Non-metro cities account for 75% of India's crypto trading: Report
What's the story
India's cryptocurrency market is being driven by non-metro cities, a new report by CoinSwitch has revealed. The study, titled India's Crypto Portfolio: How India Invests 2025, found that Uttar Pradesh is the biggest contributor to investments on the platform. The data was collected from over 25 million users and shows that UP accounts for 13% of total crypto investments on CoinSwitch.
Investment trends
UP surpasses Maharashtra and Karnataka in crypto investments
Uttar Pradesh has surpassed Maharashtra (12.1%) and Karnataka (7.9%) as the top contributor to crypto investments on CoinSwitch. This trend indicates a shift from metropolitan hubs to smaller cities and towns. The report also shows that Tier 2 cities accounted for 32.2% of CoinSwitch's user base this year, while Tier 3 and Tier 4 cities together contributed an even larger chunk at 43.4%.
Market dynamics
Bitcoin and Ripple lead in asset preference
The report also highlighted trends in asset preference, with Bitcoin taking the lead as the most-invested cryptocurrency with an allocation of 8.1%. This comes amid renewed institutional interest and favorable macroeconomic conditions. Ripple (XRP) also witnessed a significant spike in trading activity compared to last year, making it one of the most traded assets on CoinSwitch's platform.
Demographic insights
Youth dominate India's crypto investor base
The report revealed that the investor base is largely youth-driven, with users aged 26-35 accounting for 45% of total investments. This is an increase from last year's figure of 42%. The age group of 18-25 made up 25.3% of the user base, a slight decline from previous years, while older age cohorts remained broadly stable in their participation rates.
Participation patterns
Gender participation and risk preferences in crypto investments
Gender participation in India's crypto market has been low, with women accounting for only 12% of users across the country. However, Andhra Pradesh was an exception, with women making up 59% of the state's crypto investors—18% more than their male counterparts. The report also showed state-level differences in risk preferences, with Karnataka having the highest allocation to blue-chip assets and Andhra Pradesh preferring large-cap cryptocurrencies.