p-Index From 2021 - 2026
29.97
P-Index
This Author published in this journals
All Journal ACTA VETERINARIA INDONESIANA Sodality: Jurnal Sosiologi Pedesaan Jurnal Sosio Ekonomika Bisnis Torani Journal of Fisheries and Marine Science Jurnal Pendidikan Sosiologi dan Humaniora LaGeografiA Jurnal Harpodon Borneo Prosiding Seminar Nasional Sains Dan Teknologi Fakultas Teknik Farabi Biotropika Pelita Perkebunan ARABIYAT Jurnal Biologi Universitas Andalas Jurnal Pilar JURNAL KONFIKS OCTOPUS : Jurnal Ilmu Perikanan Jurnal The Messenger Agro Ekonomi Media Penelitian Pendidikan : Jurnal Penelitian dalam Bidang Pendidikan dan Pengajaran Arabi : Journal of Arabic Studies Acta Aquatica: Aquatic Sciences Journal Jurnal Environmental Science Jurnal Geografi al-Afkar, Journal For Islamic Studies Jurnal Penjaskesrek Morality :Jurnal Ilmu Hukum Pendas : Jurnah Ilmiah Pendidikan Dasar Al-I´lam: Jurnal Komunikasi dan Penyiaran Islam Jurnal Representamen Equilibria Pendidikan : Jurnal Ilmiah Pendidikan Ekonomi Martabe : Jurnal Pengabdian Kepada Masyarakat CMES (Center of Middle Eastern Studies) Adabiyyat: Jurnal Bahasa dan Sastra AL-HAYAT: Journal of Biology and Applied Biology JOURNAL OF SCIENCE AND SOCIAL RESEARCH Jurnal Pensil : Pendidikan Teknik Sipil SANGKEP: Jurnal Kajian Sosial Keagamaan Jurnal Ilmiah Mandala Education (JIME) PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat Jurnal Lentera Pendidikan Pusat Penelitian LPPM UM Metro Journal of Leadership in Organizations At-tijaroh: Jurnal Ilmu Manajemen dan Bisnis Islam Jurnal Review Pendidikan dan Pengajaran (JRPP) Jurnal Dinamika UMT JURNAL SUMBER DAYA AIR Gema Wiralodra JURNAL MUTIARA MANAJEMEN International Journal of Economics, Business and Accounting Research (IJEBAR) Santhet: (Jurnal Sejarah, Pendidikan Dan Humaniora) Jurnal Investasi Khazanah Sosial Jurnal Idiomatik: Jurnal Pendidikan Bahasa dan Sastra Indonesia Abdi Masyarakat Kontribusia : Research Dissemination for Community Development Jurnal Ilmiah Profesi Pendidikan Jendela PLS: Jurnal Cendekiawan Ilmiah Pendidikan Luar Sekolah Jurnal Abdi Insani Enrichment : Journal of Management Science Midwifery Jurnal Pembelajaran Pemberdayaan Masyarakat (JP2M) Jurnal Teknik Industri Terintegrasi (JUTIN) Jurnal Pengabdian Masyarakat Multidisiplin ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) GANDRUNG: Jurnal Pengabdian Kepada Masyarakat Jurnal Pengabdian kepada Masyarakat Nusantara Akrab Juara : Jurnal Ilmu-ilmu Sosial Jurnal Pendidikan, Sains, Geologi, dan Geofisika (GeoScienceEd Journal) Lentera:Indonesian Journal of Multidisciplinary Islamic Studies Dewantara Journal of Technology ABDI MOESTOPO: Jurnal Pengabdian pada Masyarakat Journal of Maritime Empowerment Jurnal Pendidikan Teknik Sipil (JPTS) Movere Journal International Journal of Multidisciplinary: Applied Business and Education Research Natural Sciences Engineering and Technology Journal Jurnal Ekonomi Syariah Pelita Bangsa Jurnal Telkommil Indonesian Community Empowerment Journal ARRUS Journal of Social Sciences and Humanities Wasilatuna: Jurnal Komunikasi dan Penyiaran Islam An-Nuha : Jurnal Pendidikan Islam Instal : Jurnal Komputer Al-Mutsla: Jurnal Ilmu-Ilmu Keislaman dan Kemasyarakatan Journal Peqguruang: Conference Series JURNAL ILMIAH GLOBAL EDUCATION JURNAL PENDIDIKAN IPS Jurnal Pengabdian Kepada Masyarakat Patikala Oikonomika: Jurnal Kajian Ekonomi dan Keuangan Syariah Indonesian Journal of Social Science Research Baselang: Jurnal Ilmu Pertanian, Peternakan, Perikanan dan Lingkungan Jurnal Disastri: Pendidikan Bahasa dan Sastra Indonesia Jurnal Agro Dedikasi