India’s cryptocurrency market is undergoing a significant geographical and demographic shift, with non-metro regions emerging as the primary drivers of adoption and investment.
According to the CoinSwitch Annual Report 2025, titled India’s Crypto Portfolio: How India Invests, the centre of gravity for crypto activity has moved decisively beyond major metropolitan areas, reflecting a broader and more mature investor base across the country.
Drawing on insights from more than 2.5 crore users, the report suggests that crypto investing in India is increasingly representative of the nation’s wider population, with smaller cities and towns playing a central role in the market’s next phase of growth.
Uttar Pradesh emerges as India’s top crypto state
One of the report’s most notable findings is the rise of Uttar Pradesh as India’s largest contributor to crypto investment value.
The state accounted for 13.0% of total invested value on the CoinSwitch platform, surpassing traditional financial hubs such as Maharashtra, which contributed about 12.1%, and Karnataka at roughly 7.9%.
This shift highlights a broader decentralisation of crypto adoption in India.
Rather than being concentrated in a few urban centres, investment activity is increasingly spread across states that have historically played a smaller role in capital markets.
The data points to growing participation from aspirational investors across India’s heartland, reinforcing the idea that crypto adoption is no longer an urban-only phenomenon.
Tier 2, 3, and 4 cities take centre stage
The report shows a clear and accelerating move away from metros.
In 2025, Tier 2 cities accounted for 32.2% of CoinSwitch’s user base, while Tier 3 and Tier 4 cities contributed 43.4%.
Combined, these regions now represent more than 75% of crypto activity on the platform.
This trend mirrors developments in India’s equity markets, where non-metro participation has been steadily rising.
The data suggests that improved digital access, growing financial awareness, and the appeal of alternative asset classes are drawing investors from smaller cities and towns into crypto markets at scale.
Investor preferences also point to a maturing market.
Bitcoin reclaimed its position as the most-invested crypto asset, with an 8.1% allocation, overtaking Dogecoin.
Ripple’s XRP stood out among actively traded assets, recording a sharp year-on-year increase in trading activity and securing a leading position on the platform.
Youth-led market shows signs of broadening
India’s crypto market continues to be driven largely by younger investors.
The 26–35 age group contributed 45% of total investments, up from 42% a year earlier, while the 18–25 cohort accounted for 25.3%, slightly lower than in 2024.
Participation among older age groups remained stable, indicating a gradual broadening of the investor base.
The report also highlights regional differences in gender participation.
Women make up 12% of CoinSwitch’s overall user base, with Andhra Pradesh standing out as an exception.
In the state, women accounted for 59% of crypto investors, exceeding male participation by 18%.
Risk profiles varied widely across states.
Karnataka showed the highest allocation to blue-chip assets, Andhra Pradesh favoured large-cap assets, while Bihar emerged as the most risk-forward, with higher exposure to mid- and small-cap tokens.
Uttar Pradesh and Maharashtra ranked among the top states for “buy-the-dip” activity during market corrections.
Overall, the CoinSwitch report paints a picture of a maturing and increasingly inclusive crypto ecosystem, with India’s smaller cities and states shaping the future of digital asset adoption in India.
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