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What is the story about?
CoinDCX’s 2025 Annual Report indicates that Indian investors are gradually incorporating digital assets into their long-term wealth strategies, marking a shift from single-asset speculation to more diversified portfolios. The report captures rising participation from non-metro cities and a growing preference for research-driven allocation within the asset class.
The exchange reported ₹51,333 crore in trading volume in FY25. However, the report emphasises behavioural changes rather than trading activity.
The average Indian crypto investor now holds five tokens, up from two to three in 2022, signalling broader engagement beyond Bitcoin.
According to the report, 43.3% of investor portfolios by volume are allocated to Layer-1 networks, followed by Bitcoin at 26.5% and meme tokens at 11.8%.
Sumit Gupta, Co-Founder of CoinDCX, said the market is undergoing “structural maturity” as global regulatory clarity in the US, UK and Europe brings digital assets closer to mainstream financial systems.
Gupta noted that India’s growing base of over 20 crore demat accounts reflects an investment-ready population, adding that crypto exchanges would need to prioritise compliance, transparency and investor education.
A major trend highlighted in the report is the increasing contribution from Tier-2 and Tier-3 cities, which now account for 40% of India’s crypto users. Lucknow recorded a five-fold rise in Ethereum trading and emerged as a hub for SUI adoption.
Pune saw Solana volumes quadruple, while Jaipur registered higher Ethereum trades compared to Bitcoin.
Cities such as Bhopal, Patna, Chandigarh, Indore, Guwahati and Ludhiana also entered the list of active trading centres, indicating broader geographic distribution of participation.
Market maturity and demographic shifts
Bengaluru led Ethereum activity, with a 6.6x rise in volumes, while Mumbai showed a clear shift toward Ethereum over Bitcoin. The average investor age increased from 25 to 32, reflecting what the report interprets as greater financial stability entering the segment.
Female participation doubled over the year.
The report lists Kolkata, Delhi and Mumbai as the top metros for women investors, while Bhubaneswar, Kochi and Vadodara led among non-metro regions. Holdings among women investors remained diversified, spanning Bitcoin, Ethereum, Polygon, XRP, Solana and other altcoins.
Outlook for 2026
Gupta said 2026 may further separate crypto markets from past price cycles such as the Bitcoin halving pattern.
He pointed to rising institutional participation globally, noting that 55% of hedge funds now hold crypto with an average allocation of 7%.
CoinDCX, founded in 2018, has expanded to a multi-entity group with operations in India and the Middle East. Its acquisition of BitOasis in 2024 and subsequent expansion into Bahrain strengthened its regional footprint, while its venture arm continues to back Web3 projects.
The exchange reported ₹51,333 crore in trading volume in FY25. However, the report emphasises behavioural changes rather than trading activity.
The average Indian crypto investor now holds five tokens, up from two to three in 2022, signalling broader engagement beyond Bitcoin.
According to the report, 43.3% of investor portfolios by volume are allocated to Layer-1 networks, followed by Bitcoin at 26.5% and meme tokens at 11.8%.
Sumit Gupta, Co-Founder of CoinDCX, said the market is undergoing “structural maturity” as global regulatory clarity in the US, UK and Europe brings digital assets closer to mainstream financial systems.
Gupta noted that India’s growing base of over 20 crore demat accounts reflects an investment-ready population, adding that crypto exchanges would need to prioritise compliance, transparency and investor education.
A major trend highlighted in the report is the increasing contribution from Tier-2 and Tier-3 cities, which now account for 40% of India’s crypto users. Lucknow recorded a five-fold rise in Ethereum trading and emerged as a hub for SUI adoption.
Pune saw Solana volumes quadruple, while Jaipur registered higher Ethereum trades compared to Bitcoin.
Cities such as Bhopal, Patna, Chandigarh, Indore, Guwahati and Ludhiana also entered the list of active trading centres, indicating broader geographic distribution of participation.
Market maturity and demographic shifts
Bengaluru led Ethereum activity, with a 6.6x rise in volumes, while Mumbai showed a clear shift toward Ethereum over Bitcoin. The average investor age increased from 25 to 32, reflecting what the report interprets as greater financial stability entering the segment.
Female participation doubled over the year.
The report lists Kolkata, Delhi and Mumbai as the top metros for women investors, while Bhubaneswar, Kochi and Vadodara led among non-metro regions. Holdings among women investors remained diversified, spanning Bitcoin, Ethereum, Polygon, XRP, Solana and other altcoins.
Outlook for 2026
Gupta said 2026 may further separate crypto markets from past price cycles such as the Bitcoin halving pattern.
He pointed to rising institutional participation globally, noting that 55% of hedge funds now hold crypto with an average allocation of 7%.
CoinDCX, founded in 2018, has expanded to a multi-entity group with operations in India and the Middle East. Its acquisition of BitOasis in 2024 and subsequent expansion into Bahrain strengthened its regional footprint, while its venture arm continues to back Web3 projects.
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