Masyarakat (JADM) Jurnal Aplikasi Pelayaran dan Kepelabuhanan Jurnal Kependidikan Islam Jurnal Edukasi Khatulistiwa : Pembelajaran Bahasa dan Sastra Indonesia Educenter: Jurnal Ilmiah Pendidikan EKSYA: Jurnal Ekonomi Syariah ASPIRATION Journal Jurnal Akuntansi, Manajemen Dan Ekonomi Islam (JAM-EKIS) Jurnal Ilmiah Sistem Informasi dan Teknik Informatika (JISTI) Journal Of Human And Education (JAHE) JASNA : Journal For Aswaja Studies Society : Jurnal Jurusan Tadris IPS Journal Transformation of Mandalika Studi Akuntansi, Keuangan, dan Manajemen Milkiyah: Jurnal Hukum Ekonomi Syariah Social Landscape Journal Perbanas Journal of Islamic Economics and Business Jurnal Sains Pertanian Familia: Jurnal Hukum Keluarga Jurnal Akuntansi Manajemen (JAKMEN) Proceeding International Conference on Malay Identity Media Bina Ilmiah International Journal of Educational Research Excellence (IJERE) Jurnal Pengabdian Pada Masyarakat Pharmacology And Pharmacy Scientific Journals (PAPS Journals) PUSKAPSI Law Review Prosiding Seminar Nasional Mini Riset Mahasiswa Journal of Islamic Economics Lariba Jurnal Ruaya : Jurnal Penelitian dan Kajian Ilmu Perikanan dan Kelautan Jurnal Ilmiah Teknik Informatika dan Komunikasi El-Fikr: Jurnal Aqidah dan Filsafat Islam Jurnal Tahsinia E-JRM Indonesia Journal of Social Responsibility Review (IJSRR) Electronic Journal of Education, Social Economics and Technology Innovative: Journal Of Social Science Research At-Tadzkir: Islamic Education Journal IPTEK: Jurnal Hasil Pengabdian kepada Masyarakat Journal of Gurutta Education Jurnal Ilmu Sosial, Humaniora dan Seni Seminar Nasional Hasil Penelitian LP2M UNM Journal of Mandalika Literature Lok Seva: Journal of Contemporary Community Service ALENA : Journal of Elementary Education Amal Ilmiah: Jurnal Pengabdian Kepada Masyarakat Jurnal Manuhara: Pusat Penelitian Ilmu Manajemen Dan Bisnis Scientica: Jurnal Ilmiah Sains dan Teknologi AT TARIIZ : Jurnal Ekonomi dan Bisnis Islam Jurnal Spektrum Komunikasi Al-Zayn: Jurnal Ilmu Sosial & Hukum Enigma in Economics GEMBIRA (Pengabdian Kepada Masyarakat) PEDAMAS (Pengabdian Kepada Masyarakat) Jurnal Kajian Islam dan Sosial Keagamaan Mengabdi: Jurnal Hasil Kegiatan Bersama Masyarakat Kanun: Jurnal Ilmu Hukum Jurnal Lingkungan Almuslim Enigma in Cultural Journal of Innovative and Creativity Jurnal Pembelajaran Bahasa dan Sastra Review: Journal of Multidisciplinary in Social Sciences Journal of Dialogos Dinika: Academic Journal of Islamic Studies. Review of Management, Accounting, and Business Studies Future Academia : The Journal of Multidisciplinary Research on Scientific and Advanced Submit : Jurnal Ilmiah Teknologi Informasi dan Sains Jurnal Tarreang: Tren Pengabdian Masyarakat Agrokompleks Graha Akuntansi Jurnal Bakti Nusantara Economic: Journal Economic and Business Journal of Fisheries & Marine Journal of Family Law and Islamic Court Serambi Engineering EDUCENTER JURNAL PENDIDIKAN WISDOM : Jurnal Pengabdian Kepada Masyarakat Wisdom Jurnal Epistemic : Jurnal Ilmiah Pendidikan Journal of Pharmaceuticals and Natural Sciences BIO-SAINS | Jurnal Ilmiah Biologi Margin : Journal of Islamic Banking Jurnal Selasar KPI: Referensi Media Komunikasi dan Dakwah Mammiri: Jurnal Pengabdian Masyarakat Jurnal Media Informasi Teknologi Jurnal Kajian Hukum Dan Kebijakan Publik Multidisciplinary Indonesian Center Journal Jipmor: Jurnal Ilmu Pendidikan Dan Humaniora An Nafi’; Multidisciplinary Science Bhumiputra: Jurnal Penelitian dan Pengabdian Masyarakat Global Jurnal Penelitian Pendidikan PESHUM Islamic Education Journal (ISEDU) Journal Social