- India maintains its top spot in crypto adoption worldwide, driven by a doubling in Gen Z participation in the INR-based derivatives market.
India remains a world leader in cryptocurrency adoption. A new study conducted by Pi42, India’s first crypto-INR perpetual futures trading platform, and Hashed Emergent, a Web3-focused venture capital firm, indicates that the rising use of digital assets among youth will further reinforce the country’s growth in the space.
GenZ Driving India’s Crypto Derivatives Trading Space
Citing a paper by Pi42 and Hashed Emergent, The Economic Times reported that Gen Z has emerged as the most dominant user group in the INR derivatives market. Researchers found that 61% of new traders there were in the 18 to 25-year bracket.
The rise of Gen Z users coincided with a 20% increase in women’s participation in the crypto derivatives ecosystem year over year (YoY). Additionally, trade size on Pi42 surged by more than 86%, from $1,051 in 2024 to $1,960 in the recent study, while users’ trading frequency rose from 45% to 65% across the same period.
Researchers attributed the pattern to the growing investor confidence in India’s Gen Z population. Moreover, they saw it as a result of higher conviction trading strategies.
Pi42 and Hashed Emergent revealed that the highest concentration of crypto derivatives trading stemmed from North-East India, accounting for 32% of retail investors. Meanwhile, Arunachal Pradesh, Assam, and Meghalaya were the top contributors to the trend. The data also showed notable growth, doubling in Northern and Central India.
What the Trend Means
Avinash Shekhar, Co-Founder & CEO of Pi42, highlighted that the momentum in India’s crypto derivatives market signals a significant shift in retail investment strategies. For him, it says a lot amid the ongoing macro and geopolitical uncertainties gripping India and the world stage.
Shekhar claimed that the research shows more derivatives users are demonstrating a more strategic and informed approach to trading. He believes the momentum reflects a “structurally expanding market” in which INR-based derivatives platforms will continue to play a crucial role in bringing more Indians onto an accessible investment platform.
Furthermore, the Pi42 CEO emphasized that derivatives trading platforms will enable wider participation in India’s digital asset ecosystem, thereby supporting its long-term growth.
India Leading the Global Crypto Adoption Index
India has maintained its status as a leader in crypto adoption over the years, according to Chainalysis’ data. The Asian superpower has retained its top spot at the company’s 2025 Global Crypto Adoption Index Top 20.
Chainalysis ranked India number one across all categories of its ranking methodology, which includes value received from retail, centralized, decentralized finance (DeFi), and institutional services. The result came despite the USA’s aggressive bid to position itself as the “crypto capital of the world” since President Donald Trump took office.
