CoinSwitch Annual Report: Uttar Pradesh Leads India in Cryptocurrency Investments

New Delhi, 15 December 2025: Cryptocurrency adoption in India is accelerating, and small towns are emerging as major contributors. According to CoinSwitch’s 2025 report, investment in crypto is no longer limited to metro cities—smaller towns are rapidly catching up. Surprisingly, Delhi, Maharashtra, and Gujarat lag behind in both individual and state-level investments.

Uttar Pradesh Tops the Charts
Uttar Pradesh has now become the leading state for cryptocurrency investments, contributing 13% of India’s total crypto transactions. This surpasses Maharashtra (12.1%) and Karnataka (7.9%). Tier-2 cities accounted for 32.2% of CoinSwitch users, while Tier-3 and Tier-4 cities contributed 43.4%, meaning smaller towns and semi-urban areas now drive over 75% of India’s crypto activity.

Bitcoin Remains the Most Popular
In 2025, Bitcoin emerged as the top cryptocurrency in terms of investment, attracting 8.1% of total capital, surpassing Dogecoin. Ripple (XRP), however, saw the highest trading volume due to increased global corporate interest and favorable economic conditions.

Youth Lead Crypto Investments
Investors aged 26-35 contributed 45% of total investments, up from 42% in 2024, while 18-25-year-olds invested 25.3%, slightly lower than last year. Participation among older investors remained steady.

Women Investors Make Strides
Women constitute 12% of CoinSwitch’s total user base, with Andhra Pradesh leading in female participation. Here, 59% of crypto investors are women, 18% higher than male investors.

State-wise Investment Trends

• Karnataka investors preferred “blue-chip” cryptocurrencies, accounting for 30.1% of their portfolio.
• Andhra Pradesh focused on large-cap cryptos, with 33.3% of investments.
• Bihar investors were the most risk-taking, investing heavily in mid-cap (24.4%) and small-cap (36.5%) cryptos.
• Uttar Pradesh and Maharashtra investors adopted a “buy-the-dip” strategy, purchasing more during price drops.

Smaller Cities on the Rise
CoinSwitch Co-founder Ashish Singhal said, “2025 has been a year of clear maturity for India’s crypto market. Investors are moving beyond initial enthusiasm to make more informed decisions. While metro cities continue to show deep interest, non-metro buyers from smaller towns are emerging strongly in new purchases.”