Australian Crypto Traders Favor Ethereum, Meme Coins

The Kraken wallet report, based on millions of anonymized wallets analyzed between August 2024 and August 2025, reveals a striking disparity in Australian cryptocurrency allocation. While Bitcoin remains the most commonly held digital asset among Australian users at 36% compared to 34% globally, the real story emerges in portfolio composition by value. Ethereum constitutes approximately 33% of the average Australian crypto wallet, nearly double the global ratio of 19%. This substantial overweight position in Ethereum suggests Australian investors are actively diversifying beyond the cryptocurrency market’s traditional anchor asset.

The data further reveals that Bitcoin’s value share in Australian portfolios averages AU$17,409, well below the global average of AU$29,830. This significant gap indicates that while Australian crypto holders maintain Bitcoin exposure, they’re allocating substantially more capital to alternative digital assets. According to Kraken’s analysis, this pattern suggests Australian investors are taking broader bets across decentralized finance and alternative ecosystems, spreading risk across newer assets rather than concentrating heavily in Bitcoin.

Beyond Ethereum, Australian crypto traders show distinct preferences for emerging blockchain ecosystems and unconventional assets. The Kraken data reveals Australians are more likely than global users to hold Solana, with 13.79% of Australian wallets containing SOL compared to 11.93% globally. This preference for Solana is particularly significant given the network’s reputation for spawning meme coins faster than other blockchain platforms, driven by the popularity of platforms like PumpFun that function as meme coin factories.

Australian crypto investors demonstrate significantly higher engagement with meme coins such as WIF, PEPE, BONK, and FARTCOIN compared to global averages. This trend aligns with broader global patterns identified in May by crypto exchange Gemini, which found that most meme coin owners also hold Bitcoin and Ethereum. The Gemini data showed that 31% of U.S. holders bought meme coins before pursuing other larger cap assets, with Australian meme coin buyers ranking second for the same statistic by a narrow margin.

Kraken’s Jonathon Miller, managing director for Australia, attributes these investment patterns to deeper cultural currents rather than purely strategic considerations. Miller points to what he describes as Australia’s ‘larrikin spirit’—a cultural disposition toward irreverence and play that manifests in cryptocurrency investment behavior. ‘I think it’s fair to say Australians have always had a bit of a speculative streak, we’re willing to have a go,’ Miller told Decrypt, noting that this attitude translates into a ‘readiness to engage with new and unconventional assets.’

Miller suggests that Australian culture and sense of humor may play into the propensity to engage with meme coin offerings just as much as potential financial gains. ‘Many see these tokens as a low-stakes way to engage with crypto communities and trends,’ he explained. However, Miller cautioned against overgeneralizing from the data, noting that ‘it’s always a bit dangerous to try to extrapolate things like user intentions from the cold data of average wallet analysis.’

Beyond cultural factors, Kraken’s report identifies structural elements driving Australia’s distinctive crypto landscape. The exchange notes that Australia is ‘more densely populated with professional traders than other regions’ it operates in, suggesting that sophisticated market participants may be driving some of the diversification trends. This combination of professional trading density and cultural disposition creates a unique environment where strategic portfolio construction intersects with speculative curiosity.