The report highlighted that Kolkata emerged as the top city for women investors, followed by Delhi and Mumbai. Among non-metros, Bhubaneswar, Kochi and Vodadara led female participation. Emerging cities like Siliguri, Imphal, and Ernakulam recorded notable growth.
Also Read | MF Tracker: This Franklin India fund turns Rs 1,000 SIP to Rs 2.30 crore in 32 yrs, logs positive returns in 9 out of 10 yearsCoinDCX’s Annual Report highlights a year marked by record participation, structural maturity, and a pronounced shift to long-term, research-led investing.The Indian crypto investor today holds an average of 5 tokens per portfolio (up from 2-3 in 2022). Indian investors have graduated from ‘Crypto equals Bitcoin’. They have now started to understand the underlying fundamentals of different tokens. For instance, Ethereum powers decentralized finance, tokenization, and real-world applications. 43.3% of investors prefer Layer-1 tokens, a clear indicator of research-driven diversification rather than single-asset speculation, the report said.
2025 also saw the rise of theme-driven participation. Investors are increasingly approaching crypto like equities, grouping assets based on sectors and future potential rather than reacting to short-term movements. Average Indian crypto portfolio split in volumes is dominated by Layer 1 – 43.3%, BTC- 26.5% and Memes – 11.8 %.Bengaluru led the transformation with ETH volumes surging 6.6x (from $4 million to $26 million), while Pune witnessed the sharpest increase at 10x (from $2.2 million to $20 million). Mumbai, India’s financial capital, decisively shifted to Ethereum ($22 million) over Bitcoin ($16 million).Lucknow recorded 5x Ethereum growth and emerged as a SUI hub. Pune quadrupled Solana volumes. Average investor age rose from 25 to 32, yet another sign of financial stability entering the market.
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According to the report, 40% of India’s crypto users now come from Tier-2 and Tier-3 cities, with non-metros driving the year’s most explosive growth. Lucknow recorded a 5x surge in Ethereum trading while emerging as a major hub for SUI adoption. Pune became India’s most active upcoming metro market, with Solana volumes quadrupling. Jaipur saw Ethereum double to overtake Bitcoin, while Solana tripled, reflecting steady, organic participation rather than hype-led trading.
Among non-metros, Lucknow led in absolute volume (Rs 4,000 crore), followed by Patna and Jaipur. Even cities like Bhopal, Chandigarh, Indore, Guwahati, and Ludhiana entered India’s top trading centers, proving that the next wave of crypto growth is being shaped not by metros, but by the aspirations of emerging India.
Commenting on what to expect in 2026, Sumit Gupta, Co-Founder, CoinDCX said,“If 2025 was the year crypto came of age in India, then 2026 will define the next phase of digital finance. The price pattern associated with the Bitcoin halving cycle will no longer shape market behaviour, and that’s a healthy shift. Today participation is increasingly research-led and institutionally aligned. With 55% of hedge funds now holding crypto, averaging a 7% allocation, and a majority planning to increase exposure, the market has clearly entered a more stable, long-term phase. Institutional adoption is no longer a signal of what’s coming, it’s now the baseline.”
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