Kolkata: Women constitute only 5% of the new investors signing up in the past 12 months, but those who step into the domain, trade actively. That’s the sum and substance of women in India’s crypto market, cryptocurrency exchange Giottus has told News9. The share of active traders is as high as 79.15%, the exchange mentioned.
Uttar Pradesh on top
Investment by women in crypto assets is taking place more and more beyond the straight jacket of metro cities, the exchange has found out. Disaggregating the growth figures state-wise Giottus has found that the growth in sign-ups between 2024 and 2025 took place in states such as Uttar Pradesh, Bihar, Odisha, West Bengal and Gujarat. The growth rates in this time period play out as follows:
Uttar Pradesh: Women sign-ups grew 202% between 2024 and 2025
Bihar: 146%
Odisha: 128%
West Bengal: 124%
Gujarat: 121%
Giottus feels the next wave of women crypto investors could emerge from large, diverse states where digital finance adoption is expanding rapidly.
Investor growth uneven
The year-on-year trendline is uneven rather than steadily rising, says the exchange authorities. They point out that the stated average annual growth rate is about 20%. But beyond that headline figure, there are pronounced year-on-year shifts — (-)33.96% in 2023, (+)372.51% in 2024, (-)28.28% in 2025 and (-)94.27% so far in 2026. “The swings suggest that women’s participation in crypto is not yet structurally anchored, but still influenced by broader market cycles and sentiment,” said Giottus.
“The headline participation figure of 12.34% must be read alongside the 5% new sign-up figure. That gap tells us inclusion is not yet self-sustaining. We are seeing women engage meaningfully once they enter the ecosystem, but the industry still has to solve for access, confidence, and financial literacy at the onboarding stage,” said Vikram Subburaj, CEO of Giottus Crypto Platform.
Portfolio depth
On portfolio depth, the platform made the following observations. Within reported portfolio ranges, 17.97% hold between Rs 50,000-1 lakh; 19.98% between Rs 1-5 lakh; 22.22% between Rs 5-10 lakh and 26.25% above Rs 10 lakh. Therefore, a significant share of women is allocating substantial capital rather than merely experimenting at the margins.
Behaviourally, the picture is decisive. Only 20.85% of women customers exhibit HODL (Hold On for Dear Life) behaviour, while 79.15% trade actively. Thus, four out of every five women are participating dynamically in market cycles, with significant positioning and rebalancing and they also respond to price action. “What stands out is not just participation, but behaviour. When nearly 80% of women users are actively trading and a visible cohort holds portfolios above Rs 5 lakh, it signals conviction rather than curiosity. The data suggests women investors are approaching digital assets with strategy and capital discipline, not speculation alone,” adds Subburaj.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.)