Indian crypto investors are showing clear signs of a maturing market, with Bitcoin overtaking Dogecoin as the country’s most-held digital asset and investment activity spreading decisively beyond major cities, according to CoinSwitch’s Annual Report 2025, released on 15 Dec.

Based on data from more than 25 million users, the report shows Bitcoin accounting for 8.1% of total holdings, reclaiming the top spot from Dogecoin, which slipped to 6.0% after leading portfolios last year. Ether remained the third-largest holding at 5.2%, while Shiba Inu held a 4.5% share, underlining that memecoins continue to attract interest but no longer dominate Indian portfolios.

The shift points to investors moving away from hype-driven trades and toward more established assets. CoinSwitch said the change was driven by renewed global interest in Bitcoin and broader macroeconomic factors, with 2025 marking a year of stronger investor conviction.

“2025 has been a year of clear maturation for India’s crypto market,” said Ashish Singhal, co-founder of CoinSwitch. “We are seeing investors move beyond early excitement and make more informed, conviction-led decisions.”

The report also highlights a structural shift in where crypto adoption is coming from. Smaller cities accounted for more than 75% of crypto activity on the platform, the report said, without providing precise population figures for its tiered city approach. This indicates that India’s crypto growth is no longer metro-centric and increasingly mirrors broader patterns seen in retail investing across the country.

Demographically, crypto participation remains youth-driven but is steadily broadening. Investors aged 26–35 accounted for 45% of participation in 2025, followed by the 18–25 group at 25.3%. Older age cohorts maintained stable participation, signalling gradual expansion beyond first-time young investors. Women represented 12% of the user base nationally, with some regions showing significantly higher female participation.

Trading behaviour suggests deeper engagement rather than purely opportunistic activity. The report shows that 22:00 to 23:00 is the busiest trading hour, indicating that crypto participation is increasingly integrated into daily routines rather than driven by short-term bursts of speculation. Activity also spiked around major market events, with January emerging as the most active month and 19 Jan the busiest trading day of the year following a Bitcoin price upswing.

Risk appetite varies widely across regions, with some investors favouring blue-chip and large-cap assets while others show greater exposure to mid- and small-cap tokens. Together, the data points to a market that is becoming more segmented, deliberate, and strategy-driven.

Overall, CoinSwitch’s findings suggest India’s crypto ecosystem is evolving from a meme-led, momentum-driven phase toward more balanced portfolio construction, even as regulatory uncertainty persists and global market developments continue to shape investor behaviour.