What Does CoinDCX’s New Data Reveal About Investor Behavior?
Indian crypto investors are gradually moving beyond single-asset exposure and building broader portfolios, according to CoinDCX’s annual user report released on Thursday. The exchange said the average customer now holds around five tokens, up from two or three in 2022—a sign that Indian traders are beginning to treat crypto as a multi-asset market rather than a Bitcoin-only trade.
Layer-1 tokens made up 43.3% of portfolio volumes in 2025, while Bitcoin still held a notable share at 26.5%. Memecoins accounted for 11.8%, showing that speculative themes continue to attract attention, but no longer dominate activity in the way they did during earlier market cycles.
CoinDCX co-founder Sumit Gupta said investors in the country are already comfortable with financial assets and that crypto is becoming a “natural next frontier” for trader behavior in India.
Investor Takeaway
Which Demographics Are Driving India’s Crypto Activity?
CoinDCX reported that the average user age on the platform has risen to 32, placing millennials at the center of India’s trading base. Gen Z, despite being smaller in number, remains active—often concentrating on newer themes such as layer-2 ecosystems, NFTs and fast-moving speculative trades.
The exchange also recorded a rise in female participation, with women investors doubling year-over-year. While men still make up the majority of users, women traders are expanding beyond BTC and ETH into networks like Solana and Sui, according to the report.
CoinDCX, founded in 2018 and backed by investors including Coinbase, says it has more than 20 million registered users. It continues to act as one of the main retail on-ramps in a market where crypto is widely used but still constrained by regulatory uncertainty.
How Does India Compare to Other Developing Crypto Markets?
A16z Crypto’s latest State of Crypto report highlighted that developing countries are showing the fastest growth in onchain activity. India ranked high in mobile wallet usage—one of the strongest indicators of broad retail adoption.
However, the same report placed India near the bottom in token-related web traffic, which a16z uses as a measure of deeper engagement with crypto networks, developer ecosystems and token research.
Gupta, responding to the findings, wrote that “India’s adoption is wide, it may currently lack depth.” He added: “We are still very early. There’s plenty of room for education, innovation, and growth.”
Investor Takeaway
Is India’s Crypto Market Entering a More Structured Phase?
India’s adoption curve has long been driven by retail interest, recurring bouts of volatility, and shifting tax rules. Even with these headwinds, crypto usage continues to expand across savings products, remittances, trading platforms and mobile wallets.
CoinDCX’s data hints that users are beginning to treat crypto portfolios the way they would treat equities or mutual funds: spreading holdings across major networks, speculative narratives and emerging assets. That behavior aligns with broader global trends, where retail traders are starting to view tokens through sector-based or thematic lenses (layer-1s, layer-2s, gaming, infrastructure, memecoins) rather than as a single market.
India’s “wide but shallow” profile also reflects this early stage. Many users hold crypto, but few explore governance, onchain metrics, staking programs or long-term allocation models. The shift toward five-token portfolios is one of the clearest signs that this may be starting to change.
How fast the market gains depth will depend on tax clarity, local exchange rules, banking access and education. For now, the growth of diversified crypto portfolios marks a noticeable change in how Indian investors approach the asset class—and suggests that the country’s next wave of adoption may look more structured than the one that came before it.
