UP Leads India’s Crypto Boom as Bharat Redefines the Market: CoinSwitch Annual Report 2025

India’s crypto story is no longer being written only in metro cities. According to the 2025 edition of CoinSwitch’s flagship report, India’s Crypto Portfolio: How India Invests, the centre of gravity for crypto adoption has decisively shifted towards Bharat, with non-metro India now driving the majority of participation and investment activity.

Based on insights from over 2.5 crore users, the report highlights how crypto adoption in India is becoming broader, more mature, and more representative of the country’s wider investing population.

Uttar Pradesh Emerges as India’s No. 1 Crypto State

One of the most striking findings from the report is the rise of Uttar Pradesh as the largest contributor to crypto investments in India, accounting for 13.0% of total invested value. This places the state ahead of traditional investment strongholds like Maharashtra (~12.1%) and Karnataka (~7.9%).

The data underscores a larger trend: crypto adoption is no longer limited to a handful of urban centres. Instead, it is increasingly being driven by aspirational investors across India’s heartland.

Bharat Takes the Lead: Tier 2, 3 & 4 Cities Drive Growth

The shift away from metros is now unmistakable. In 2025:

• Tier 2 cities accounted for 32.2% of CoinSwitch’s user base
  
• Tier 3 and Tier 4 cities contributed 43.4%

Together, these regions now represent over 75% of India’s crypto activity, signalling that the next phase of growth will be powered by smaller cities and towns. This mirrors a similar trend seen in Indian equity markets, where non-metro participation continues to accelerate.

Bitcoin Reclaims the Top Spot, XRP Sees a Surge

Investor preferences in 2025 also reflect a maturing market. Bitcoin (BTC) reclaimed its position as the most-invested crypto asset, with an 8.1% allocation, overtaking Dogecoin (DOGE). This shift was driven by renewed institutional interest globally and favourable macroeconomic conditions.

Among actively traded assets, Ripple (XRP) stood out, recording one of the largest year-on-year increases in trading activity and securing a leading position on the CoinSwitch platform.

India’s Crypto Market Remains Youth-Driven

Crypto investing in India continues to be led by younger demographics:

• The 26–35 age group contributed 45% of total investments, up from 42% last year
  
• The 18–25 cohort accounted for 25.3%, marking a slight dip compared to 2024
  
• Participation among older age groups remained stable, indicating gradual demographic broadening

This evolution suggests that while crypto remains a youth-led asset class, it is steadily attracting a wider spectrum of investors.

Andhra Pradesh Sets the Benchmark for Women Participation

Women currently make up 12% of CoinSwitch’s overall user base, but regional differences are significant. Andhra Pradesh emerged as a standout, with women accounting for 59% of the state’s crypto investors, surpassing male participation by 18%.

This highlights how crypto adoption is also becoming more inclusive, with certain regions leading the way in breaking traditional participation patterns.

Investor Conviction Reflected in Risk Profiles

The report also sheds light on how investor risk appetite varies across states:

• Karnataka recorded the highest allocation to blue-chip assets (30.1%)
  
• Andhra Pradesh showed a strong preference for large-cap assets (33.3%)
  
• Bihar emerged as the most risk-forward state, with the highest exposure to mid-cap (24.4%) and small-cap (36.5%) assets
  
• Uttar Pradesh and Maharashtra ranked among the top states for ‘buy-the-dip’ activity, reflecting strong conviction during market corrections

These patterns indicate a more thoughtful and diversified approach to crypto investing across regions.

A Maturing Market, Led by Bharat

Commenting on the findings, Ashish Singhal, Co-founder, CoinSwitch, said:

“2025 has been a year of clear maturation for India’s crypto market. 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.”

Looking Ahead

From Uttar Pradesh’s leadership in investment value and Bihar’s growth-oriented portfolios to Andhra Pradesh’s higher participation of women, the 2025 CoinSwitch report paints a picture of an ecosystem that is increasingly geographically distributed and demographically diverse.

As crypto continues to evolve in India, the next wave of adoption will be shaped not just by metros, but by Bharat at large.

The post UP Leads India’s Crypto Boom as Bharat Redefines the Market: CoinSwitch Annual Report 2025 appeared first on CoinSwitch.

The post UP Leads India’s Crypto Boom as Bharat Redefines the Market: CoinSwitch Annual Report 2025 appeared first on CoinSwitch.