Daijiworld Media Network - New Delhi
New Delhi, Sep 27: India’s crypto market is witnessing a shift in its user base, with younger investors and users from smaller cities accounting for a growing share of new registrations, according to a report by ZebPay.
More than 1.2 lakh new users joined the platform during the first half of 2026, with the 18-24 age group, or Gen Z, accounting for around 50% of new registrations, according to the report titled The State of Crypto in India: H1 2026 Review & H2 Outlook.
The strong participation of Gen Z emerged as one of the key findings of the report, indicating growing interest among younger investors in digital assets as part of their investment choices.
Gen Z users also showed a strong preference for buying rather than selling cryptocurrencies. Their buy volumes were nearly 10 times higher than their sell volumes during the first half of the year, with Solana emerging as the most preferred digital asset among this group.
The growth was not limited to younger investors. Users from Tier-2 and Tier-3 cities together accounted for around 62% of new registrations on ZebPay during the first half of 2026, while Tier-3 markets alone contributed nearly 21%.
The report also found that Tier-3 markets were the only segment to record an increase in average spot order size during the period.
The data indicated that a significant number of users were adopting a longer-term approach rather than frequently buying and selling digital assets. Around 63% of users held crypto without making any trades during the first half of 2026, while another 29% continued trading while also holding crypto assets.
Regular participation was also closely linked to trading activity. Users who remained active throughout all six months generated around 21 times the trading volume of those who were active for only one month.
While Gen Z showed a strong preference for Solana, Bitcoin continued to maintain a major presence among investors. Bitcoin Maximalists formed the largest investor group, accounting for 30% of users, followed by Legacy Altcoin Holders at 17.3% and Diversified Explorers at 15%.
Around 85% of active users participated in spot markets, while approximately 72% used at least two platform features. USDT remained the most-used trading pair during the first half of 2026.
Bitcoin, Ethereum, XRP and Solana were among the other top five assets by spot trading activity. Layer-1 assets accounted for nearly 90% of categorised trading volume, while memecoins recorded the second-highest level of trader participation.
ZebPay Chief Executive Officer Rahul Pagidipati said the first half of 2026 showed a growing focus among Indian investors on diversification and long-term wealth creation.
Chief Operating Officer Raj Karkara said the data showed Indian crypto investors were becoming more purposeful in their participation, with greater use of different products and a focus on longer-term financial goals.
The findings indicate that India’s crypto user base is broadening across both age groups and locations, with Gen Z and investors from Tier-2 and Tier-3 cities accounting for a significant share of new participation.