Civilecial International Conference on Digital Advanced Tourism, Management, and Technology Jurnal Bina Desa Journal of Community Empowerment ALMUSTOFA: Journal of Islamic Studies and Research Service ALMUISY: Journal of Al Muslim Information System Komunikatif : Jurnal Ilmiah Komunikasi Cermat : Jurnal Cendekiawan dan Riset Multidisiplin Akademik Terintegrasi Jurnal Pendidikan dan Sosial Humaniora As-Sulthan Journal of Education Ta'allum: Jurnal Pendidikan Islam Indonesian Journal of Fundamental and Applied Geography J-Proteksion : Jurnal Kajian Ilmiah dan Teknologi Teknik Mesin Journal Social Humanity Perspective Indonesian Journal of Islamic Jurisprudence, Economic and Legal Theory Jurnal bahasa, sastra, seni, dan pengajarannya
Claim Missing Document
Check
Articles

Found 2 Documents
Search
Journal : Enigma in Economics

Navigating the Post-ETF Paradigm: An Integrative Multi-Factor Model for Projecting Bitcoin's 2025 Market Cycle Apex Abdul Malik; Ahmad Badruddin; Mary-Jane Wood; Sonia Vernanda; Gladys Putri; Ifah Shandy; Darlene Sitorus; Delia Tamim
Enigma in Economics Vol. 3 No. 1 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i1.91

Abstract

Bitcoin’s market structure underwent a fundamental and irreversible transformation following the 2024 regulatory approval and launch of spot Exchange-Traded Funds (ETFs) in the United States. This event catalyzed an unprecedented wave of institutional adoption, signaling the asset's maturation from a fringe, retail-driven speculative vehicle into an emergent institutional-grade macro-asset. This study moves beyond traditional cyclical models, which are predicated on historical, pre-institutional market dynamics, to analyze Bitcoin's valuation within this profoundly evolved landscape. The primary objective is to project the potential price apex for Bitcoin in the 2024-2025 market cycle by developing and applying a transparent, replicable, and comprehensive multi-factor analytical framework. A multi-factorial, longitudinal analysis was conducted using a combination of publicly available data and simulated datasets from Q1 2022 to Q2 2025. The model is built upon a structured, semi-quantitative framework designed to synthesize three core analytical pillars: (1) Macroeconomic Environment, quantitatively assessing the impact of Federal Reserve interest rate policy, US Dollar Index (DXY) dynamics, and inflation trends through correlation analysis and sensitivity modeling. (2) On-Chain Intelligence, utilizing a suite of metrics from primary sources like Glassnode, including MVRV Z-Score, LTH-SOPR, and Illiquid Supply growth, while critically evaluating the continued validity of their historical thresholds. (3) Market & Flow Dynamics, which integrates technical analysis with a rigorous, quantitative assessment of spot ETF demand versus daily new supply, moving beyond subjective interpretations of price charts. A transparent weighting rubric was developed to integrate the findings from each pillar, mitigating subjective bias and ensuring the analytical synthesis is replicable. The synthesis of the model's components revealed a powerful confluence of bullish factors projected to intensify through late 2024 and into 2025. The Macroeconomic pillar scored moderately positive, forecasting a probable shift to monetary easing. The On-Chain pillar registered a strongly positive score, driven by a profound and persistent supply shock, evidenced by record illiquid supply growth and sustained exchange outflows, indicating strong holder conviction. The Market & Flow Dynamics pillar also scored