Uttar Pradesh leads India in crypto adoption, tops invested value in 2025

India's crypto boom is led by non-metro regions; Tier-III and IV towns account for 43.4 per cent of activity, Tier-II add 32.2 per cent, while Tier-I cities make up about a quarter of participation

Uttar Pradesh has emerged as India’s top state for crypto adoption, leading the country in total invested value, according to CoinSwitch’s India’s Crypto Portfolio 2025 report.

 

The finding highlights a major shift in India’s digital asset landscape, where smaller cities and non-metro regions are now driving growth instead of just big urban centres.

 

UP tops the crypto charts

 

Uttar Pradesh accounted for 13 per cent of India’s total crypto invested value in 2025, the highest share among all states. It was followed by Maharashtra at 12.1 per cent and Karnataka at 7.9 per cent. The data shows that UP investors are no longer lagging behind traditional financial hubs and are actively participating in the digital asset economy.

 

 

What stands out is UP’s balanced investment style. Investors in the state have spread their money across small-cap (33.1 per cent), mid-cap (22.9 per cent), large-cap (29.2 per cent), and blue-chip crypto assets (14.7 per cent). This shows a mix of risk-taking and long-term planning. Bitcoin remains the most preferred asset in Uttar Pradesh, both for investing and trading, underlining growing trust in established digital coins.   

 

Non-metro India drives growth

 

One of the biggest takeaways from the report is that India’s crypto boom is now powered by non-metro regions. Tier-III and Tier-IV towns together account for 43.4 per cent of total crypto activity, while Tier-II cities contribute another 32.2 per cent. Tier-I cities now make up just about a quarter of total participation.

 

Uttar Pradesh’s rise fits into this larger trend. With increasing internet access, digital payments and awareness, people in smaller towns are turning to crypto as an alternative investment option.

 

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

 

Investors are becoming more mature

 

The report suggests that Indian crypto investors are moving away from hype-driven decisions. Blue-chip coins now make up half of the top 10 most-held tokens. Bitcoin has reclaimed the number one spot, accounting for 8.1 per cent of total holdings, followed by Dogecoin and Ethereum.

 

India has also emerged as a late-night crypto nation. The busiest trading hour is between 10 pm and 11 pm, suggesting that many investors trade after work hours. January was the most active month, with January 19 recorded as the busiest trading day of the year.

 

In terms of age, the 26-35 age group leads crypto participation with 45 per cent share, followed by the 18-25 group at 25.3 per cent. This shows strong interest among young Indians, though older age groups are also steadily joining in.

 

Women make up 12 per cent of India’s crypto users, while men account for 88 per cent. However, Andhra Pradesh stands out as the only state where women investors outnumber men, indicating a slow but positive shift toward broader inclusion.