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Bengaluru/Chennai (July 7, 2026): Nearly half of the country’s crypto Futures participation now comes from tier-2 cities even as Futures trading has overtaken spot volumes. The finding comes from data analysis of Giottus’ 1.3-million-strong customer base during the September 2025-May 2026 period. Crypto Futures contributed 57.22% of total platform trading volume, ahead of spot at 42.78%. At the same time, 48% Futures participants came from tier-2 cities, compared with 31% from tier-1 locations, and 21% from other locations.
The figures point to a broader shift in Indian crypto trading behaviour. Leveraged products (like Futures) are no longer driven mainly by metro traders. Smaller-city participation is now emerging as a major force in crypto derivatives activity.
The report also showed strong acceleration in user growth during 2026. Futures participation grew 42.5% in February. It rose another 28.5% in March. April recorded 35.3% growth. In May, it was 30.3%.
Futures users currently account for only 24% of Giottus’ active user base. The data suggests there is still considerable expansion headroom within existing platform users.
“India’s crypto participation story is becoming geographically broader. We are seeing increasing engagement from smaller cities in products that were once viewed as niche or high-complexity,” said Vikram Subburaj, CEO of Giottus.
The dataset further showed unusually high engagement intensity among active traders. Average trades per active user peaked at 330 trades in January 2026. Even after moderation in April, users still averaged more than 51 trades a month. The figure was 45 in May.
Another major behavioural trend emerged in trading preferences. Bitcoin and Ethereum together accounted for only 15.35% of total Futures volume during the review period.
Ethereum accounted for 7.07% of the traded Futures volume. Solana accounted for 5.76% and XRP contributed 5.24%.
The figures suggest Indian retail traders are increasingly moving beyond Bitcoin exposure into higher-volatility altcoin opportunities. Trading behaviour appears to be becoming more tactical and event-driven.
Story of states
Tamil Nadu emerged as the dominant regional market in the dataset. The state contributed 46.6% of all futures traders. It also accounted for 59.26% of the platform’s total Futures trading volume. Kerala contributed 10.23% of the total trading volume.
The report also showed relatively balanced market positioning among traders. Long positions accounted for 52.79% of trades and short positions accounted for 47.21%.
Average leverage among Giottus Futures traders stood at 10x. More than 30% of trades used leverage above 10x. Despite that, monthly liquidation ratios ranged between 0.55% and 2.52% during the review period.
“The liquidation trends are important because they suggest participation is not entirely speculative or reckless. Users are showing greater awareness around position sizing and risk management while using leveraged products,” Vikram said.
Women in Futures
Women accounted for 13.24% of Futures traders on the platform. Their average leverage remained lower than that of male traders. Women traders also showed a stronger preference for XRP, Bitcoin, and gold-linked assets.
Active hours
The report further showed that Indian retail traders were most active between 7 pm and 10 pm. The lowest trading activity was recorded between 3 am and 6 am. The pattern reflects post-work retail participation and overlap with US market hours.
