Indian crypto investors using CoinDCX appear to be taking a more thoughtful, portfolio-based approach to investing in digital assets, with early signs of longer-term allocation behavior emerging in 2025.
Exchange on Thursday released its annual report, which suggests users are gradually moving away from a “crypto equals Bitcoin” mindset towards more diversified holdings. Data from CoinDCX showed that the average customer now holds around five tokens, a significant increase from two to three tokens per investor in 2022.
The report also states that Tier 1 assets account for 43.3% of portfolio volume, while Bitcoin (BTC) has a significant share of 26.5%. According to the report, memecoins represented 11.8% of user portfolio allocations.
In a press release sent to Cointelegraph, CoinDCX co-founder Sumit Gupta said the market is already comfortable with the financial asset. He said crypto represents the “natural next frontier” for traders in India.
More millennials are participating in crypto investing
The CoinDCX report also found that users are trending upwards, with the average trader now being 32 years old. Millennials make up the majority of users, surpassing Generation Z in platform adoption.
Despite this, members of Generation Z, aged 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 the user base, female participation in the exchange doubled year over year. CoinDCX has noted that female investors have diversified beyond BTC and Ether (ETH) into other tokens, such as Solana (SOL) and Sui (SUI).
CoinDCX is one of the largest Indian 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 acts as the main gateway to crypto markets in India.
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While adoption in India is broad, it “lacks depth”
In October, a16z Crypto published a State of Crypto report that showed that onchain activity is growing fastest in developing countries.
According to the report, India is one of the leading countries in metrics such as mobile wallet usage, a key indicator of adoption.
However, the data also showed that India has 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 adoption in India is broad, it may lack depth at the moment. (…) We are still very early. There is plenty of room for education, innovation and growth,” he wrote on LinkedIn.
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