India's crypto adoption moves beyond metros as Tier-2, Tier-3 cities drive growth in 2025
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Uttar Pradesh has emerged as the largest contributor, with 13% of the total crypto investments in India, with Maharashtra 12.1% and Karnataka 7.9% following closely, according to CoinSwitch's annual report for 2025.
Tier 2 cities accounted for 32.2% of the user base, while Tier 3/4 cities contributed 43.4%, indicating that a majority of India’s crypto activity is now expanding beyond the metros.
Bitcoin (BTC) regained its position this year in India as the most-invested asset with an 8.1% allocation, surpassing Dogecoin (DOGE) following renewed institutional interest and favourable macroeconomic conditions. Among the 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% of total investments this year, up from 42% last year. The 18-25 cohort accounted for 25.3%, indicating a slight dip of 4% from last year. Participation among older groups remained stable, pointing to a gradually broadening demographic base.
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Women currently represent 12% of the platform’s user base. Andhra Pradesh stood out with a notably higher proportion of female investors, who accounted for 59% of the state’s crypto participation, exceeding male participation by 18%. “2025 has been a year of clear maturation for India’s crypto market,” said Ashish Singhal, Co-founder, 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% 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.”
Investor conviction was reflected in the evolving risk profile across states. Karnataka recorded the highest allocation to blue-chip assets at 30.1%. Andhra Pradesh demonstrated the strongest preference for large-cap assets at 33.3%. Bihar showed a distinctive risk-forward approach, with the highest exposure to both mid-cap (24.4%) and small-cap (36.5%) 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.