Non-metros accounted for 75% of crypto activity in 2025: CoinSwitch

CoinSwitch's 2025 report shows non-metro regions now drive more than three-quarters of digital-asset activity, led by Uttar Pradesh

The larger story of India’s cryptocurrency adoption unravelled in non-metro cities during 2025 with Tier-II, Tier-III and Tier-IV cities accounting for 75 per cent of the country’s crypto activity, somewhat mirroring the trend seen in the country’s equity markets, according to a report by crypto exchange CoinSwitch.

 

Meanwhile, state-level analysis showed that Uttar Pradesh was the largest contributor, accounting for 13 per cent of total investments, followed by Maharashtra at about 12.1 per cent and Karnataka at 7.9 per cent, the report titled ‘India’s Crypto Portfolio: How India Invests’ said.

 

The report, based on data from over 25 million users, said that Tier-II cities accounted for 32.2 per cent of the user base, while Tier-III and Tier-IV cities contributed 43.4 per cent, indicating that a majority of India’s crypto activity is now expanding beyond the metros.

 

 

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

 

“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 per cent of the country’s crypto activity. The same momentum is visible in the Indian equity markets, where non-metros continue to rise and are poised to deliver the next million investors,” Singhal said.

 

Bitcoin (BTC) regained its position this year as the most-invested asset with an 8.1 per cent allocation, surpassing Dogecoin (DOGE) following renewed institutional interest and favourable macroeconomic conditions.

 

Among top traded coins, Ripple (XRP) recorded one of the largest increases in activity compared to the previous year, securing a leading position on the platform.

 

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 per cent, indicating a slight dip of 4 per cent from last year. Participation among older groups remained stable, pointing to a gradually broadening demographic base.

 

Women currently represent 12 per cent of the platform’s user base. Andhra Pradesh stood out with a notably higher proportion of female investors, who accounted for 59 per cent of the state’s crypto participation, exceeding male participation by 18 per cent.

 

Lastly, investor conviction was reflected in the evolving risk profile across states.

 

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 per cent. Bihar showed a distinctive risk-forward approach, with the highest exposure to both mid-cap (24.4 per cent) and small-cap (36.5 per cent) assets. Additionally, Uttar Pradesh and Maharashtra emerged among the leading states for “buy-the-dip” activity, reflecting strong conviction during market corrections.

 

Overall, the report highlights that India’s crypto participation is broadening meaningfully.

 

From Bihar’s growth-oriented portfolios to Andhra Pradesh’s higher share of women investors, 2025 reflects a more geographically distributed and demographically diverse crypto ecosystem, one that is increasingly representative of India’s wider investing population.