strongly positive, with institutional demand via ETFs consistently outstripping newly mined supply by a significant multiple. The model's base-case scenario, derived from the weighted synthesis of these pillars, projects a Bitcoin price apex in the range of $150,000 to $200,000, with the most probable timing for this peak occurring between Q4 2024 and Q2 2025. In conclusion, the findings indicate that the 2024-2025 Bitcoin market cycle is fundamentally distinct from its predecessors, primarily driven by a structural, institutional-led demand shock that interacts with, and is amplified by, traditional macroeconomic tailwinds and established cyclical patterns. The projected price apex reflects a market structure that has matured, with future cycles likely to be more influenced by global liquidity conditions than the halving event alone. This research provides a robust, transparent, and theoretically grounded framework for valuing Bitcoin in its new role within the global financial system and offers a template for future analysis of digital assets as they integrate with traditional finance.
Systemic Contagion or Digital Diversifier? A Dynamic Quantification of the Cryptocurrency Market's Evolving Role in Global Financial Risk Transmission Abdul Malik; Gayatri Putri; Hesti Putri; Ahmad Badruddin
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.99

Abstract

The proliferation of crypto-assets has raised critical questions about their impact on global financial stability. This study rigorously investigates the structural evolution of the cryptocurrency market's role within the global financial system, testing the hypothesis that it has transitioned from a peripheral, shock-absorbing entity into a systemically significant transmitter of financial risk. We employ a Time-Varying Parameter Vector Autoregression (TVP-VAR) model on daily data from January 1, 2017, to December 31, 2024, examining the dynamic connectedness between a bespoke, rebalanced cryptocurrency index (CRIX20) and key global financial indicators (S&P 500, MSCI World, VIX, DXY). The econometric framework utilizes a Bayesian estimation approach with standard priors, a 200-day rolling window, and a 10-day forecast horizon for Generalized Forecast Error Variance Decompositions (GFEVD). Methodological robustness is confirmed through structural break tests and sensitivity analysis of the forecast horizon. Our findings reveal a profound structural transformation. Prior to mid-2020, the cryptocurrency market was a consistent net receiver of financial spillovers. A structural break, formally identified in the third quarter of 2020, marks a definitive regime shift. Post-break, the crypto market has become a significant and persistent net transmitter of risk to the traditional financial system. The total connectedness index for the entire system shows a marked secular increase, with the crypto market's contribution to systemic risk growing substantially. Gross spillover analysis confirms this shift is driven by a dramatic increase in risk transmission from the crypto market to other assets. In conclusion, the cryptocurrency market can no longer be considered an isolated ecosystem; it is now an integral and potentially destabilizing component of the global financial architecture. The era of crypto-assets as reliable diversifiers has waned, replaced by a new reality where shocks originating within this market pose a credible threat to broader financial stability. These findings present urgent challenges for regulatory oversight, systemic risk monitoring, and portfolio management.
