Bitcoin Replaces Doge As India’s Most-Invested Crypto Coin, Uttar Pradesh Leads In Adoption, Says CoinSwitch Report

India’s crypto market has seen a major shift in 2025. Investors from non-metro regions are taking increasing interest in crypto and other digital assets. Uttar Pradesh is emerging as a key contributor which shows that digital investing is steadily gaining momentum across regional India.

Bitcoin Reclaims Top Spot as Most-Invested Crypto

According to the 2025 Annual Report by CoinSwitch, titled India’s Crypto Portfolio: How India Invests, 2025, insights from over 25 million users revealed that Bitcoin has reclaimed the top spot as the most-invested crypto coin in India.

Bitcoin accounts for 8.10 per cent of total cryptocurrency holdings, followed by Dogecoin (DOGE) at 6 per cent, which fell from last year’s leading position. Elsewhere, Ethereum (ETH) remained steady in third place at 5.20 per cent. Shiba Inu (SHIB) stayed popular at 4.50 per cent, and Ripple (XRP) attracted attention with 3.90 per cent of all cryptocurrency holdings.

Other consistent favourites, including Cardano (ADA), Polygon (POL), Internet Computer (ICP), and Solana (SOL) maintained their shares between 2 and 3 per cent. Pepe (PEPE) also made its new entry in the top 10 list with 1.90 per cent holdings, highlighting Indian investors’ growing interest in emerging coins.

Crypto Adoption Expands Beyond Metro Cities

The report also shows that crypto adoption is spreading in several states. Uttar Pradesh emerged as the largest contributor with 13 per cent of total investments, followed by Maharashtra at 12.10 per cent and Karnataka at 7.9 per cent. Other notable contributors include New Delhi at 7.40 per cent, Haryana at 6 per cent, and Rajasthan at 5.9 per cent.

This year marked a clear shift in participation patterns, with Tier 2 cities accounting for 32.20 per cent of India’s crypto users and Tier 3 and Tier 4 cities contributing 43.40 per cent. Tier 1 cities made up 24.40 per cent of contributions.

This year, states showed distinct investment approaches, too. Karnataka favoured blue-chip assets with a 30.10 per cent allocation, Andhra Pradesh leaned towards large-cap assets at 33.30 per cent, Bihar opted for riskier mid- and small-cap investments, while Uttar Pradesh and Maharashtra led in ‘buy-the-dip’ activity.

Youth Continue to Lead Crypto Investing

The crypto market in India remains largely driven by younger investors. The 26–35 age group contributed 45 per cent of total investments, up from 42 per cent last year, whereas the 18-25 age group accounted for 25.30 per cent. Among older investors, 19 per cent of those aged 36–45 used crypto, compared to 10.60 per cent for those aged 46 and above.

Andhra Pradesh Sets Benchmark for Women Investors

Women now account for 12 per cent of CoinSwitch’s overall user base, but regional differences are evident. Andhra Pradesh stood out, with women representing 59 per cent of the state’s crypto investors, surpassing male participation by 18 per cent.

Ashish Singhal, co-founder of CoinSwitch, said, “This year has been a clear sign of maturation for India’s crypto market.” He added that investors are moving beyond early excitement, making informed, conviction-led, while metros still show strong interest. Over 75 per cent of crypto activity now comes from non-metro regions, reflecting broader adoption across India, he added.