According to CoinSwitch's India Crypto Portfolio Q3 2025 report, Gen Z is now India's largest group of crypto investors.
CoinSwitch Q3 2025 report shows Gen Z leading adoption
The study is based on 25 million users and shows that investors between the ages of 18 and 25 currently make up 37.6% of the user base.
This number is slightly higher than the 37.3% of Millennials. This data shows a clear generational shift and highlights the continued evolution of the market, with younger investors treating cryptocurrencies as legitimate long-term investments.
Related: Stablecoin trading volume reaches $4 trillion; India and US to lead global cryptocurrency adoption in 2025
Where is virtual currency adoption progressing in India?
While metropolitan cities remain the home of cryptocurrency activity, the report points to an accelerating trend in Tier 2 adoption. Delhi tops the list with 19.3% of users, followed by Bengaluru with 8.9% and Mumbai with 7%.
However, cities such as Jaipur, Lucknow, and Patna are gaining traction, suggesting that the influence of cryptocurrencies is spreading beyond major urban centres.
Investment preferences also vary by region. Mumbai leads in blue-chip investments, Hyderabad in large-cap assets, Patna in mid-cap portfolio and Jaipur in small-cap exposure. Investors in Kolkata recorded the highest profitability, with 77% of their portfolios in profit or 'green' status.
Bitcoin and Dogecoin remain investors’ favorites
According to the report, Bitcoin remains the most held virtual currency in India, accounting for 7.2% of total holdings. Dogecoin follows with a 6.1% share, demonstrating its continued popularity among young traders. Ethereum came in third place with 4.9%.
Trading patterns are slightly different. Ethereum was the most traded token during the quarter, accounting for 8.9% of all trades. XRP and Bitcoin followed, each accounting for 7.6% of trading activity.
CoinSwitch reports that July 2025 saw the highest trading volume of the quarter, coinciding with Bitcoin's strong rally and the introduction of the US GENIUS Act, which boosted retail participation globally.
Analysis: Market shift to “buy-and-hold” strategy
Analysts say the data reflects the mindset of mature investors. Indian traders are increasingly adopting “buy-and-hold” strategies that focus on established digital assets. This shift suggests increased confidence in the market's long-term potential despite lingering regulatory uncertainty.
Notably, a study by TRM Labs revealed that India will become a global leader in crypto adoption in 2025, with transaction volumes increasing by 80% and retail participation increasing by 125% between January and July. Stablecoin trading volume has reached approximately $4 trillion, accounting for nearly 30% of global trading volume, reinforcing India's dominance in the digital asset market.
Related: India's top economic advisor warns of risks to global monetary order from USD stablecoins
The increasing participation of young investors also highlights the integration of cryptocurrencies into India's broader financial ecosystem. Many Gen Z users reportedly view digital assets as part of a long-term wealth creation plan, rather than as a quick profit tool.
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