India’s crypto market is no longer centred only around big cities, according to a new report by CoinSwitch, with insights from more than 2.5 crore users.
The report reveals that a growing share of crypto investing is now coming from smaller towns and states, pointing to a wider and more mature investor base across the country.
One of the biggest takeaways from the report is the. Tier 2 cities made up 32.2% of the report’s user base, while Tier 3 and Tier 4 cities together accounted for 43.4%.
This means over three-fourths of crypto activity on the platform now comes from beyond the major metros, showing how digital investing is spreading deeper into India.
At the state level, Uttar Pradesh emerged as the largest contributor, accounting for 13% of total investments. Maharashtra followed closely with around 12.1%, while Karnataka contributed nearly 7.9%.
The report notes that crypto participation is no longer limited to traditional financial hubs, with several states showing strong and steady growth.
Bitcoin returned as the most-invested crypto asset in 2025, with an allocation of 8.1%. It overtook Dogecoin after renewed interest from institutions and supportive global economic conditions.
Among actively traded coins, Ripple (XRP) saw one of the sharpest jumps in activity compared to last year, moving into a leading position on the platform.
The 26–35 age group contributed 45% of total investments, up from 42% last year. Investors aged 18–25 made up 25.3%, slightly lower than the previous year.
Participation from older age groups stayed stable, suggesting that crypto is slowly attracting a broader mix of investors.
Women currently make up 12% of the report’s user base. Andhra Pradesh stood out among states, with women accounting for 59%of crypto participation there. This was 18% higher than male participation in the state.
The trend points to rising interest among women investors, especially in certain regions.
The report also highlights differences in how investors across states approach risk. Karnataka had the highest allocation to blue-chip crypto assets at 30.1%, while Andhra Pradesh showed a strong preference for large-cap assets at 33.3%.
Bihar emerged as the most risk-taking state, with the highest exposure to mid-cap and small-cap assets. Uttar Pradesh and Maharashtra were among the top states showing ‘buy-the-dip’ behaviour, indicating confidence during market corrections.
Commenting on the findings, CoinSwitch co-founder Ashish Singhal said 2025 marked a phase of maturity for India’s crypto market. He noted that , with non-metro regions now playing a central role in adoption.
Overall, the report suggests that India’s crypto ecosystem is becoming more balanced and representative, spread across geographies and demographics, and closely mirroring the broader evolution of investing habits in the country.