The report, based on data from over 2.5 crore CoinSwitch users, highlights that Gen Z (aged 18–25) has overtaken millennials for the first time as the largest segment of India’s crypto investor base.
Gen Z investors make up 37.6% of participants, narrowly edging out the 26–35 age group (37.3%), while those aged 36–45 account for 17.8%.
CoinSwitch attributed Delhi-NCR’s strong performance to growing financial literacy and increasing acceptance of digital assets as part of diversified portfolios. The region’s investors reportedly favour balanced exposure, with large-cap assets comprising 36.1% of holdings, mid-caps 32%, and blue-chip tokens 25%.
“India’s crypto market is entering a more mature phase, with participation spreading beyond major metros. The next phase of growth will likely come from Tier-2 and Tier-3 cities,” said Balaji Srihari, Vice President, CoinSwitch.
The report also found that Kolkata recorded the highest profitability among major cities, with 77% of portfolios in profit, while Bengaluru and Mumbai remained close behind Delhi-NCR in overall investment activity. July 2025 emerged as the busiest trading month, with peak volumes coinciding with Bitcoin’s rally and the passage of the US GENIUS Act.
CoinSwitch noted that the findings are based solely on activity on its own platform and may not reflect the entire market.
