India’s cryptocurrency ecosystem is undergoing a rapid transformation, and a new report shows that the next wave of growth is being powered not by traditional metro hubs alone, but increasingly by Tier-2 cities and a fast-rising base of women investors. CoinDCX’s annual report, 2025: The Story of Crypto in India, suggests that the country has moved past the early phase in which most people associated crypto only with Bitcoin and speculative trading. A more mature, research-driven investing approach is now emerging.
The findings show that Indian investors are steadily shifting toward diversified portfolios instead of concentrating their funds in a single asset. On average, investors now hold around five different tokens, compared with just two or three in 2022. This highlights a growing focus on studying blockchain projects, evaluating real-world applications and making informed choices rather than relying purely on hype. Layer-1 assets such as Ethereum, Solana and SUI now dominate holdings with a combined 43.3% share, while Bitcoin accounts for 26.5% and meme coins represent 11.8%. The report attributes this trend to a clearer understanding of fundamentals — for instance, Ethereum is increasingly viewed as an ecosystem powering decentralised finance, tokenisation and smart-contract-based applications rather than just another cryptocurrency.
Another change is the way investors categorise their portfolios. Instead of viewing tokens individually, people are grouping them by themes like DeFi, artificial-intelligence-linked tokens or scaling networks, similar to how equity investors track sectors such as technology, banking or pharmaceuticals. Bengaluru, Pune and Mumbai saw significant growth in Ethereum trading, and for the first time, Mumbai’s Ethereum transaction volume surpassed Bitcoin. Pune recorded a fourfold jump in Solana activity as well. The average age of crypto investors rose from 25 to 32, suggesting that individuals with more financial stability and experience are entering the market.
One of the biggest shifts highlighted in the report is the rise of non-metro participation. Tier-2 and Tier-3 cities now account for 40% of India's crypto user base, signalling a deep structural expansion beyond the urban centres that traditionally dominated digital finance. Lucknow recorded a fivefold increase in Ethereum volumes and also emerged as a major hub for SUI trading. Pune experienced the highest overall growth, with trading volumes increasing ten times. Jaipur saw Ethereum trading surpass Bitcoin for the first time. The expanding influence of cities such as Bhopal, Chandigarh, Indore, Guwahati and Ludhiana shows that users in India’s heartland are no longer passive observers — they are now active market contributors.
Women have also become a major force in the industry. Female participation has doubled, supported by easier-to-use investment platforms and stronger financial education resources. Kolkata recorded the highest number of women users, followed by Delhi and Mumbai, while cities like Bhubaneswar, Kochi and Vadodara demonstrated impressive growth. Women investors showed broad diversification in their holdings, with popular choices including Bitcoin, Ethereum, Polygon, XRP, Solana, Cardano and Avalanche.
Looking ahead, CoinDCX Co-founder Sumit Gupta believes that 2026 will represent a turning point for India’s digital finance landscape. According to him, the market will evolve beyond the usual cycles linked to Bitcoin halving and will instead be influenced by deeper research, institutional participation and long-term investment frameworks. With 55% of global hedge funds already holding crypto and many planning to increase their stakes, the report predicts that the market is on a path toward greater maturity, more stability and sustained long-term growth rather than short-lived speculation.
