — points to a cohort that came to crypto later, stayed through volatility, and is now the asset class's most reliable base.
Lasanka Perera, CEO of Independent Reserve Singapore, said the findings challenged the perception of crypto as a speculative asset. "They are allocating, managing and staying invested over time, and importantly, seeing results," he said.
