Indian cryptocurrency investors using CoinDCX appear to be taking a more thoughtful, portfolio-based approach to investing in digital assets, with the first signs of long-term allocation emerging in 2025.
Exchange on Thursday released in its annual report, which suggested that users are gradually moving away from a “cryptographically equals Bitcoin” mindset towards more diversified holdings. CoinDCX data showed that the average customer now holds around five tokens, a significant raise from two to three tokens per investor in 2022.
The report also noted that tier 1 assets accounted for 43.3% of the portfolio volume, while Bitcoin (BTC) had a significant share at 26.5%. The report showed that memecoins accounted for 11.8% of users’ wallet allocation.
In a press release sent to Cointelegraph, CoinDCX co-founder Sumit Gupta said that the market is already cheerful with the financial asset. Cryptocurrencies represent the “natural next frontier” for traders in India, he said.
More and more millennials are participating in cryptocurrency investing
The CoinDCX report also indicated that users are aging, with the average trader now being 32 years ancient. Millennials make up the majority of users, overtaking Gen Z in platform adoption.
Yet Gen Zers, aged 18 to 24, remain dynamic. According to the report, these users often focus on emerging narratives, including Layer 2 networks and speculative sectors such as memecoins and non-fungible tokens (NFTs).
The exchange also said that while men still dominate the user base, women’s share of exchanges has doubled year-on-year. CoinDCX noted that female investors have expanded beyond BTC and Ether (ETH) to other tokens such as Solana (SOL) and Sui (SUI).
CoinDCX is one of the largest Indian cryptocurrency exchanges. It was founded in 2018 and is backed by prominent investors such as Coinbase. The company claims to have over 20 million registered users and acts as a major entry point into cryptocurrency markets in India.
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While India’s adoption is broad, it ‘lacks depth’
In October, a16z Crypto released its State of Crypto report, which found that onchain activity is growing fastest in developing countries.
According to the report, India is one of the leading countries in terms of metrics such as mobile wallet usage, which is a key adoption indicator.
However, the data also showed that India had one of the lowest levels of token-related internet traffic, which is another key metric used to determine cryptocurrency adoption.
Gupta interpreted this is due to the lack of depth in the reception. “While adoption in India is broad, it may currently lack depth. […] We are still very early. There is plenty of room for education, innovation and development,” he wrote on LinkedIn.
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