Gen Z Overtakes Millennials as India’s Leading Crypto Investors

India’s cryptocurrency landscape is undergoing a generational transformation, with Gen Z investors (aged 18–25) now forming the largest share of the market for the first time. The latest CoinSwitch report, “India’s Crypto Portfolio: How India Invests (Q3 2025)”, highlights how digital asset participation is broadening across regions and age groups, signalling growing maturity in India’s crypto ecosystem.

Gen Z Takes the Lead in Crypto Adoption

According to the report, Gen Z accounts for 37.6% of all crypto investors on CoinSwitch, narrowly surpassing Millennials (26–35 years) at 37.3%. Investors aged 36–45 represent 17.8% of the total. This demographic shift reflects growing digital literacy and financial independence among young Indians, who increasingly view crypto assets as legitimate investment vehicles rather than speculative bets.

Metros Dominate, Tier-2 Cities Surge

Delhi continues to lead with 19.3% of India’s crypto participation, followed by Bengaluru at 8.9% and Mumbai at 7.0%. However, Tier-2 cities such as Jaipur, Lucknow, and Patna are showing rapid growth, suggesting that crypto adoption is no longer confined to major urban centres. The report underscores that smaller cities are driving the next wave of financial inclusion through digital assets.

Investment Patterns and Trading Trends

Investor portfolios show a clear tilt toward established assets. Bitcoin remains the most held coin at 7.2%, followed by Dogecoin (6.1%) and Ethereum (4.9%). Seven of the top ten tokens are large-cap assets, indicating a preference for stability and long-term value. Ethereum led trading volumes at 8.9%, ahead of Ripple and Bitcoin (both at 7.6%), with July emerging as the busiest trading month due to Bitcoin rallies and U.S. policy developments.

Exam Oriented Facts

• Gen Z (18–25) investors form 37.6% of India’s crypto users, surpassing Millennials.
• Delhi leads national crypto participation with 19.3% share.
• Bitcoin (7.2%) remains the most held asset on CoinSwitch.
• Ethereum recorded the highest trading volume at 8.9% in Q3 2025.

Regional Investment Insights and Profitability

City-level analysis reveals distinct investment strategies. Mumbai leads in blue-chip asset allocation (37.4%), Hyderabad in large-cap holdings (37.3%), Patna in mid-cap exposure (42%), and Jaipur in small-cap portfolios (9.4%). Kolkata stands out with the highest profitability, where 77% of portfolios are in profit. Delhi-NCR follows closely, with over 65% of investors recording gains, reflecting growing sophistication and confidence among Indian crypto participants.