Co-Authors ., Akmaluddin Abd. Rahim Abdul Hafith Abdul Haris Abdul Kadir Abdul Karim Abdul Kodir Djaelani Abdul Mannan Abdul Razak Abdul Razak Munir Abdul Wahid Abdulhajar, Encik Abdullah Rosyid Abdussalam Abdurrohim Abdurrohim, Abdurrohim Abel Haryanto Abi Umaroh Achmad Noerkhaerin Putra Adam Haris Adelyna Oktavia Nasution Adil Azrial Akbar Adinda Oktavia Rahmadhany aditya, rahadiyand Adiyono AF, Nuru Afila, Amanda Agung Wahyu Susilo Agus Supriyadi Agus Yuwono Agusanty, Harnita Agustini, Diah Ahada Wahyusari Ahmad Badruddin Ahmad Fathoni AHMAD JAZULI Ahmad Jazuli Ahmad Sururi Ahmad Syahrizal Ahmad Zainuri Ahmad Zubair Rudianto Ahmad, Aktsar Roskiana Ahmad, Fadila Aida Aini, Mesiyatul Aini, Munadiya Qurotul Aisyah, Wa Ode Nur Akbar, Miftahur Rizqi Akbar, Riven Akke Azhar Anisa Akmaluddin Akmaluddin Al-Afandi, Muhammad Alauddin, Murni Ratna sari Alex Taufiqurrohman Zain Alfatih, Ainun Najib Alfiani, Nurul Ali, Muhammad Ichsan Alibas, Sitti Fadlia Alif Al Hilal Ahmad Alimuddin Aliyah, Khotimatul Allyah Ramadhani M. Alya Dina Wilujeung Alya Rahman Amalya, Islaely Amdah, Misdar Amin, M. Jaki Amin, Muhammad Sirojuddin Andariana, Andi Andi Tenri Sumpala, Andi Tenri Anisah Anjani, Rizki Wulan Annisa, Fatimah Annisarizki, Annisarizki Anshori, Muh. Nasution Anwar, Asni Anwar, Nur Effendi Anwar, Rifki Anzhani, Luthfi Apriliani Rahmalillah Ardi Ardiansyah, Muh. Arfi Zukri Ari Wibowo Ariansyah Arifin, Siti Mirza Nuria Arifuddin Arifuddin Aris Fiatno Armelita, Ayang Arnia Sari Mukaromah Arum Puspita, Alifia Nirmala Arya Hadi Dharmawan Ashari, Herlina Asni Anwar Asri Lolita Asriani Suhaenah Astuti, Dwi Hari Aswin Aulia Asman Aulia, Adinda Aulina, Khanifa Kinanthi Ayu Rahayu Azamataufiq Budiprasojo Baharni Baharuddin Baharuddin Bahtiar Bahtiar Bambang Subali Basawadi, Haitsam Batupadang, Michael Bayu Putra, Bayu Bayu Setyawan, Bayu Beddu Tang Beny Setiawan, Beny Berliana, Walda Dewi Berthanilla, Rethorika Bharoto Bharoto bin Sapar, Ahmad Arifin Budi, Ikhsan Budiamin, Ahmad Burhanuddin . Burhanuddin Burhanuddin Busrah Cahyadi, Diana Putri Cahyani, Arini Dwi Cahyaning Nur Karimah, Cahyaning Nur Cahyanti, Aisyah Nur Cening Kardi Chandra Ertikanto Chusnul Arif Cibro, Tania Cucu Suhery Dadang Suhardi Damayanti , Dini damayanti, dini Damuri, Amat Darlene Sitorus Darmawati Darmawati Delia Tamim Dendi Hidayatullah, Dendi Dermawan, Dermawan Diah Retno Dwi Hastuti Dian Eksana Wibowo Dina Ramadhanti Dinda Amini Nursaid Dini Prastiani Dinil Qaiyimah Diva Pramesti Putri Djaohar, Mochammad Dodi Irawan Duki, Duki Eddy Prianto Ediyono, Suryo Edy Armansyah Eko Febri Syahputra Siregar Elvrida Rosa Elwamendri Emil Huriani Enan Kusnandar Endang Saruni Erdin Prasetya Erik