CoinSwitch Report 2025: Gen Z India crypto market Overtake Millennials

India’s crypto market just got younger. For the first time, Gen Z investors aged 18–25 have overtaken millennials to become the largest group of investors in the country.

Gen Z Now Leads India Crypto Market 2025

According to CoinSwitch’s Q3 2025 report on cryptocurrency adoption:

• Gen Z now makes up 37.6%

• Millennials (26–35) stand at 37.3%

• The 36–45 age group follows with 17.8%.

This marks a major shift in India’s digital investment landscape. Younger investors are now taking charge of crypto portfolios, reflecting a strong appetite for financial independence and digital innovation.

CoinSwitch, one of India’s largest crypto platforms with over 2.5 crore users, says this is the first time Gen Z has taken the top spot. It signals that the nation's space is no longer just a tech trend—it’s a serious investment arena driven by the youth.

Why Gen Z Is Leading?

• Gen Z was brought up with UPI, fintech applications, and social media. Therefore, it does not feel out of place to cryptocurrency.

• It has never been more accessible than it is today, with apps that have easy-to-use interfaces and require minimal entry fees. Users can watch various tutorials on " how to buy crypto with ₹100 in India".

• This is also an open generation as far as experimentation is concerned.

• They are subscribers to influencers,  YouTubers, and Telegram groups, and are informed very fast within the online communities.

• Young investors feel safe to make calculated risks even in the absence of complete government control and view crypto as a contemporary means of increasing wealth online.

Source: Bitinning X

Which Cities of India Are Investing the Most?

The metro cities still dominate the investment:

• Delhi leads with 19.3% of total investors.

• Bengaluru follows with 8.9%, and

• Mumbai comes third with 7.0%.

Smaller cities are also catching up. Ahmedabad has made it to the top 10 list first, and Jaipur, Lucknow, and Patna are becoming new crypto hubs.

According to experts, this expansion indicates that digital finance is leaving the metros and expanding to Tier-2 and Tier-3 cities.

What Gen Z Are Buying Most?

When it comes to coin preferences, Gen Z seems to prefer stability and trust. The top three most-held coins are:

• Bitcoin (7.2%)

• Dogecoin (6.1%)

• Ethereum (4.9%)

The seven leading ten investments are all large-cap tokens, implying that investors are moving towards long-term, utility-based investments and not short-term speculative returns.

Source: Kashif Raza X

Investment Style of Each City

CoinSwitch data shows distinct patterns in how different cities invest:

• Mumbai leads in Blue-Chip investments (37.4%), reflecting a safer approach.

• Hyderabad tops in Large-Cap holdings (37.3%).

• Patna dominates Mid-Cap investments (42%), showing moderate risk-taking.

• Jaipur leads in Small-Cap portfolios (9.4%), indicating a willingness to experiment.

• Kolkata stands out with 77% of portfolios in profit, the highest in India.

These trends show how risk preferences differ across cities, but together they paint a picture of a maturing and confident market.

Trading Activity Highlights of India

• The busiest month for trading in Q3 2025 was July, when Bitcoin reached new highs. July 11 and July 18 saw the highest trading volumes.

• Ethereum led with 8.9% of trades, followed by Ripple and Bitcoin at 7.6% each.

• The trading spike was linked to global optimism after the U.S. passed the GENIUS Act, boosting market sentiment worldwide.

Crypto Rules and Regulations Boost

A major confidence boost came from the Madras High Court , which ruled that cryptocurrency qualifies as property under Indian law.

Although Cryptocurrency is not a legal tender yet, the ruling provides investors with the right to own and secure assets under the law, which is badly needed in the dynamic regulatory environment in India.

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• India has more than 2.5 crore CoinSwitch users, which indicates huge retail involvement in the market and increased confidence among the youth.

• The trend is an indicator of increasing financial autonomy of Gen Z, not restricted to major cities, but distributed to smaller towns.

• Notwithstanding the absence of comprehensive regulations, crypto investment in India is becoming wider, smarter, and more future-oriented.

Conclusion

India crypto adoption is now led by its youngest investors. With Gen Z taking the reins, the country’s digital finance future looks smarter, wider, and far more confident.