India's cryptocurrency market has also seen changes in transaction activity. Chainalysis estimated that the country received approximately USD 338 billion in on-chain crypto value during the 12 months ending June 2025.
That figure measured transactions moving through blockchain networks, rather than fresh investments. Transfers between exchanges and wallets can contribute to the total more than once.
Newer Chainalysis data covering July 2025 through June 2026 placed India's crypto activity at approximately USD 135 billion, with centralized exchanges receiving USD 88.4 billion in inflows.
The report also recorded a 14.7% contraction in activity under its updated measurement approach. India ranked sixth in the 2026 Global Crypto Adoption Index after holding first place in 2025.
However, the two annual transaction totals use different measurements and cannot be compared directly.
Although gold and cryptocurrency both attract Indian investors, the available figures do not show households moving money from one asset into the other. They instead document changes in demand and activity across different investment products.
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