India’s crypto story just got younger.
For the first time, investors aged between 18 and 25, the Gen Z crowd, have overtaken millennials to become the country’s largest crypto investor group. According to CoinSwitch’s latest report, Gen Z now accounts for 37.6% of India’s crypto investors, just edging past Millennials (26–35) at 37.3%, while the 36–45 group trails at 17.8%.
The report, India’s Crypto Portfolio Q3 2025: How India Invests, is based on data from over 2.5 crore users. It shows how people across India are putting their money into crypto — how they’re investing, trading, and getting used to this new digital space. And honestly, it’s more than just numbers or age groups. It’s about how crypto is slowly becoming a real part of India’s money story.
A Generation that grew up online
For Gen Z, crypto isn’t some big buzzword. It’s just another part of the online world they already live in. They’ve grown up with UPI, fintech apps, and social media, so buying Bitcoin or Dogecoin doesn’t feel new; it just feels normal. So, for them, buying Bitcoin or Dogecoin feels as normal as investing in a mutual fund.
Unlike older generations, they aren’t waiting for official policy clarity. The government’s long-delayed crypto regulation paper was expected this year, but never arrived. Even without clear rules, young people are jumping in. They know the risks but don’t want to miss early chances.
It also helps that getting started doesn’t take much — a few apps let you begin with just ₹100. Add to that the noise from influencers, endless Telegram chats, and those late-night crypto talks, and it’s easy to see why Gen Z is jumping in without thinking twice.
Metros still dominate, but Tier-2 cities are rising
Big cities still lead the game. Delhi’s on top with 19.3%, Bengaluru comes next at 8.9%, and Mumbai follows at 7%. But smaller towns are quickly catching up. Places like Jaipur, Lucknow, and Patna are turning into new crypto spots, showing how digital finance is spreading everywhere.
Balaji Srihari, Vice President at CoinSwitch, said, “Our insights reflect one of the largest retail investor bases in the country. The data clearly shows India’s crypto market is entering a more mature phase. What we’re seeing is financial empowerment beyond the big cities. Though metros continue to lead, the next phase of India’s crypto story will be shaped by Tier 2 & 3 cities.”
The trend isn’t new. Late last year, CoinSwitch’s report revealed how Botad, a small town in Gujarat, ranked 10th nationally for crypto investors, ahead of bigger cities like Ahmedabad and Surat. With a population of just 13 lakh, Botad had over 3.8 lakh crypto investors, proving crypto’s reach runs deep into India’s smaller economies.
What India is buying
When it comes to what Indians are holding, the old favourites still dominate. Bitcoin (7.2%), Dogecoin (6.1%), and Ethereum (4.9%) remain the top three coins. Seven of the top ten coins are big, established ones — a clear sign that investors are moving towards long-term, utility-based bets instead of risky short-term plays.
Other popular names include Shiba Inu, Ripple, Cardano, Solana, and Polygon. Even newer community-driven coins like Pepe are still getting solid attention.
City-wise investment patterns
CoinSwitch’s data makes one thing clear — every city has its own way of investing in crypto. Each city has its own character:
- Mumbai leads in Blue-Chip investments (37.4%), signalling a preference for safer bets.
- Hyderabad tops Large-Cap allocations (37.3%), showing a patient investor base.
- Patna stands out with 42% invested in Mid-Cap coins, hinting at growing confidence in lesser-known assets.
- Jaipur tops small-cap portfolios at 9.4%, showing people there are willing to take more risks.
- Kolkata stands out too — 77% of portfolios there are in profit.
It pretty much shows how India’s crypto market is a mix of all kinds of investors. Some play safe, some take chances, but together they’re driving the market forward.
Trading volumes peak in July 2025
July turned out to be the busiest month for trading this quarter. The spike came right when Bitcoin hit new highs and the U.S. passed the GENIUS Act, which lifted market confidence everywhere.
The most active trading days were July 11 and July 18, with Ethereum leading the charts at 8.9%, followed by Ripple and Bitcoin at 7.6% each.
A boost from the courts
Amid all this activity, a big legal update has also given investors more confidence. In a landmark judgment, the Madras High Court ruled that cryptocurrency qualifies as property under Indian law — a first in the country’s judicial history.
Justice N Anand Venkatesh noted: “There can be no doubt that ‘crypto currency’ is a property. It is not a tangible property nor is it a currency. However, it is a property, which is capable of being enjoyed and possessed (in a beneficial form). It is capable of being held in trust.”
While the verdict doesn’t make crypto legal tender, it gives investors legal ground to claim ownership — a big confidence boost in an otherwise uncertain regulatory space.
The bigger picture
CoinSwitch’s data and the Madras High Court’s verdict pretty much show how much things have changed. Crypto in India isn’t just something traders talk about anymore — it’s young people who are leading the way, using it as a real way to grow their money.
With over 2.5 crore users and support from global investors, the space is only getting bigger. Even without clear rules, India’s youth are moving ahead. For Gen Z, crypto isn’t hype, it’s just their way of taking control of their own digital future.
Also Read: Crypto Leaders Warn Delays Could Cost India $1.1T Opportunity
