- Gen Z investors now form 37.6% of India’s crypto user base, surpassing Millennials.
- Bitcoin, Dogecoin, and Ethereum dominate holdings, while Ethereum leads in trading.
- Tier-2 cities such as Jaipur and Patna are seeing rapid adoption and portfolio growth.
Gen Z is now India’s largest group of cryptocurrency investors, according to CoinSwitch’s “India’s Crypto Portfolio Q3 2025” report.
Gen Z Leads Adoption In CoinSwitch Q3 2025 Report
The study, based on 25 million users, shows investors aged 18 to 25 now make up 37.6% of the user base.
This figure slightly surpasses Millennials, who account for 37.3%. The data points to a clear generational shift and highlights the market’s continued evolution, with younger investors treating crypto as a legitimate long-term investment.
Related: India and the U.S. Lead Global Crypto Adoption in 2025 as Stablecoin Volume Hit $4 Trillion
Where Is Crypto Adoption Growing in India?
While metro cities remain strongholds of crypto activity, the report shows an accelerating trend in Tier-2 adoption. Delhi leads with 19.3% of users, followed by Bengaluru at 8.9% and Mumbai at 7%.
However, cities such as Jaipur, Lucknow, and Patna are gaining traction, suggesting that crypto’s reach extends beyond major urban centers.
Investment preferences also vary by region. Mumbai leads in blue-chip investments, Hyderabad in large-cap assets, Patna in mid-cap portfolios, and Jaipur in small-cap exposure. Kolkata investors recorded the highest profitability, with 77% of portfolios in profit, or “in the green.”
Bitcoin and Dogecoin Remain Investor Favorites
The report shows Bitcoin remains India’s most held cryptocurrency, accounting for 7.2% of total holdings. Dogecoin follows closely, with a 6.1% share, showing its continued popularity among younger traders. Ethereum ranks third at 4.9%.
Trading patterns differ slightly. Ethereum was the most traded token during the quarter, representing 8.9% of all transactions. XRP and Bitcoin followed, each capturing 7.6% of trading activity.
CoinSwitch reported that July 2025 saw the highest trading volume of the quarter, coinciding with a strong Bitcoin rally and the introduction of the U.S. GENIUS Act, which boosted retail participation globally.
Analysis: A Market Shift to ‘Buy and Hold’ Strategies
Analysts say the data reflects a maturing investor mindset. Indian traders are increasingly adopting “buy and hold” strategies focused on established digital assets. This shift suggests growing confidence in the market’s long-term potential despite lingering regulatory uncertainties.
Notably, a study by TRM Labs revealed India as the global leader in crypto adoption in 2025, recording an 80% rise in transaction volume and a 125% jump in retail participation between January and July. Stablecoin trades hit about $4 trillion, nearly 30% of global volume, cementing India’s dominance in the digital asset market.
Related: India’s Top Economic Adviser Flags Risks of USD Stablecoins to Global Monetary Order
The growing participation from younger investors also highlights crypto’s integration into India’s broader financial ecosystem. Many Gen Z users reportedly view digital assets not as quick-profit tools but as part of a long-term wealth-building plan.
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