India's Crypto Map Shifts: Tier-2 Cities Join the Surge as Bitcoin, Meme Coins Dominate Q2 2025 Kolkata stood out among the top 10 cities, with more than 75 per cent of investors reporting positive returns, the highest in the group
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New data released by CoinSwitch in its Q2 2025 edition of India's Crypto Portfolio reveals a changing landscape in the country's digital asset adoption, with Tier-2 and Tier-3 cities making notable gains. Based on insights from over 20 million users, the report offers a glimpse into how crypto participation is evolving beyond metros, who is investing, and what assets are drawing the most interest.
The report arrives at a time when global factors including Bitcoin's rally past USD 123,000 and policy shifts in the West have sparked renewed investor interest in crypto markets.
Metros cities such as Delhi, Bengaluru, and Mumbai continue to lead in overall investments, with Delhi-NCR alone accounting for nearly 15 per cent of national crypto activity. But perhaps more telling is the emergence of cities like Jaipur, Lucknow, and Patna, which are now recording strong uptake. According to the report, these Tier-2 and Tier-3 cities are becoming increasingly active, reflecting growing digital awareness and expanding access to crypto platforms.
Kolkata stood out among the top 10 cities, with more than 75 per cent of investors reporting positive returns, the highest in the group. The data suggests not just broadening reach, but also improved outcomes for a significant number of investors.
Crypto adoption in India remains heavily skewed toward younger age groups. Investors under 35 made up nearly 72 per cent of CoinSwitch's user base in Q2. The 26–35 segment was the largest group, followed by the 18–25 bracket, suggesting that crypto continues to appeal to India's tech-savvy millennials and Gen Z. Women comprised just over 12 per cent of the investor base, indicating some growth but also pointing to the continued gender gap in crypto participation.
What Indians Are Buying?
Bitcoin continues to be India's top digital asset, with a 6.5 per cent share of investor interest and leading trading volume. Ethereum (ETH) and Dogecoin (DOGE) followed closely, holding firm from Q1 levels.
Interestingly, meme coins, once considered fringe bets now account for nearly 20 per cent of investor interest, with Dogecoin, Shiba Inu, and PEPE leading the pack. This appetite for speculative assets is complemented by a continued preference for large-cap, Layer-1 tokens, which made up over a third of investments.
The diversification trend continued, with DeFi and gaming tokens gaining traction as well, a sign that Indian investors are exploring beyond the basics.
May Stole the Spotlight
May emerged as the busiest month of the quarter for trading activity. Peak days were 9th and 12th May, coinciding with significant global trade announcements, including tariff reductions between the U.S., UK, and China. These geopolitical moves appeared to bolster investor sentiment, particularly around Bitcoin.
