CoinDCX Reveals Smarter Crypto Investors Driving Growth Across India

India's crypto landscape is maturing—fast. Forget the wild speculation of 2021; a new, more sophisticated investor is emerging, and they're fueling a structural shift in the market.

From Tier-2 Cities to the Mainstream

The growth isn't confined to metropolitan hubs. Data shows adoption surging beyond traditional financial centers, driven by investors who do their homework. They're not chasing memes; they're building portfolios.

The New Playbook: Research Over Hype

This cohort bypasses social media frenzy. Their strategy hinges on fundamental analysis, regulatory awareness, and a focus on long-term utility over short-term pumps. It's a calculated approach that's stabilizing the ecosystem from the ground up.

While traditional finance debates legacy systems, these investors are quietly building the future—proving that sometimes, the smartest money ignores the noise and just gets to work. A welcome change from the 'number go up' theology that still plagues Wall Street.

Metros discovers Ethereum’s dominance

The trend is particularly clear in India’s large cities. Mumbai, home to the stock market and traditional finance, has experienced a symbolic turning point: Ethereum now attracts more trading volume there than Bitcoin. Bengaluru, Ahmedabad, Delhi, Jaipur and Pune have also seen Ethereum activity surge sharply, reflecting a deeper belief in the network rather than a short-term price chase.

Pune’s numbers are among the most striking in the report. Its trading activity has multiplied many times over, and solana too has seen substantial traction — another sign that Indian investors are becoming curious about innovations happening beyond the obvious names.

Heartland India steps into the spotlight

However, the most significant shift is geographical. Crypto has quietly spread far beyond the metros that once fuelled its rise. According to the report, about 40% of India’s crypto users now come from Tier-2 and Tier-3 cities — a change the industry has never seen at this scale.

Lucknow’s crypto culture has exploded, particularly in Ethereum and SUI, placing the city firmly among the country’s leading trading centres. Jaipur has crossed a new milestone with Ethereum overtaking Bitcoin in popularity. 

Meanwhile, cities such as Bhopal, Guwahati, Indore, Chandigarh, and Ludhiana — places not usually linked with high-end finance — are now becoming strong participants in the crypto market. 

People there aren’t just curious anymore; they’re actively trading and learning how digital assets work. Crypto is no longer something that only big metros lead. It’s growing fast in smaller cities, where more people now feel confident using technology to build their financial future.

Women investors double their influence

Another part of the market that is rapidly changing is gender representation. Female participation in crypto has doubled over the past year, with women increasingly taking charge of their personal investment journeys.

Kolkata is currently at the forefront when it comes to women participating in crypto, with Delhi and Mumbai right behind it. The bigger surprise is coming from outside the major cities. 

In Bhubaneswar, Kochi, and Vadodara, more women are now getting into crypto. Even smaller towns like Siliguri, Imphal, and Ernakulam are beginning to show activity, proving that female participation is spreading beyond the big metros.

Women are not sticking only to the most popular tokens. They are investing in both well-known coins and newer digital assets, showing interest and confidence in the market.

Looking ahead, CoinDCX expects 2026 to be a steadier year for crypto in India, with more involvement from institutional investors and a stronger market base. 

CoinDCX Co-Founder Sumit Gupta said this could be a turning point, “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 behavior, and that’s a healthy shift. Today participation is increasingly research-led and institutionally aligned.”

He added, “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.”

His words reflect a larger truth: Indian investors are no longer treating crypto as a lottery ticket. They see it as part of a financial future that is already taking shape.

A broader, deeper India behind crypto’s rise

What emerges from this report is a portrait of a market that has grown up.It is no longer confined to urban tech pockets or young thrill-seekers. Women are stepping forward in large numbers. Smaller cities are driving participation. And investors of all kinds are asking deeper questions before they act.

Crypto in India has moved beyond being just a trend. It is now a nationwide movement, growing more informed, ambitious, and confident about its future.

Also Read: Crypto Goes Mainstream in 2025, Says CoinSwitch Co-founder at IBW