Users aged 18 to 24 accounted for about 50% of new registrations on Indian crypto exchange ZebPay in the first half of 2026, while 63% of users held crypto without making a trade. ZebPay added more than 120,000 users between January and June, according to its report, The State of Crypto in India: H1 2026 Review & H2 Outlook. The figures are the exchange’s own platform data, have not been independently audited and came from material shared with The Crypto Times on Tuesday, September 22. The report had not been published publicly as of 17:17 IST. ZebPay, founded in 2014, is registered with FIU-IND (India’s financial-intelligence regulator). Gen Z users had buy volumes nearly 10 times their sell volumes, with Solana their most preferred digital asset. By contrast, CoinSwitch’s Q1 2026 data showed investors aged 18 to 25 represented 19% of its overall user base, while those aged 26 to 35 accounted for 48%. The measures differ because ZebPay reported new registrations and used slightly different age brackets, whereas CoinSwitch reported its total user base. Together, the figures suggest that existing investors may be older even as new entrants remain relatively young. Another 29% of ZebPay users traded while continuing to hold assets. The report gives no reason for the inactivity, although India’s tax regime imposes a 30% tax on Virtual Digital Asset gains, 1% Tax Deducted at Source on qualifying transfers and no loss setoff against gains. The Union Budget 2026 left those rates unchanged. Users active in all six months generated about 21 times the trading volume of those active in one month, equivalent to roughly 3.5 times as much volume per active month; that monthly calculation is an inference rather than a reported figure. Tier-2 and Tier-3 markets generated about 62% of new registrations, including nearly 21% from Tier-3 locations. The implied shares are approximately 41% for Tier-2 and 38% for Tier-1 cities, although ZebPay did not publish a full tier table or explain its classification method. Tier-3 was the only segment to record higher average spot order sizes, with no increase or base figures disclosed. Bitcoin Maximalists represented 30% of users, followed by Legacy Altcoin Holders at 17.3% and Diversified Explorers at 15%; the report does not define the classification method. Tether ranked first by spot trading activity, ahead of Bitcoin, Ethereum, XRP and Solana. Layer-1 assets represented nearly 90% of categorized trading volume, while memecoins had the second-highest trader participation. About 85% of active users traded in spot markets, and 72% used at least two platform features. ZebPay launched its Crypto Systematic Investment Plan, an automated recurring-purchase feature, on Android and web on January 8, 2026, and on iOS on January 12. The report does not disclose SIP adoption or volume, so its contribution to the holding trend cannot be assessed. Chief Executive Officer (CEO) Rahul Pagidipati said Indian investors are demonstrating a more informed and disciplined approach focused on diversification and long-term wealth creation. Chief Operating Officer (COO) Raj Karkara said the report reinforces a trend the company has observed and that users are engaging with a wider range of products. The material contains no absolute figures for trading volume, active users or ZebPay’s total user base, making comparisons with the broader market difficult. Despite its H2 Outlook title, it contains no second-half forecasts. The findings cover one exchange during regulatory uncertainty: on September 16, the chair of the Parliamentary Standing Committee on Finance said the government is not accepting virtual digital assets, while one week earlier FIU-IND ordered the takedown of 15 offshore crypto apps over Anti-Money Laundering (AML) non-compliance.