Gen Z and non-metro users drive digital asset trading growth in India

By Vriti Gothi

India’s crypto derivatives market is seeing a generational and geographic shift, with younger investors and non-metro regions driving growth, according to a joint study by Pi42 and Hashed Emergent.

The report, based on trading activity of 200,000 users between January and December 2025, shows that 61% of new crypto futures traders fall within the 18–25 age group, underscoring the increasing role of Gen Z in shaping India’s digital asset ecosystem.

The findings also point to a gradual diversification of the user base. Female participation rose 20% year-on-year, with women now accounting for roughly one in eight traders on the platform. This trend reflects a broader shift towards inclusivity in retail crypto participation, an area historically dominated by male investors.

Trading behaviour indicates growing maturity among retail participants. The average trade size nearly doubled from $1,051 in 2024 to $1,960, while daily trading activity increased significantly, with close to 60% of users now trading every day compared to 45% previously. Additionally, around 25% of traders reported booking profits, suggesting improving awareness of risk management and trading strategies.

Regionally, the data highlights the continued decentralisation of crypto adoption in India. Eastern states accounted for nearly 32% of retail participation, with Assam, Arunachal Pradesh, and Meghalaya leading growth. The region is expanding at a significantly faster pace than the rest of the country, while North and Central India have also recorded a twofold increase in activity. The shift signals a move away from metro-centric adoption towards Tier 2 and Tier 3 markets.

 Avinash Shekhar, Co-Founder & CEO of Pi42, said, “These trends signal a clear shift in how Indian investors are engaging with crypto derivatives. Even amid ongoing global macro and geopolitical uncertainties, trading activity on the platform has remained resilient, with investors continuing to increase participation, trade sizes and overall conviction. We are seeing young, digitally native users adopt more strategic and informed trading approaches, while adoption from emerging regions is accelerating at a strong pace. This momentum reflects a structurally expanding market where INR-based derivatives platforms can play a meaningful role in improving accessibility, enabling wider participation and supporting the long-term growth of India’s digital asset ecosystem.”

Tak Lee, CEO and Managing Partner of Hashed Emergent, said, “India’s crypto derivatives market is undergoing a structural shift. When over 60% of new traders are under 25 and regions like Eastern India are growing at 6x, it tells us this is no longer a niche, metro-driven phenomenon. Derivatives are becoming the entry point for a new generation of digitally native investors, and the data suggests we are still in the early innings of this adoption curve.”

The report forms part of Hashed Emergent’s India Web3 Landscape analysis and highlights the growing relevance of INR-denominated derivatives platforms. As regulatory clarity and market infrastructure continue to evolve, such platforms are likely to play a key role in broadening access to digital asset markets and shaping the next phase of FinTech innovation in India.