What is the story about?
India’s crypto market is being shaped by non-metro regions, with Uttar Pradesh emerging as the largest contributor to investments, according to CoinSwitch’s India’s Crypto Portfolio: How India Invests 2025 report released on December 15.
Based on data from over 2.5 crore users, the report shows Uttar Pradesh accounting for 13.0% of total crypto investments on the platform, overtaking Maharashtra (12.1%) and Karnataka (7.9%).
The findings point to a sustained shift in participation away from metropolitan centres toward smaller cities and towns.
Tier 2 cities made up 32.2% of CoinSwitch’s user base during the year, while Tier 3 and Tier 4 cities together accounted for 43.4%. This implies that more than three-fourths of crypto activity on the platform now originates outside major metros, underscoring the growing role of regional India in the digital asset market.
In terms of asset preference, Bitcoin regained its position as the most-invested cryptocurrency, with an 8.1% allocation, surpassing Dogecoin amid renewed institutional interest and supportive macroeconomic conditions. Ripple (XRP) also saw a sharp rise in trading activity compared with the previous year, placing it among the platform’s most actively traded assets.
The investor base remained largely youth-driven. Users aged 26–35 contributed 45% of total investments, up from 42% last year. The 18–25 age group accounted for 25.3%, marking a modest decline, while participation from older age cohorts remained broadly stable.
Gender participation continued to lag overall, with women representing about 12% of users nationwide. However, Andhra Pradesh stood out as an exception, recording the highest female participation in the country. Women accounted for 59% of the state’s crypto investors, exceeding male participation by 18%, according to the report.
State-level differences were also visible in risk preferences. Karnataka recorded the highest allocation to blue-chip assets, while Andhra Pradesh showed a stronger tilt towards large-cap cryptocurrencies. Bihar exhibited a relatively higher exposure to mid- and small-cap assets, indicating a more risk-forward approach. Uttar Pradesh and Maharashtra were among the leading states in “buy-the-dip” activity during market corrections.
Commenting on the findings, CoinSwitch Co-founder Ashish Singhal said the data points to a maturing market, with investors making more conviction-led decisions and participation broadening beyond metros.
Based on data from over 2.5 crore users, the report shows Uttar Pradesh accounting for 13.0% of total crypto investments on the platform, overtaking Maharashtra (12.1%) and Karnataka (7.9%).
The findings point to a sustained shift in participation away from metropolitan centres toward smaller cities and towns.
Tier 2 cities made up 32.2% of CoinSwitch’s user base during the year, while Tier 3 and Tier 4 cities together accounted for 43.4%. This implies that more than three-fourths of crypto activity on the platform now originates outside major metros, underscoring the growing role of regional India in the digital asset market.
In terms of asset preference, Bitcoin regained its position as the most-invested cryptocurrency, with an 8.1% allocation, surpassing Dogecoin amid renewed institutional interest and supportive macroeconomic conditions. Ripple (XRP) also saw a sharp rise in trading activity compared with the previous year, placing it among the platform’s most actively traded assets.
The investor base remained largely youth-driven. Users aged 26–35 contributed 45% of total investments, up from 42% last year. The 18–25 age group accounted for 25.3%, marking a modest decline, while participation from older age cohorts remained broadly stable.
Gender participation continued to lag overall, with women representing about 12% of users nationwide. However, Andhra Pradesh stood out as an exception, recording the highest female participation in the country. Women accounted for 59% of the state’s crypto investors, exceeding male participation by 18%, according to the report.
State-level differences were also visible in risk preferences. Karnataka recorded the highest allocation to blue-chip assets, while Andhra Pradesh showed a stronger tilt towards large-cap cryptocurrencies. Bihar exhibited a relatively higher exposure to mid- and small-cap assets, indicating a more risk-forward approach. Uttar Pradesh and Maharashtra were among the leading states in “buy-the-dip” activity during market corrections.
Commenting on the findings, CoinSwitch Co-founder Ashish Singhal said the data points to a maturing market, with investors making more conviction-led decisions and participation broadening beyond metros.
