Non-metros accounted for over 75% of India’s crypto activity in 2025: Report

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Non-metros including Tier-2,3 and 4 cities accounted for nearly 75.6 per cent of crypto trading activities in India in 2025, showed CoinSwitch annual report titled, India’s Crypto Portfolio: How India Invests, released on December 15.

Nearly 32.2 per cent of CoinSwitch’s 2.5 crore user base came from Tier 2 cities, while Tier 3/4 cities contributed 43.4 per cent, indicating that a majority of India’s crypto activity is now expanding beyond the metros.

Among tokens, Bitcoin (BTC) regained its position in 2025 as the most-invested asset with an 8.1 per cent allocation, surpassing Dogecoin (DOGE) driven by institutional interest and favorable macroeconomic conditions globally. Other top traded coins include, Ripple (XRP) that recorded one of the largest increases in activity compared to the previous year.

“2025 has been a year of clear maturation for India’s crypto market,” said Ashish Singhal, Co-founder, CoinSwitch.

He added, “We are seeing investors move beyond early excitement and make more informed, conviction-led decisions. While metros continue to drive strong interest, the broader story of adoption is unfolding across India’s non-metro geographies, which now account for over 75% of the country’s crypto activity.”

Uttar Pradesh has emerged as the largest contributor accounting for 13.0 per cent of total investments, Maharashtra at 12.1 per cent and Karnataka around 7.9 per cent of total investments following closely.

Among blue chip assets, Karnataka recorded the highest allocation to blue-chip assets at 30.1 per cent. Andhra Pradesh demonstrated the strongest preference for large-cap assets at 33.3%.

Bihar showed a distinctive risk-forward approach, with the highest exposure to both mid-cap (24.4%) and small-cap (36.5%) assets.

Additionally, Uttar Pradesh and Maharashtra also became the leading states for ‘buy-the-dip’ activity, reflecting strong conviction during market corrections.

Women represent 12 per cent of the CoinSwitch’s users. Andhra Pradesh’s women stood strong accounting for 59 per cent of the state’s crypto participation, exceeding male participation by 18 per cent.

From a demographic perspective, India’s crypto market remains youth-driven. The 26–35 age group contributed 45 per cent of total investments this year, up from 42 per cent last year. The 18–25 cohort accounted for 25.3%, indicating a slight dip of 4% from last year. Participation among older groups remained stable, pointing to a gradually broadening demographic base.