Indian crypto investors using CoinDCX appear to be taking a more deliberate, portfolio-based approach to digital asset investing, with early signs of longer-term allocation behavior emerging in 2025.
On Thursday, the exchange released its annual report, which suggested that users are gradually shifting away from a “crypto equals Bitcoin” mindset toward more diversified holdings. CoinDCX data showed that the average customer now holds about five tokens, a notable increase from two to three tokens per investor in 2022.
The report also noted that layer-1 assets accounted for 43.3% of portfolio volumes, while Bitcoin (BTC) held a significant share at 26.5%. Memecoins represented 11.8% of users’ portfolio allocations, according to the report.
In a news release sent to Cointelegraph, CoinDCX co-founder Sumit Gupta said that the market is already comfortable with financial assets. He said that crypto represents a “natural next frontier” for traders in India.
More millennials participate in crypto investing
CoinDCX’s report also indicated that users are aging upward, with average traders now being 32 years old. Millennials make up the majority of users, outpacing Gen Z in platform adoption.
Despite this, Gen Z participants, at ages 18 to 24, remain active. According to the report, these users often focus on emerging narratives, including layer-2 networks, and speculative sectors like memecoins and non-fungible tokens (NFTs).
The exchange also reported that while men continued to dominate its user base, female participation in the exchange doubled year-on-year. CoinDCX noted that women investors have diversified beyond BTC and Ether (ETH) to other tokens, such as Solana (SOL) and Sui (SUI).
CoinDCX is one of India’s biggest crypto exchanges. It was founded in 2018 and is backed by prominent investors like Coinbase. The company claims to have more than 20 million registered users and operates as a major on-ramp to crypto markets in India.
Related: India slams ‘unbacked crypto’ amid RBI’s new digital currency plans
While Indian adoption is wide, it “lacks depth”
In October, a16z Crypto published a State of Crypto report, which showed that onchain activity is growing the fastest in developing countries.
According to the report, India is one of the countries that leads in metrics such as mobile wallet usage, a key indicator of adoption.
However, the data also showed that India had one of the lowest levels of token-related web traffic, another key indicator used to determine crypto adoption.
Gupta interpreted this as a lack of depth in adoption. “While India’s adoption is wide, it may currently lack depth. [...] We are still very early. There’s plenty of room for education, innovation, and growth,” he wrote on LinkedIn.
Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice