As crypto adoption accelerates across emerging markets, India has emerged as one of the most compelling stories in the global digital asset market, blending a tech-savvy population with a growing appetite for sophisticated financial tools. To understand what's driving this momentum, we spoke exclusively with Vikas Gupta, Country Manager, India at Bybit, one of the world's leading crypto exchanges.
From shifting trader behaviour and macroeconomic headwinds to AI-driven risk management and the road ahead for Web3, Gupta offers a candid, data-backed perspective on where the Indian and global crypto market is headed next. Here are the excerpts from the interview:
India continues to rank among the top countries for crypto adoption. Based on Bybit’s platform data, what key trends are you seeing in how Indian users are engaging with digital assets today?
India continues to stand out as one of the most dynamic crypto markets globally. The country’s highly digitally native population and strong appetite for financial innovation naturally translate into robust engagement with digital assets.
One trend that clearly stands out is the strength of retail participation. Even during periods of macroeconomic or geopolitical uncertainty, many Indian users continue accumulating Bitcoin and other major assets through systematic buying rather than reacting purely to short-term volatility.
At the same time, we are also seeing a noticeable shift in user sophistication. More traders are exploring analytics tools, risk-management features, and diversified strategies, reflecting a gradual shift toward more structured participation in the crypto ecosystem.
Based on Bybit’s market analytics, have you observed any notable shifts in trading behaviour among Indian investors, such as a preference for certain assets, increased trading in derivatives, or greater use of stablecoins?
Derivatives trading continues to play an important role for many Indian crypto users, as it provides flexible ways to express market views and manage risk.
At the same time, trading behaviour is becoming increasingly diversified. Many users are combining spot exposure with derivatives strategies, while stablecoins are often used as a base layer for liquidity management, particularly during periods of market volatility.
We are also seeing a stronger focus on risk management. Traders are increasingly using tools such as conditional orders and portfolio diversification. Overall, this reflects a market that is gradually maturing as participants gain experience and gain access to more advanced trading infrastructure.
Global macroeconomic factors often influence crypto markets. How are current developments, such as interest rate cycles, liquidity conditions, and geopolitical tensions, impacting trading volumes and sentiment on Bybit?
Crypto markets today are closely interconnected with broader global macroeconomic trends. Developments such as interest rate expectations, liquidity conditions, and geopolitical tensions increasingly influence sentiment across asset classes, including digital assets.
When uncertainty rises, markets typically experience higher volatility as investors reassess risk. In the crypto market, this often translates into increased trading activity, as participants adjust their positions in response to evolving macroeconomic expectations.
At the same time, regional dynamics continue to play an important role. In markets like India, retail participation remains a key driver, with many users maintaining a long-term accumulation approach toward major assets rather than reacting purely to short-term market movements.
As a global exchange, how is Bybit leveraging technologies such as AI, blockchain analytics, and advanced data tools to enhance trading insights, security, and risk management for users?
Technology is becoming central to how crypto exchanges strengthen both security and the overall trading experience. Across the industry, platforms are increasingly leveraging advanced data analytics, machine learning, and blockchain intelligence tools to monitor markets, detect suspicious activity, and enhance risk management systems.
At the same time, these tools are enabling traders to access deeper insights into market trends, liquidity conditions, and price movements. AI is also beginning to play a larger role in helping users process large volumes of market data and make more informed decisions in increasingly complex market environments.
Looking ahead, what key indicators or market signals should analysts and investors watch closely to understand the next phase of growth for the crypto and Web3 ecosystem?
Several key factors will shape the next phase of growth for the crypto ecosystem. First, macroeconomic conditions will remain a major influence, as global liquidity cycles and interest rate trends continue to shape investor appetite for digital assets.
Second, regulatory clarity in major markets will play a critical role. Clear frameworks create the confidence needed for institutions, developers, and long-term investors to engage more actively
Equally important will be technological innovation. Advancements in decentralised finance, the tokenisation of real-world assets, and blockchain scalability could significantly expand the real-world use cases for digital assets.