Emerging Tier-2 participation along with metros signal a maturing crypto market
Key Takeaways:
- Gen Z (18–25) surpasses Millennials (26–35 & 36-45) as India’s leading crypto investor group in Q3
- Delhi, Bengaluru, and Mumbai remain top crypto cities; Tier-2 cities surge in adoption
- Established large cap coins dominate portfolios showing increasing long-term utility-driven strategy
- Kolkata recorded the highest profitability, with 77% of portfolios in green
It appears India’s crypto investing landscape is undergoing a transformation of sorts, going by the demographic shift. Generation Z (Gen Z)—broadly defined as those born between 1997-2012—has emerged as the leading crypto investor group in the country, narrowing edging past millennials. Interestingly, crypto adoption in Tier-2 countries has surged even as Delhi, Bangalore, and Mumbai remained the top crypto cities. All these and more are the findings from CoinSwitch’s latest Q3 2025 report. Let’s dig in.
The CoinSwitch report titled: India’s Crypto Portfolio Q3 2025: How India Invests draws insights from over 2.5 crore users, mapping India’s evolving crypto investment behaviours, trading patterns, and demographic trends.
Indias-Crypto-Portfolio-Q3-2025Key Findings
The findings reveal that Gen Z (18–25) now tops India’s crypto investor base for the first time with 37.6%, narrowly surpassing Millennials (26–35) at 37.3% and (36-45) at 17.8%.
The report shows that crypto adoption knows no boundaries. To be sure, metro cities continue to dominate, led by Delhi (19.3%), Bengaluru (8.9%), and Mumbai (7.0%). Interestingly, Tier-2 hubs like Jaipur, Lucknow, Patna and others are emerging as new centres of adoption.
The shift in demographics and growing crypto adoption across newer regions reaffirm that India’s crypto market is expanding in both maturity and reach.
BTC, DOGE, ETH remain investor favorites
As for crypto tokens favored by investors, data shows Bitcoin (7.2%), Dogecoin (6.1%), and Ethereum (4.9%) are the most held assets. Seven of the top 10 tokens are established large-cap coins, indicating that investors are gravitating towards long-term, utility-driven portfolios.
“Our insights reflect one of the largest retail investor bases in the country. The data clearly shows India’s crypto market is entering a more mature phase. What we’re seeing is financial empowerment beyond the big cities. Though metros continue to lead, the next phase of India’s crypto story will be shaped by Tier 2 & 3 cities”, said Balaji Srihari, Vice President, CoinSwitch.
Trading activity was led by Ethereum (8.9%), Ripple (7.6%), and Bitcoin (7.6%), showing traders’ preference for momentum plays around coins nearing all-time highs.
Interestingly, a detailed portfolio analysis revealed distinct regional patterns:
- Mumbai leads in Blue-Chip investments (37.4%)
- Hyderabad tops Large-Cap allocations (37.3%)
- Patna dominates Mid-Cap allocations (42%)
- Jaipur leads Small-Cap portfolios (9.4%)
- Kolkata recorded the highest profitability, with 77% of portfolios in green
Trading Volumes Peak in July as BTC rally, US tailwinds help
According to the report, July 2025 emerged as the busiest month of the quarter, accounting for the highest share of overall trading volumes on the platform. Peak trading activity was recorded on July 11 and July 18, coinciding with Bitcoin’s record-breaking rally and the passage of the GENIUS Act in the United States.
As India’s largest crypto trading platform, CoinSwitch remains committed to building a secure, transparent, and education-first environment that enables every Indian investor to participate in long-term wealth creation in crypto responsibly and confidently.
Note: These insights are based solely on CoinSwitch user data and do not reflect trading or investment activity on other platforms.
