A new industry survey indicates that India’s crypto market is moving past a “Bitcoin-only” mindset, with investors showing broader diversification, deeper engagement, and higher levels of market maturity. The report highlights rapid growth across trading volumes, investor participation, and institutional onboarding, signaling a more sophisticated and widespread adoption trend across the country.
Adoption Accelerates as Trading Activity Hits New Highs
India’s total spot trading volume reached ₹51,333 crore, supported by an average monthly trading volume of ₹4,277.75 crore. Daily trading activity averaged ₹140.64 crore, underlining growing confidence among both retail and institutional participants. Institutional client onboarding surged by 35.5%, marking a major shift in traditional market engagement with crypto assets.
Systematic Investment Plan (SIP) participation also expanded dramatically. The number of SIP holders grew 623% between 2024 and 2025, with 572,000 total SIP accounts recorded this year. Earn-on-platform users rose to 329,000, while earn customer participation grew 31.6% year-over-year, showing strong traction for yield-generating products.
Signs of Market Maturity: More Tokens, Younger Investors, Deeper Preferences
The report notes that Bitcoin remains the most held token among Indian investors, but Ethereum has emerged as the most traded asset. Investors are also increasingly allocating to Layer-1 tokens, with 43.3% showing a preference for these networks, a clear indicator of diversification beyond BTC.
The average Indian crypto investor now holds five tokens and is approximately 32 years old, illustrating a young, actively engaged demographic with multi-asset interest. Bitcoin continues to dominate SIP allocations, suggesting that while diversification is rising, BTC remains the preferred long-term accumulation asset.
Improving Trust and Governance: Proof-of-Reserves and Compliance Strengthen the Sector
Market confidence is being reinforced by stronger governance and compliance frameworks. Exchanges maintained proof-of-reserves worth ₹5,210 crore, fully backed with on-chain verifiability.
Meanwhile, the Crypto Investor Protection Fund stood at ₹62.97 crore, representing an important safeguard for retail traders.
Regulatory alignment is also improving. The survey notes that verified users crossed 2 crore, reflecting a 25% increase from 2024. Platforms have begun achieving ISO 27001:2022 certification, and several exchanges have secured FIU registration, marking significant advancements in India’s regulated crypto infrastructure.
Crypto Adoption Spreads Nationwide With Broader Demographic Inclusion
The expansion of India’s crypto user base is not limited to major metropolitan hubs. Delhi recorded the highest overall trading volume, while Kolkata led among women investors. In non-metro regions, Lucknow emerged as the top city by trading volume, and Bhubaneswar led among women in tier-two and tier-three markets.
These patterns suggest a rapidly widening adoption curve across India, with participation rising in regions traditionally underserved by financial markets.