Gen Z Investors Now Form 37.6% of India’s Crypto User Base, Surpassing Millennials
According to CoinSwitch’s “India’s Crypto Portfolio Q3 2025” report, Gen Z has emerged as the largest group of cryptocurrency investors in India. The study, which analyzed data from 25 million users, reveals that investors aged 18 to 25 now constitute 37.6% of the country’s crypto user base, slightly surpassing Millennials at 37.3%. This marks a significant generational shift and underscores the evolving market dynamics, with younger investors increasingly treating crypto as a legitimate long-term investment.
### Dominant Cryptocurrencies: Bitcoin, Dogecoin, and Ethereum
Bitcoin continues to hold the top spot as India’s most owned cryptocurrency, making up 7.2% of total holdings. Dogecoin follows closely with a 6.1% share, maintaining its popularity among younger traders. Ethereum ranks third at 4.9%.
When it comes to trading activity, Ethereum leads the quarter with 8.9% of all transactions, followed by XRP and Bitcoin, each capturing 7.6% of trading volume. Notably, July 2025 recorded the highest trading activity of the quarter, coinciding with a strong Bitcoin rally and the introduction of the U.S. GENIUS Act, which boosted retail participation worldwide.
### Rapid Crypto Adoption in Tier-2 Indian Cities
While metro cities like Delhi, Bengaluru, and Mumbai remain strongholds of crypto activity, the report highlights increasing adoption in Tier-2 cities. Delhi leads with 19.3% of users, followed by Bengaluru at 8.9% and Mumbai at 7%. However, cities such as Jaipur, Lucknow, and Patna are gaining significant traction, indicating that crypto’s reach is extending beyond major urban centers.
Investment preferences differ across regions:
– Mumbai leads in blue-chip crypto investments.
– Hyderabad showcases strong interest in large-cap assets.
– Patna shows a preference for mid-cap portfolios.
– Jaipur investors focus more on small-cap exposure.
Kolkata stands out for profitability, with 77% of portfolios in the green.
### Market Trends: Shifting Towards ‘Buy and Hold’
Analysts believe these trends indicate a maturing investor mindset in India. There’s a growing adoption of “buy and hold” strategies focused on established digital assets, which reflects increased confidence in the market’s long-term potential despite ongoing regulatory uncertainties.
Supporting this, a study by TRM Labs identified India as the global leader in crypto adoption in 2025, recording an 80% rise in transaction volume and a 125% increase in retail participation between January and July.
### India’s Dominance in Stablecoin Trading
Stablecoin trades have surged to about $4 trillion in 2025, amounting to nearly 30% of global volume. This cements India’s dominance in the digital asset market and highlights the country’s growing influence in shaping global crypto trends.
### The Future of Crypto Investing in India
The increased participation of Gen Z investors signals crypto’s deeper integration into India’s broader financial ecosystem. Many young users view digital assets not merely as tools for quick profits but as components of a long-term wealth-building strategy.
As India continues to lead in crypto adoption, the evolving preferences and growing maturity of its investor base are likely to have lasting impacts on both the domestic and global digital asset landscapes.
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