India’s crypto investing landscape is undergoing a generational shift. For the first time, Generation Z (aged 18–25) has surpassed Millennials as the country’s largest group of crypto investors, according to the latest CoinSwitch Q3 2025 report titled “India’s Crypto Portfolio: How India Invests.”
Drawing insights from over 2.5 crore users, the report highlights how India’s crypto market is broadening across demographics and geographies. Gen Z now accounts for 37.6% of investors, narrowly edging out Millennials at 37.3%, while the 36–45 age group makes up 17.8%.
Despite continued dominance by metro cities, Delhi (19.3%), Bengaluru (8.9%), and Mumbai (7.0%), crypto adoption is accelerating across Tier-2 hubs such as Jaipur, Lucknow, and Patna, signaling deeper penetration beyond traditional urban centers.
The report reveals that Indian investors are gravitating toward large-cap and utility-driven tokens, suggesting a maturing investment mindset. The most held crypto assets were Bitcoin (7.2%), Dogecoin (6.1%), and Ethereum (4.9%), while Ethereum (8.9%), Ripple (7.6%), and Bitcoin (7.6%) led trading activity.
Regional investment preferences also showed sharp distinctions. Mumbai led in blue-chip investments (37.4%), Hyderabad topped large-cap allocations (37.3%), Patna dominated mid-cap holdings (42%), and Jaipur led small-cap portfolios (9.4%). Meanwhile, Kolkata investors recorded the highest profitability, with 77% of portfolios in the green.
July 2025 was the busiest trading month of the quarter, coinciding with Bitcoin’s record rally and the passage of the U.S. GENIUS Act, both of which boosted global market sentiment.
“India’s crypto market is entering a more mature phase,” said Balaji Srihari, Vice President of CoinSwitch. “We’re witnessing financial empowerment beyond metros, the next chapter of India’s crypto story will be shaped by Tier-2 and Tier-3 cities.”
CoinSwitch said it remains committed to fostering a secure, transparent, and education-first ecosystem for India’s growing crypto investor base.