Summary of this article
Gen Z investors lead India’s crypto participation in Q3 2025.
Tier-2 and Tier-3 cities show rising digital asset adoption.
Bitcoin, Ethereum, and Dogecoin remain top-traded cryptocurrencies this quarter.
India’s crypto investment landscape is seeing a change in investor demographics and participation patterns. According to the India’s Crypto Portfolio: How India Invests Q3 2025 report by crypto exchange, CoinSwitch, Gen Z investors have increased during the quarter, whereas smaller cities are showing growing interest in digital assets.
CoinSwitch analysed data from over 25 million users and found that July was the most active month of the quarter, driven by higher investor participation following key global developments.
Gen Z Emerges as Major Investor Segment in Q3 2025
The report reveals that Gen Z investors aged between 18 and 25 years now form the largest segment of India’s crypto investor base for the first time, accounting for 37.60 per cent of users. They have narrowly surpassed Millennials, aged 26-35 years, who make up 37.30 per cent, while investors in the 36-45 age group represent 17.80 per cent of the total crypto user base.
City-Wise Crypto Investment Trends
Three of India’s largest metro cities continue to dominate the country’s crypto landscape, collectively accounting for 35 per cent of total investments. Delhi leads with 19.30 per cent, followed by Bengaluru at 8.90 per cent and Mumbai at 7 per cent. While Kolkata at 4.20 per cent, along with Chennai and Ahmedabad also feature among the top 10 cities showing interest in crypto investments.
In addition to the metro cities, Tier-2 cities, such as Jaipur at 4.40 per cent, Lucknow at 4 per cent, and Patna at 3.60 per cent are witnessing a steady rise in crypto participation. The report said this suggested that digital assets were being adopted and recognised more widely outside of traditional financial centres.
The report also mentioned regional investment preferences. Mumbai led in blue-chip investments with 37.40 per cent, while Hyderabad led in large-cap allocations with 37.30 per cent. Patna preferred mid-cap assets at 42 per cent, whereas Jaipur led small-cap portfolios with 9.40 per cent. Kolkata reported the highest profitability with 77 per cent of portfolios in positive returns.
Most Held and Traded Cryptocurrencies in Q3 2025
The report noted that Bitcoin accounted for 7.20 per cent of the total holdings during the quarter, followed by Dogecoin at 6.10 per cent and Ethereum at 4.90 per cent. Shiba Inu, Ripple, and Cardano were also among the top-held digital assets.
On the trading side, Ethereum noted the highest activity at 8.90 per cent followed by Ripple at 7.70 per cent and Bitcoin at 7.60 per cent. Solana and Dogecoin also featured among the most traded cryptocurrencies in the period, suggesting a concentration of investment and trading activity in established large-cap tokens.
The findings also suggest that India’s crypto participation is expanding. Balaji Srihari, vice president at CoinSwitch, said: “Our insights clearly show that India’s crypto market is entering a more mature phase. We are witnessing financial empowerment beyond the big cities. While metros continue to lead, the next phase of India’s crypto story will be shaped by Tier-2 and Tier-3 cities.”
