Indian entities and retail investors hold a total of approximately 1 million BTC, second only to the United States.

On August 4, financefeeds reported that industry data showed that India has jumped to become the world's second-largest bitcoin holder, behind the United States. Analysts estimate that India currently holds about 1 million BTC, or 5.1% of the total Bitcoin in circulation, and the United States still holds the top spot with about 7.8 million BTC holdings (40% of the total supply), which includes Bitcoin seized by institutional investors, public companies such as MicroStrategy, and law enforcement. The total value of bitcoin holdings in India is between $115 billion and $120 billion, and this achievement was achieved under a tough policy environment – India's 30% capital gains tax on crypto gains and a 1% tax at source (TDS) on every transaction should have discouraged high-frequency and high-volume transactions, but local investors' enthusiasm for bitcoin remained high. The estimate is not based on government disclosures, but is based on on-chain analysis, exchange data, and industry research. Sumit Gupta, co-founder of CoinDCX, an Indian trading platform, pointed out that the surge in holdings is mainly due to India's large tech-savvy retail investor base: "Even under policy restrictions, Indian users are still buying and holding bitcoin in large quantities. If the regulatory environment improves, there will be no limit to growth."