India’s Ethereum Story 2026: How Bengaluru Became the ETH Trading Capital
Key Takeaways
- Bengaluru leads India in Ethereum trading with a 6.6x surge in ETH volumes in 2025, growing from 35 million to 230 million
- Pune records an even higher 10x increase in ETH volumes, rising from 20 million to 183 million
- Ethereum overtakes Bitcoin in trading preference—ETH volumes jumped from 39M to 184M while BTC fell from 133M to 76M
- Nearly 40 percent of India’s crypto users now come from tier-2 and tier-3 cities
- India maintains its #1 position in the Global Crypto Adoption Index for the third consecutive year (2025)
What You Need to Know
Bengaluru has emerged as India’s Ethereum capital, according to CoinDCX’s latest report titled “The Story of Crypto in India.” The city’s tech-savvy population and Web3-native trading culture have driven a remarkable 6.6-fold increase in Ethereum trading volumes during 2025.
The shift from Bitcoin to Ethereum represents a significant change in Indian crypto trading patterns. While Bitcoin volumes declined from 133 million to 76 million, Ethereum surged from 39 million to 184 million, indicating growing interest in smart contract platforms and DeFi applications.
CoinDCX, one of India’s largest cryptocurrency exchanges, reported crossing 2 crore (20 million) users and recorded total spot trading volume of ₹51,333 crore in FY25, averaging ₹140.64 crore daily. The platform’s data reveals crypto adoption expanding beyond metros into smaller cities.
India continues to rank first in the Chainalysis Global Crypto Adoption Index for the third straight year in 2025, cementing its position as a global leader in cryptocurrency adoption despite regulatory challenges and a 30 percent tax on crypto gains.
Overview
CoinDCX released its comprehensive report “The Story of Crypto in India” on December 5, 2025, revealing Bengaluru as the country’s dominant Ethereum trading hub. The report highlights a fundamental shift in Indian crypto trading preferences, with Ethereum emerging as the top-traded token, overtaking Bitcoin in several metros.
Bengaluru: India’s Ethereum Capital
Bengaluru’s position as India’s tech hub has translated into leadership in Ethereum trading. The city saw ETH volumes explode from 35 million to 230 million in 2025—a 6.6-fold increase. This growth reflects the city’s Web3-native culture, with its large developer community and startup ecosystem driving demand for Ethereum and related tokens.
City-wise Ethereum Volume Growth (2025)
The Bitcoin-to-Ethereum Shift
The CoinDCX data reveals a notable shift in Indian trading preferences. Bitcoin volumes declined from 133 million to 76 million, while Ethereum volumes surged from 39 million to 184 million. This 4.7x increase in ETH trading compared to BTC’s 43 percent decline suggests Indian traders are increasingly interested in smart contract platforms, DeFi, and the broader Ethereum ecosystem.
| Cryptocurrency | Previous Volume | Current Volume (2025) | Change |
|---|---|---|---|
| Ethereum (ETH) | 39M | 184M | +372% |
| Bitcoin (BTC) | 133M | 76M | -43% |
CoinDCX Platform Statistics
CoinDCX reported strong platform growth, crossing the milestone of 2 crore registered users (20 million). The exchange recorded total spot trading volume of ₹51,333 crore in FY25, with an average daily trading volume of ₹140.64 crore. These figures position CoinDCX among India’s largest cryptocurrency exchanges by trading volume.
| Metric | Value |
|---|---|
| Total Users | 2 Crore (20M) |
| FY25 Spot Trading Volume | ₹51,333 Crore |
| Average Daily Volume | ₹140.64 Crore |
Tier-2 and Tier-3 City Adoption
A significant finding of the report is the democratization of crypto adoption across India. Nearly 40 percent of the country’s cryptocurrency users now come from tier-2 and tier-3 cities, indicating that crypto is no longer limited to metropolitan areas. Cities like Siliguri, Imphal, and Ernakulam are seeing increased participation, particularly from women investors.
Gender Gap in Crypto
The report also highlights a significant gender disparity in Indian crypto markets. For every one woman investor, there are six male investors—a ratio of 1:6. However, the data shows women from smaller cities are increasingly entering the market, suggesting this gap may narrow over time as awareness and accessibility improve.
Gender Distribution of Indian Crypto Investors
India’s Global Crypto Dominance
India has maintained its #1 position in the Chainalysis Global Crypto Adoption Index for the third consecutive year in 2025. This ranking, combined with the country’s 119 million crypto owners, reinforces India’s status as the world’s largest cryptocurrency market by user count despite facing one of the world’s highest crypto tax rates at 30 percent plus 1 percent TDS.
Frequently Asked Questions
Why is Bengaluru called the Ethereum capital of India?
Bengaluru has earned this title due to its 6.6x surge in Ethereum trading volumes in 2025, the highest among Indian cities. The city’s strong tech ecosystem, large developer community, and Web3-native culture have driven this growth, making it the leading hub for ETH trading in India.
How much has Ethereum trading grown in India in 2025?
According to CoinDCX data, Ethereum volumes in India have grown from 39 million to 184 million in 2025, representing a 372 percent increase. This growth significantly outpaced Bitcoin, which saw volumes decline from 133 million to 76 million during the same period.
How many users does CoinDCX have?
CoinDCX has crossed 2 crore (20 million) registered users as of December 2025. The platform recorded total spot trading volume of ₹51,333 crore in FY25, with an average daily trading volume of ₹140.64 crore.
What percentage of Indian crypto users are from tier-2 and tier-3 cities?
Nearly 40 percent of India’s cryptocurrency users now come from tier-2 and tier-3 cities, according to the CoinDCX report. Cities like Siliguri, Imphal, and Ernakulam are seeing increased crypto adoption, indicating the democratization of cryptocurrency beyond metropolitan areas.
What is India’s global ranking in crypto adoption?
India ranks #1 in the Chainalysis Global Crypto Adoption Index for the third consecutive year in 2025. With approximately 119 million crypto owners, India has the largest cryptocurrency user base in the world.
What is the gender ratio among Indian crypto investors?
The CoinDCX report reveals a gender ratio of 6:1—for every one woman investor, there are six male investors in Indian crypto markets. This translates to approximately 86 percent male and 14 percent female investors, though women from smaller cities are increasingly entering the market.
Which city has the highest Ethereum volume growth rate in India?
While Bengaluru leads in absolute ETH volumes (230 million), Pune actually has the highest growth rate at 10x, with volumes rising from 20 million to 183 million. However, Bengaluru’s larger base volume and 6.6x growth (35M to 230M) make it the overall Ethereum capital.
Methodology
Source: CoinDCX “The Story of Crypto in India” Report
Publication Date: December 5, 2025
Time Period: 2025 YTD (Year-to-Date) and FY25
Data Scope: CoinDCX platform trading data across 2 crore users
Global Ranking Source: Chainalysis Global Crypto Adoption Index 2025