Mayzaldi Erlinawati, Nurani Ai Erlita, Erlita Erman Syarif Erman Syarif Erna Wijayanti ERNAWITA ERNAWITA Erni Romansyah Erni Sulistiawati Erniati Erniati Erwin Nurdiansyah Estu Panduaji Wijaya Eva Ayuzar, Eva Eva Farhah, Eva Fabio Testy Ariance Loren Fabio Testy Arience Loren Fachrul, Muhammad Fadhil Mulya Ramadhan Fadia Talia Salsabila Hervi Fadlina Chany Saputri Fahrurrozi Faisal, M. Arif Faizah Faizah Fakri, Muhammad Fathonah, Raddita Fatmawati, Fatmawati Fatroyah Ars Himsyah Firman Fitnantyo Bimawan Fitrayani, Fitrayani Fitri Mailani Fitri, Nurul Fitri, Sri Fuad Fuad Gami, Amelia Ramadany Putri Ganendra, Arya Gayatri Putri Giyofani, Nimas Aprilia Gladys Putri Goziyah Goziyah, Goziyah Grace Olivia Silalahi Greis, Greis Hadi, Tb. Sofwan Haeruddin Haeruddin Hakimi, Beizil Hamsah Hamsah, Hamsah Hanifati, Sarah Najla Harianti, Ratri Haribowo, Rio Harliana Harliana Harmawan, Muhammad Salman Eddy Harmonis, Ika Rini Harry Andheska Harun Alrasyid Hasan Basri Hasani, Moh Zaen Hasanuddin Hasanuddin Hasibuan , Dahlia Hasriyanti Hayyi`lana, Caesaria Rohmatul Hendra Hendra Hendrawangsyah, Hendrawangsyah Hesti Putri Hidayah, Alifvia Nurul Hilmi, Muhammad Zadal Huda, Taufik Husain, Farid Muhammad Husnul Hidayati Ibrahim Ibrahim Icha Risma Putri, Ida Suryani, Ida Ifah Shandy Ignatius Septo Pramesworo Ikhwanuddin Ikhwanuddin Ikhwanuddin Ikhwanuddin Ikrawati Ilyas Ilyas Imam Baidlowi Iman Sopyan Imron Rasyadi Indah Anita Sari Indarthi, Anifah Widya Irmawati Sagala Irwan, Muh. Irwansyah Sukri Isa Mahfudi Ismawati, Juliana Isnaini Leo Shanty Izah, Syafira Anisatul Jack Febriand Adel Jalil, Abd. Rasyid Jamaludin . Jamilah Jamilah Jamilah, Nur Jasri, Jasri Jayen, Fredy Jefri, M. Juliadi Jumriati, Jumriati Junaidi Junaidi Junaidin, Junaidin Justam, Justam Kaco, Suardi Kaddas, Badruddin Kadri, Kadri Kafriandeni, Okhari Kamaruddin Kamaruddin Kamaruddin, Muhammad Musyawir Kamiri, Kamiri Karlina, Azrin Widya Kartika Sari Khaeriyah, A. Khaeriyah, Andi Khumaira Khumaira, Khumaira Kodriyah Kumalasari, Tety Kurmalasari, Tety Kurniawan, Fahmi Kusmayadi, Kusmayadi Kustiah, Hariani Kuswanazia, Reni La Ode, La Ode Ismail Ahmad Lalu Awaludin Akbar, Lalu Awaludin Akbar Larasati, Namira Putri Larasati, Winda Larisu, Zulfiah Lasmaria Sinaga, Juwita Legi Elfitra Lestari, Endriyani Lica, Angel Lilik Huriyah Lilis Suryani Lis Widowati Liswahyuni, Andi Liwairrubai, M. Loretha, All Fine LUKMAN, LUKMAN Lutfatul Azizah, Lutfatul M Alfaruqi M Yahya Adha Al Amien M. Amin M. Arif Budiman Hakim M. Hasanuddin M. Hasanuddin M.Amin Maddatuang Maddatuang Maddatuang Mahardini, Nikke Yusnita Maidar, Maidar Malahayati Malahayati Malica Novika, Dessy Malik, Muhammad Dzaky Hurairah Malik, Muhammad