NEW DELHI, April 1, 2026, 17:28 IST
- According to a study from Pi42 and Hashed Emergent cited by the Economic Times, Indian crypto futures saw 61% of new traders coming from the Gen Z bracket, ages 18 to 25. Women stepped up too, with participation climbing 20% from last year.
- The report noted that average trade size on Pi42 has surged, jumping to around $1,960 from close to $1,051 earlier in 2024. Daily trading has become the norm for nearly 60% of active traders.
- Bybit and Shardeum both released reports this week, highlighting a shift toward a more organized, utility-driven market. The focus: analytics, risk controls, remittances, and gaming are all seeing increased traction.
Gen Z is increasingly dominating India’s crypto futures scene—61% of new traders now fall into this age group, a joint study from Pi42 and Hashed Emergent found, as cited by the Economic Times on Wednesday. Women, too, are stepping up: they represent almost one in eight traders, with their participation rate climbing, per the same report.
This is catching attention now, as two other India crypto reports out this week echo the trend: Indian users aren’t just accumulating tokens—they’re turning to new tools, and in some cases, moving beyond pure speculation. Bybit India’s Vikas Gupta told Analytics Insight in an interview published March 31 that local traders are increasingly relying on analytics and risk management. Then there’s Shardeum’s Nischal Shetty, who said in a March 30 commentary the next surge could be driven by payments, remittances, and gaming—not just trading.
This shift stands to shake up competition in India’s crypto scene. Pi42 and Bybit are in pursuit of that demand; bigger names like Binance and CoinDCX, already registered with a government agency, continue to operate in the country despite New Delhi holding off on a comprehensive crypto rulebook.
Pi42’s study points to a shift: traders are coming in more frequently, and they’re willing to put more money on the line. Average trade size on the platform shot up to around $1,960—almost double last year’s $1,051. These days, nearly 60% of active users place trades daily, a jump from roughly 45%. About a quarter of crypto derivatives traders reported booking profits. Crypto derivatives let investors speculate on price swings without actually owning the token itself.
The reach keeps growing. Nearly 32% of retail investors in the study came from North-East India, with Arunachal Pradesh, Assam, and Meghalaya at the forefront. Pi42 noted investor numbers in North and Central India had doubled in 2025. “A clear shift” is underway in the way Indian investors approach crypto derivatives, according to Avinash Shekhar, co-founder and chief executive of the platform. The Economic Times
Gupta says the market isn’t as driven by impulse as it was a few years back. Indian users keep stacking bitcoin and leading tokens with regular buys, he said. But now, “more traders are exploring analytics tools” and branching into broader strategies. Stablecoins—those digital tokens pegged to fiat—are also popping up as a way to manage liquidity through choppy periods. Analytics Insight
Shetty took it up a notch in his March 30 commentary, claiming the next influx of users would be after “something more useful than price action.” He singled out remittances, creator payouts, and blockchain gaming. According to him, India’s widespread use of instant payments like UPI could give crypto offerings for smaller cities a boost. ET Edge Insights –
India’s market has stayed resilient even as policy tensions linger. According to Reuters, India held onto the top spot in Chainalysis’ global crypto adoption ranking in 2024—marking its second year in a row at number one. The 2025 index from Chainalysis kept India at the front, again beating out the United States.
Still, there’s room for the narrative to shift. India hasn’t set out formal crypto regulations, and taxes on profits remain steep. The central bank, for its part, keeps flagging crypto risks. Back in February, tax officials told Reuters that newer offerings like crypto derivatives require more scrutiny, and said the government plans to “tread carefully” before drafting rules. Reuters
India’s crypto exchanges are seeing their user base expand, and not just in the big cities. More women, more Gen Z, more traders from smaller towns—interest is spreading out, and trading habits seem to be getting steadier. Still, the sector can’t break through its upper limits without policy clarity, and the next stage might hinge just as much on regulatory tweaks and product tweaks as on whatever happens with prices.
