Gen Z are now leading India’s crypto investments!For the first time, Generation Z has surpassed millennials to emerge as top investors in the country’s crypto investment landscape. CoinSwitch’s Q3 2025 report, India’s Crypto Portfolio: How India Invests, released on Thursday, shows that investors aged 18–25 now form 37.6% of the platform’s user base. Millennials (26–35 years) follow at 37.3%, while those aged 36–45 make up 17.8%.The study draws insights from the activity of over 2.5 crore users on CoinSwitch, India’s largest crypto trading platform.In terms of cities, metros continue to dominate participation. Delhi contributes the highest share at 19.3%, followed by Bengaluru (8.9%) and Mumbai (7.0%). Beyond these hubs, Tier-2 cities such as Jaipur, Lucknow and Patna are emerging as important markets as more investors outside large cities begin to trade crypto.

Portfolio trends highlight a tilt towards established digital assets. Bitcoin is the most held token (7.2%), followed by Dogecoin (6.1%) and Ethereum (4.9%). Seven of the ten most popular coins are large-cap assets, pointing to a shift towards long-term and utility-driven holdings rather than short-term speculative bets.“Our insights reflect one of the largest retail investor bases in the country. The data clearly shows India’s crypto market is entering a more mature phase. What we’re seeing is financial empowerment beyond the big cities. Though metros continue to lead, the next phase of India’s crypto story will be shaped by Tier-2 and Tier-3 cities,” said Balaji Srihari, Vice President of CoinSwitch, as quoted by ET.Trading behaviour shows a slightly different picture. Ethereum led trading volumes at 8.9%, while Ripple and Bitcoin both recorded 7.6%, indicating increased activity around tokens that are approaching all-time highs.Regional investment patterns were also mapped in the report:

July emerged as the peak month for trading activity in the quarter. Trading volumes surged notably on July 11 and July 18, coinciding with Bitcoin’s record-setting rally and the US approval of the GENIUS Act.According to the report, the latest data reinforces that crypto investing in India is widening in both depth and geographic spread. CoinSwitch said it aims to continue supporting this expansion by promoting responsible investing through a secure and transparent platform.