CoinDCX’s latest annual report paints a picture of a crypto market in India that has become more mature, more diverse, and far more widespread than in previous years. The report, titled “2025: The Story of Crypto in India,” shows that digital asset investors across the country are no longer fixated on Bitcoin alone. Instead, they are studying different blockchain networks and spreading their investments across multiple tokens, signalling a more thoughtful and informed approach to crypto trading.
According to the report, the typical Indian crypto user now invests in about five different assets on average, with Ethereum and Solana becoming preferred choices for many. These networks have gained stronger traction because people are increasingly aware of their underlying technology and real-world applications in areas such as decentralised finance and tokenised assets. Bitcoin remains relevant, but it no longer dominates the market as it once did.
The profile of India’s average crypto investor has also changed. The core age group has shifted from the early twenties to the early thirties, meaning the space is now filled with working professionals who tend to be more cautious and research-driven in their decisions. This change is especially visible in large cities. Mumbai, the country’s financial hub, now sees more trading activity in Ethereum than in Bitcoin—a symbolic indication of where interest is moving. Cities such as Bengaluru, Ahmedabad, Delhi, Jaipur, and Pune have also seen surging activity in Ethereum, while Pune’s rapid rise in overall trading volume reflects growing curiosity around newer blockchain ecosystems, including Solana.
India’s smaller cities are emerging as powerful engines of crypto adoption. Tier-2 and Tier-3 regions now account for about 40% of all users on CoinDCX, marking one of the most significant shifts in the industry so far. Lucknow has seen a spike in trading, especially in Ethereum and SUI, while Jaipur has reached a point where Ethereum has overtaken Bitcoin in popularity. Other cities like Bhopal, Guwahati, Indore, Chandigarh, and Ludhiana are also building vibrant user bases, proving that crypto no longer belongs only to big urban centres. People in these areas are increasingly confident in using digital assets as part of their long-term financial planning.
Another notable development is the sharp rise in female participation. The number of women investing in crypto has doubled within a year, with Kolkata leading in female involvement, followed closely by Delhi and Mumbai. Smaller cities such as Bhubaneswar, Kochi, and Vadodara are also recording steady growth, and interest is spreading even to towns like Siliguri, Imphal, and Ernakulam. Women, like their male counterparts, are not limiting themselves to mainstream coins but are diversifying into both established and emerging assets.
CoinDCX expects 2026 to bring a more stable and institution-driven market environment. Co-founder Sumit Gupta noted that crypto in India has moved beyond price cycles and hype, entering a phase defined by deeper research and stronger institutional interest. With more hedge funds allocating a portion of their portfolios to digital assets, he believes the industry is laying the foundation for long-term growth.
