Uttar Pradesh has emerged as the leading state for cryptocurrency investment in India, challenging preconceived notions that cities like Mumbai and Delhi dominate this sector. Recent data from CoinSwitch’s Q2 2026 report indicates that Uttar Pradesh accounts for 12.9 per cent of total crypto investments on its platform. This development underscores the evolving landscape of digital assets across the country.

Following Uttar Pradesh, Maharashtra stands as a close second with 12.4 per cent of investments, while Karnataka and Delhi represent 8.1 per cent and 7.4 per cent respectively. These statistics suggest a significant shift in crypto adoption, highlighting that investors from smaller cities and regions are increasingly participating in the crypto market.

Bitcoin has remained the preferred cryptocurrency in nine out of India’s ten largest investing states, with the exception of Andhra Pradesh, where Dogecoin is predominantly favoured. This data reflects wider trends in cryptocurrency choices across different regions.

Younger Investors Drive Participation in the Market

The demographic profile of new crypto investors reveals a strong inclination among younger individuals. Notably, 54.4 per cent of all new investors on the CoinSwitch platform during the second quarter were in the 18-25 age range. Furthermore, 25.4 per cent of the new investors were between 26 and 35 years old, indicating a youthful enthusiasm for digital assets.

Interestingly, while the younger demographic is entering the market, they exhibit a notable trend in selling behaviour. Investors aged 18-25 had a buy-to-sell ratio of 0.65, indicating they sold more crypto than they purchased. In contrast, those aged 46 and above demonstrated a stronger conviction in their investments, with a ratio of 1.14.

According to Ashish Singhal, Co-founder of CoinSwitch, over time, investors become more informed about their participation in the market. He noted that with changing market cycles, new investors emerge, gradually shifting from merely viewing crypto as a new asset class to developing a well-rounded understanding of their investment strategies.

Diverse Crypto Portfolios Among Older Investors

When examining portfolio diversity, disparities between age groups become apparent. Among younger investors aged 18-25, 59.2 per cent held only one cryptocurrency, while this figure decreased to 36.3 per cent in the 36-45 age bracket. Additionally, the latter group boasted the highest proportion of investors holding ten or more cryptocurrencies, at 9.1 per cent.

While younger participants contribute fresh engagement to the crypto market, older investors appear more inclined to diversify their portfolios. This difference in strategy highlights a broader trend of experience influencing investment decisions.

The combination of Bitcoin and Dogecoin stands out as a unifying preference across different age groups. This pairing emerged as the most favoured choice among all demographics surveyed. Meanwhile, variations were observed in preferences, with those aged 36-45 showing a preference for Dogecoin and XRP, while younger age groups leaned towards Dogecoin and Ethereum.

Trends in Trading Times and Gender Representation

Trading behaviours among Indian crypto investors indicate distinct preferences for timing. Notably, Thursday was identified as the most active trading day in the second quarter, whereas Sunday registered the least activity. The peak trading hours occurred between 10 PM and 11 PM, showcasing a pattern of evening trading after standard working hours.

Andhra Pradesh distinguished itself not only for its unique choice of cryptocurrencies but also for female participation in the market. The state recorded 59.3 per cent of total investment coming from women, offering a glimpse into the changing demographics surrounding cryptocurrency investment in India.

The report illustrates a transformative phase in India’s crypto landscape, characterised by broader participation beyond traditional financial hubs. Singhal stated that the next phase of adoption will be shaped by fostering greater confidence and awareness among investors, as cryptocurrency transitions to a more established part of India’s financial framework.

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