Three Key Takeaways:
- 120,000+ new users joined ZebPay in H1 2026, with Gen-Z accounting for nearly half of all registrations.
- Tier-2 and Tier-3 cities contributed around 62% of new registrations, reflecting broad participation across India.
- Bitcoin generated nearly 4x Ethereum’s trading volume, despite both assets recording the same size of traders.
India’s crypto landscape continued to evolve during H1 2026, with changes in investor behaviour, asset preferences, user demographics, and participation across different regions. To capture these developments, ZebPay has released its first-ever H1 report: The State of Crypto in India: H1 2026 Review & H2 2026 Outlook. Based on ZebPay’s internal data and insights, the report examines how users traded, invested, and engaged with digital assets during the first six months of 2026. The report provides a data-led view of India’s evolving crypto landscape, covering user growth, investor behaviour, portfolio preferences, trading activity, demographics, and participation across different city tiers, while also highlighting key themes to watch in H2 2026.
Inside India’s Crypto Market: H1 2026
| Theme | Highlights |
| User Growth | 120,000+ new users joined ZebPay during H1 2026, reflecting continued interest in crypto investing. |
| Accumulation Trend | Indian users bought around 7% more crypto than they sold during H1 2026, reflecting a broader preference for accumulation. |
| Age & City | Gen-Z led new user growth, with the 18-24 age group accounting for nearly 50% of registrations. Tier-2 and Tier-3 cities together contributed around 62% of new registrations. |
| Geographic Distribution | The top 10 states accounted for nearly 67% of all registrations, highlighting the concentration of user acquisition across key markets. |
| Gender Demographics | The registered user base was predominantly male at 82%, while female users accounted for 10% and 8% were categorised as Other/Not Captured. |
| Platform Engagement | Around 85% of active users participated in spot markets, while nearly 72% used two or more platform features. |
| Bitcoin & Ethereum | Bitcoin generated nearly 4x Ethereum’s trading volume, despite both assets attracting a similar number of traders, indicating larger average trading positions in BTC. |
| Trading Preferences | USDT remained the dominant trading pair. Furthermore, Layer-1 assets accounted for nearly 90% of categorised trading volume, with Bitcoin contributing around half of the category’s volume. |
| Long-Term Engagement | Users active across all six months generated around 21x the trading volume of users active for only one month. |
| Portfolio Preferences | Bitcoin Maximalists formed the largest portfolio segment at 30%, followed by Legacy Altcoin Holders (17.3%) and Diversified Explorers (15%), forming the top 3 investor archetypes. |
Final Thoughts
The first half of 2026 provides a useful starting point for understanding where India’s digital asset ecosystem stands today. As the market continues to mature, the focus is likely to move beyond participation towards deeper engagement, informed decision-making, and evolving investment approaches. H1 2026 offers a foundation for tracking these developments over time. With the second half of the year underway, the coming months will provide further perspective on how India’s digital asset landscape continues to take shape.
Note: The insights presented in this report are based on ZebPay’s internal data and reflect user activity observed on the platform, during H1 2026. The data offers a snapshot of user behaviour and trends, related to the timeline, and doesn’t represent the broader Indian crypto market.
FAQs
What is ZebPay’s H1 2026 report about?
ZebPay’s The State of Crypto in India: H1 2026 Review & H2 2026 Outlook report examines key trends, behaviours, and patterns observed among users during the first half of 2026, based on ZebPay’s internal platform data and analysis.
What were the key crypto investment trends in India during H1 2026?
1. India users bought approximately 7% more crypto than they sold during H1 2026.
2. Gen-Z recorded the strongest accumulation trend, with buy volumes nearly 10x sell volumes.
3. Around 85% of active users participated in spot markets.
4. Bitcoin generated nearly 4x Ethereum’s trading volume, despite a similar number of traders.
5. Bitcoin Maximalists formed the largest portfolio segment at 30%.
How did crypto participation evolve across age groups and cities in H1 2026?
1. More than 120,000 new users joined ZebPay during H1 2026.
2. Users aged 18-24 accounted for nearly 50% of registrations.
3. The top 10 states accounted for close to 67% of all registrations.
4. Tier-2 and Tier-3 cities together contributed roughly 62% of new registrations.
Which crypto assets were most prominent in H1 2026?
1. USDT remained the leading trading pair, in terms of spot trading activity.
2. 90% of categorised trading volume came from Layer-1 assets.
3. Bitcoin accounted for approximately 50% of the trading volume within the Layer-1 category.
During H1 2026, what were the most common portfolio preferences among ZebPay users?
1. Bitcoin Maximalists represented 30% of the portfolio segments.
2. Legacy Altcoin Holders accounted for 17.3%.
3. Diversified Explorers contributed 15%.
4. These three groups formed the largest investor archetypes for the time period.