Zuhdi Ramadhan Mangellak, Deo Mannan, Abdul Mansur Mansur Mansyur, Fakhruddin Mardiyah, Siti Sayidah Marlina marthalena, marthalena Mary-Jane Wood Masuwd, Mowafg Mateen, Nawaskhan Maulana, Muhamad Reza Maulidya Rif’a, Arini Mayani, Nurhikma Ma’arif, Syamsul Mega Mustika Mega Mustika Melda Seprianti Meliyanti, Meliyanti Mellyna, anggie Minsaris, La Ode Alam Mintarsih Arbarini Mis Widya Andelina Moh Nawawi Moh. Masrur Mohammad Fakhri, Mohammad Monantun, Readysal Mouw, Susan Muh Resky Agung Sultan Muh Ruslan Abdullah Muh. Bahrul Afif Muhaimin Muhaimin Muhamad Ikbal Muhamad Iqbal Muhamad Saleh Muhammad Abdillah Muhammad Ardiansyah Muhammad Badruzzaman Muhammad Fakhrurrazi Muhammad Farkhan Mujahidin Muhammad Kamal Muda Muhammad Luthfi Muhammad Muhammad Muhammad Ramli Muhammad Thohri, Muhammad Muhammad Yunus Anis Muhammad Yusuf Muhammadiyah Amin Muhasim Mujib santoso Mujib, Then Supriadi Bin Muktar, Ramdani Muliatiningsih Muliatiningsih Mulkan Teguh Sutrisno Munawaroh, Wilda Sri Munir, Ahmad Syayyiqul Amni Munzir Munzir, Munzir Muriani, Riska Komala Murni MURNI ., MURNI Murni Murni Musliha Musliha Musti, Muhammad Fikri Dzakwan Mutiara, Suci Mutmainnah Muchtar Nadia Suhalaili, Farabi Nadya Nurazizah Nafi’a, Akhi Sulisun Naimah Naimah Najahaura Rahma NANNY, NANNY Nasra Nasrullah Nevrita, Nevrita Ninis Sia Rahim Nirmala Nasir Novi Sofia Fitriasari Novita, Cici Nst, Ummiyatul Tazkia Rodina Nugrayadi, Andi Nugroho, Agung Yuliyanto Nuni Widiarti Nur Annisa Istiqamah Nur Eka Kusuma Hindrasti Nur Hidayat Nur Laelah Nur Selvi Rasny Nur Syamsudin, Rudi Nur, Zainuddin Nurachmy Sahnir Nurain, W. Nurayuni Nurcahyaningsih, Caturinta Nurhadi, A. R. Nuriah Alfisyahri Nuril Khasyi`In Nuriman, Trian Gustiana NURLIANA NURLIANA NURUL HIKMAH Nurumy, Feby Nurwijayanti Oktavera, Cherryn Oktaviana, Raja Siti Omar, Syed Hadzarullathfi Bim Syed Padjalangi A, Andi Muh Yagkin Palad, Marliana Parwaiz, Lodis Patimah, Lilis Perceka, Andhika Lungguh Periyani, Jeni Permadi, Aisyah Pika Miranti Pitaloka, Okka Chandra Pramita, Yunia Prayogi, Ichsan Adil Prof. Dr. M. Fahmi al-Amruzi, M.Hum Puput Isnani Puspita, Diah Eka Putri, Dea Nirwanda Putri, Faissa Qoriassani putri, kharisma ika Putri, Liza Diniarizky Putri, Siska Destiani Putri, Siti Nurzulbaeni Yanti Putrisari, Nurina Dyah Rachmad Pribadi, Wisnu Radila Agustina Rahardjo, Cakra Rahayu, Nur Sami Rahayuningsih, Nurjanah Rahma Musyawarah, Rahma Rahma, Anisa Sri Rahmat Hidayat Rahmawati, Emma Rahmawati Rahmawati, Khoirunnisa Rahmi Mulyasih Rahmi Rahmi Raihan, Ahmad Ramabaskara, Rio Ramadhani, Novianisa Ramaita Ramli Umar Ramlianto, Ramlianto Ratika Ningsih Raziqin, Khairul Reynaldy Almuhaimin Rezky, Ananda Nurfajriana Rianof, Firnanda