CoinSwitch Q3 2025 report shows younger investors driving crypto adoption, with Tier-2 cities emerging as new markets
For the first time, Generation Z (18–25 years) has surpassed millennials to become the largest group of crypto investors in India, according to CoinSwitch’s Q3 2025 report, India’s Crypto Portfolio: How India Invests. The study, based on the activity of over 2.5 crore users, shows Gen Z constituting 37.6% of the platform’s user base, followed by millennials at 37.3% and investors aged 36–45 at 17.8%, reported timesofindia.indiatimes.com.
Metropolitan cities dominate India’s crypto landscape, with Delhi contributing 19.3%, followed by Bengaluru (8.9%) and Mumbai (7.0%). The report also notes a growing participation from Tier-2 cities, reflecting increased financial empowerment beyond major hubs. In terms of portfolio composition, Bitcoin remains the most held token (7.2%), followed by Dogecoin (6.1%) and Ethereum (4.9%), with seven of the top ten coins being large-cap assets, indicating a shift toward long-term, utility-driven investments rather than short-term speculation.
Delhi leads in the number of crypto buyers, while emerging Tier-2 cities such as Jaipur, Lucknow, and Patna are gaining prominence, signaling a maturing and geographically expanding crypto market
Trading volumes, however, highlight a slightly different trend, with Ethereum leading at 8.9%, while Ripple and Bitcoin both recorded 7.6%, showing active trading around tokens nearing all-time highs. Regional investment patterns also reveal distinct preferences: Mumbai favors Blue-Chip assets (37.4%), Hyderabad leads in Large-Cap holdings (37.3%), Patna dominates Mid-Cap portfolios (42%), Jaipur tops Small-Cap allocations (9.4%), and Kolkata has the highest portfolio profitability at 77%. The peak trading period in Q3 occurred in July, coinciding with Bitcoin’s record rally and the US approval of the GENIUS Act.
Balaji Srihari, Vice President of CoinSwitch, noted, “The data clearly shows India’s crypto market is entering a more mature phase. While metros continue to lead, the next phase will be shaped by Tier-2 and Tier-3 cities.” The report underscores the growing depth and geographic spread of crypto investing in India, with CoinSwitch committing to promote responsible and transparent investment practices
