Lower leverage, longer holds: Women take a different path in crypto futures

The fastest-growing segment of India’s crypto market is also beginning to reveal a different style of investing. An analysis of trading activity across Giottus’ 1.3 million users between September 2025 and May 2026 found that women participating in crypto Futures consistently traded differently from men. They used significantly lower leverage, remained invested for longer, and built portfolios around relatively established digital assets. This suggests that India’s expanding derivatives market is becoming more diverse in how investors approach risk.

The most striking difference emerged in the use of leverage. Women accounted for 13.24% of all Futures traders during the study period and recorded an average leverage of 7.4x, well below the platform average of 10x. Nearly 80% of women’s Futures trades used 5x leverage, whereas nearly 80% of men's trades employed 20x leverage. Instead of maximising borrowing, women appeared more inclined to moderate risk while participating in the same market.

Staying invested
Their trading behaviour also differed after positions were opened. Women kept comparable Futures positions open for eight hours longer on average than men, indicating a greater willingness to stay invested through market movements rather than constantly entering and exiting trades. Portfolio construction reflected the same pattern.

Asset preference
Six in ten women traders held either Bitcoin or XRP, while almost one in four (24%) held both assets, favouring comparatively established digital assets within the broader crypto market.

These behavioural differences emerged even as India’s crypto Futures market continued to expand rapidly. During the review period, Futures contributed 57.22% of Giottus’ total trading volume, overtaking spot trading at 42.78%. Participation grew 42.5% in February, 28.5% in March, 35.3% in April, and 30.3% in May. Yet Futures traders still account for only 24% of the platform’s active user base. This points to the fact that the derivatives segment remains at a relatively early stage of adoption despite its rapid growth.

Lower speculation
The market also displayed signs of increasing discipline. Long positions accounted for 52.79% of all Futures trades, while short positions represented 47.21%. Although average leverage across the platform stood at 10x, monthly liquidation ratios remained between 0.55% and 2.52%, suggesting that leveraged trading is increasingly being accompanied by prudent position management rather than indiscriminate speculation.

“The conversation around crypto Futures often focuses on leverage and volatility. What our data shows is that investor behaviour is becoming far more nuanced. Women are participating in the same market but making different choices around leverage, holding periods, and portfolio construction. As India’s crypto derivatives ecosystem expands, understanding these behavioural differences will become just as important as tracking trading volumes,” said Vikram Subburaj, CEO of Giottus.