Ribahan Ribahan Ridho Albar Siregar Ridwan Malik Ridwan Malik Rifa’atul Mahmudah Rika Astari Ripal Sialla Rita, Lisa Rizka Nasution, Syafri Martabe Rizqi Nur Azizah Rizqullah, Riyan Rohaizan, Rohaizan Romaynoor Ismy, Romaynoor Rubyah Hutomo rudi nur syamsudin Rudi Rudi Sabar, Wardihan Safitri, Annisa Nur Safitri, Hana Safriyan Mifta Anna Fatakun Sahabuddin, Chuduriah Sahabuddin, Muhammad Syibli Sahrul, Sahrul Sainun Saipon, Abdul Saleh, Syaiful Salihi, Said Saleh Sambu, Abdul Haris Samsul Anwar Sandro Louise Oliveirra Santi, Endang Tri Saputra, Errix Dwi Saputra, Satrio Sahban Sari, Reska Handayani Sasmita meirani Satria Agust Satria, I Gede Yohanes E Savinka, Kayla Nawalani Savitri Selvira, Lisa Sepni Arlinda Septian, Bagas Dwi Setyowati, Mita Shabrina, Fildzah Shasa Indriyani Shelviana, Nindya Siagian, Tetty Barunawati Sidik, Irfan Hakim Silfana Samsir Sisca Cletus Lamatokan Siti Habiba Siti Habibah Siti Mujanah Siti Muslifah Siti Rahmatullah, Siti Sodiq, Syawaluddin Sonia Vernanda Stefani Montela, Viona Suciati Suhairin, Suhairin Suhardi Suhardi Suhardi Suharti Suhartini, Joice Dwi Sukmawati Sukmawati Sukri Nyompa Sukrin Sulaiman Zhiddiq, Sulaiman Sultan Sultan Sumantri, Irman Sumarjo Sungkowo Edy Mulyono SUPRAPTO Supriadi Suranto, Dwi Djoko Surdani Kanopani Hutagalung Suryo Ediyono Sutrisno, Sutrisno Syamsiar, Syamsiar Syamsudin, Rudi Nur Syamsul Wathani, Syamsul Syamsunardi Syamsunardi, Syamsunardi Syawaluddin Soadiq, Syawaluddin Syawaluddin Syawaluddin, Syawaluddin Tajuddin, Mustamin Talalu, Taufik R Tambunan, Ronia Tampubolon, Irianti Tampubolon, Irianty Taufiq Tayib, Mukhtar Tessa Dwi Leoni Testy Ariance Loren, Fabio Tety Kurmalasari Tirtana, Denta Titik Sumarti Toga Mahaji Tri Suminar Triyanto, Ibnu Tumpal Manik Tyahya Whisnu Hendratni Umdiana, Nana Undang Rosidin Urrofik, Safira Arbella Aurell Utari, Vita Tri UUS SAEPULOH Wahdah, Andi Syarifah Wahyu Oktri Widyarto Wahyudi, muhammad Yusril Wahyusar, Ahada Wajnah, Wajnah Widura Ritonga, Arya Wijaya, Estu Panduaji Wijaya, Herman Wijaya, Salsabila Putri Wilis Sugesti Wibisono Winengan Wirananda, Henny Andriyani Wisnu Prasetya Utomo Wisnu Rachmad Prihadi Wulan Sari, Retno Wulandari, Maudi Wusiat Yahfizham Yahfizham Yance Manoppo Yanuarini Nur Sukmaningtyas Yeri Sutopo Yowan Tamu Yudi Armansyah Yudi Siswanto Yuliana Yuliana Yuliasnita Verlandes Yulita, Inelda Yurlina Dewi Siregar Yusri Yusri Yusroh Yuwanda Purnamasari Pasrun Yuyun, Yuyun Zaidah Nur Salamah Lubis Zaitun Zaitun , Zaitun Zaitun Zaitun Zakinah, Nurul Zuhrah Zukifli, Andi Tenriawaruwaty A. R. Zulfikar Zulheri Is Zuliani, Neng Vika Zuliawan, Ikbal Zulkarnaen Zulkarnaen Zulkifli, Andi Tenriawaruwaty A.R. Zulmaizar, Muh Muzani