For the first time ever, has taken the lead over millennials when it comes to cryptocurrencies in India, comprising around 38 per cent of the investor pie on CoinSwitch, the crypto trading platform said in a report.
Among cities, national capital Delhi took the lead, followed by startup hub Bengaluru and India’s financial capital rounding off the top three in terms of most crypto investments.
Crypto trading platform, CoinSwitch’s Q3 2025 edition of its flagship report, ‘India’s Crypto Portfolio: How India Invests’, looked at insights from its over 2.5 crore users, to map India’s evolving investment behaviours, trading patterns, and demographic trends, it said in a release.
Who is investing in cryptos in India? Gen Z take lead
According to the report, Gen Z investors, aged between 18–25, now lead India’s crypto investor base for the first time, as per data on CoinSwitch.
They comprise 37.6 per cent of the investors on the platform, narrowly surpassing (aged 26–35) who comprise 37.3 per cent, and older investors (aged 36-45) at 17.8 per cent, the data showed.
Metro cities continue to dominate, but Tier 2 emerge as new hubs
Among the cities, metros saw the most in crypto, with national capital Delhi, startup hub Bengaluru, and financial capital Mumbai, rounding off the top three spots. Investors from Delhi comprised 19.3 per cent on CoinSwitch’s base, followed by Bengaluru at 8.9 per cent, and Mumbai at 7 per cent.
Notably, while the metro cities did dominate, tier-2 hubs such as Jaipur, Lucknow, Patna and others, are “emerging as new centres of adoption”, as per the report.
Portfolio analysis revealed distinct regional patterns:
- Mumbai leads in Blue-Chip investments (37.4 per cent) among investors on the platform,
- While investors from Hyderabad topped in terms of Large-Cap allocations (37.3 per cent),
- Those in Patna dominated Mid-Cap allocations (42 per cent),
- leads the Small-Cap portfolios (9.4 per cent),
- And Kolkata recorded the highest profitability, with 77 per cent of portfolios in green.
‘Crypto market entering more mature phase’
India’s is expanding in both maturity and reach, as per the report.
“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 and 3 cities,” said Balaji Srihari, Vice President of CoinSwitch.
Founded in 2017, with more than 2.5 crore users and over 350 coins, CoinSwitch is India’s largest platform, as per the release. The platform has seen investment to the tune of $300 million from investors including Coinbase Ventures, Tiger Global, and Sequoia Capital India.