The landscape of cryptocurrency investment in India is evolving, as outlined in the annual report ‘2025: The Story of Crypto in India’ by CoinDCX. Investors are now broadening their views beyond the traditional association of ‘Crypto equals Bitcoin,’ opting for diversified portfolios and long-term strategies.
SHIFT AWAY FROM BITCOIN
The report reveals that the average Indian investor currently holds five tokens, a significant increase from the previous range of two to three tokens in 2022. This trend indicates a growing inclination towards exploring various projects and their practical applications rather than solely relying on Bitcoin.
Leading the portfolio volumes are Layer-1 tokens like Ethereum, Solana, and SUI, accounting for 43.3%. Bitcoin follows at 26.5%, with meme coins making up 11.8%.
CoinDCX points out that this transition signifies a deeper grasp of the underlying principles. For instance, investors now view Ethereum as a network supporting decentralized finance, tokenization, and other applications.
Investors are categorizing tokens based on themes such as DeFi, AI-based tokens, or scaling solutions, similar to sectoral grouping in the stock market.
Notably, Bengaluru, Pune, and Mumbai have witnessed substantial increases in Ethereum volumes. Mumbai, for the first time, saw more Ethereum trading than Bitcoin, while Pune reported a fourfold surge in Solana volumes.
The report underlines that the average investor age has risen from 25 to 32, indicating the entry of financially stable individuals into the market.
EMERGENCE OF NON-METRO INDIA
The report highlights that 40% of India’s crypto users now originate from Tier-2 and Tier-3 cities, marking a significant shift. Lucknow experienced a fivefold increase in Ethereum volumes and emerged as a major SUI hub.
Pune witnessed the most notable overall rise, with a tenfold surge in trading volumes. Jaipur saw Ethereum surpass Bitcoin trading for the first time. Other cities like Bhopal, Chandigarh, Indore, Guwahati, and Ludhiana also joined the list of top trading centers.
This trend indicates a shift from passive observation to active participation in the heartland of India, according to the report.
GROWTH OF FEMALE INVESTORS
Female involvement doubled over the year, supported by improved educational resources and user-friendly platforms. Kolkata led in female user engagement, followed by Delhi and Mumbai, while non-metro cities like Bhubaneswar, Kochi, and Vadodara exhibited substantial growth.
Women investors showcased diversified portfolios, investing in assets such as Bitcoin, Ethereum, Polygon, XRP, Solana, Cardano, and Avalanche.
OUTLOOK FOR 2026
Sumit Gupta, Co-founder of CoinDCX, predicts that 2026 will herald a new era for digital finance in India. He anticipates a shift away from the traditional Bitcoin halving cycle towards research-driven and institutionally-backed market dynamics.
With 55% of global hedge funds currently holding cryptocurrencies and many planning to