- Gen Z leads India’s crypto market, surpassing Millennials in investments.
- Delhi, Bengaluru, and Mumbai dominate, while Tier-2 cities surge.
- Bitcoin and Dogecoin continue as top choices for Indian investors.
India’s cryptocurrency landscape is experiencing a generational shift, with Gen Z emerging as the largest group of investors in the sector. According to CoinSwitch’s “India’s Crypto Portfolio Q3 2025” report, individuals aged 18 to 25 now account for 37.6% of all crypto users, just slightly surpassing Millennials, who make up 37.3%.
This shift highlights how younger generations are increasingly viewing digital assets as a long-term investment rather than just speculative tools.
The findings, based on a user base of 25 million, reveal that Indian investors, particularly younger ones, are treating cryptocurrencies as a legitimate and integral part of their financial portfolios. This trend underscores a maturing approach to crypto investment, with younger investors more likely to embrace the “buy and hold” strategy, which emphasizes long-term growth rather than short-term gains.
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Regional Adoption and Investment Trends
The rise in cryptocurrency adoption isn’t just limited to major cities. While metro areas like Delhi, Bengaluru, and Mumbai continue to dominate crypto activity, there is notable growth in Tier-2 cities such as Jaipur, Lucknow, and Patna.
Delhi leads with 19.3% of the user base, while Bengaluru and Mumbai follow at 8.9% and 7% respectively. Investors from these regions are also diversifying their portfolios, with Mumbai focusing on blue-chip investments, Hyderabad leaning towards large-cap assets, and Patna preferring mid-cap options.
Interestingly, Kolkata investors report the highest profitability, with 77% of portfolios in the “green,” a testament to the potential for growth in crypto investments across various regions. The expanding market is indicative of how cryptocurrencies are reaching beyond traditional urban centers, gaining traction in smaller cities as well.
Bitcoin and Dogecoin Remain Dominant
Bitcoin remains the most popular cryptocurrency in India, with 7.2% of the total holdings, followed closely by Dogecoin at 6.1%. Ethereum holds a steady third place at 4.9%. While Bitcoin remains the largest by volume, Ethereum takes the lead in trading activity, representing 8.9% of all transactions during the quarter. XRP and Bitcoin follow closely behind, capturing 7.6% of trading volume.
The CoinSwitch report also highlights July 2025 as the month with the highest trading volumes, coinciding with a strong Bitcoin rally and the global increase in retail participation following the U.S. GENIUS Act. These events have sparked a surge in interest and activity within the digital asset space, particularly among younger investors.
India’s ongoing rise as a leader in crypto adoption continues to reshape the global digital asset market, reflecting the country’s growing integration of crypto into its financial ecosystem.
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