According to a report by the Finnish cryptocurrency brokerage and custody service, Kvarn X, Finnish investors are primarily trading in bitcoin, ether, and solana. Over the summer, solana even became the most traded cryptocurrency among Finns.
There are four clear favourites when it comes to cryptocurrency investments in Finland, with bitcoin (BTC) still being the most significant cryptocurrency in trading, as revealed by Kvarn X’s study, which analysed the cryptocurrency portfolios of thousands of Finnish investors. This year, 44% of all Finnish cryptocurrency trading has been focused on bitcoin, but a surprising shift occurred over the summer when solana (SOL) briefly became the most traded cryptocurrency, surpassing both bitcoin and ether.
Bitcoin’s value surged by up to $30,000 earlier this year, and in March, it crossed the $72,000 mark for the first time. However, the summer saw a downturn, with the currency’s value dropping below $50,000. Currently, bitcoin’s value stands at approximately $63,000, or around €57,000.
Solana’s price increase has been even more substantial than bitcoin’s, with its value more than doubling at its peak. At the start of the year, solana was priced at just under $100, but by spring, it had exceeded $190. During the summer’s downturn, its value dropped to just under $144, or around €130. Solana accounted for approximately 10% of all trading activity throughout the year, but during the summer, it momentarily became the most traded cryptocurrency, overtaking both bitcoin and ether.
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Create your free accountEther (ETH) has accounted for about 11% of total trading activity this year, making it the second most popular cryptocurrency. The fourth most popular cryptocurrency is XRP, with a 7% share of trading.
"Bitcoin's market share has fluctuated at times but has maintained a stable position throughout the year, emerging as one of the best-performing major cryptocurrencies. This bitcoin dominance has been supported by the successful launch of bitcoin ETFs in the United States earlier this year, as well as expectations surrounding the upcoming bitcoin block reward halving later this year. Ether and solana’s performances have been more volatile during the early part of the year, and ether in particular has underperformed compared to other major cryptocurrencies. The increasing popularity of smaller cryptocurrencies indicates that Finnish investors are more willing to diversify their portfolios and explore smaller, riskier options,” analysed Kvarn X's Chief Investment Officer, Joonas Järvinen.
Finnish investors’ portfolios also frequently include gala (GALA), tether (USDT), dogecoin (DOGE), aave (AAVE), cardano (ADA), and chainlink (LINK).
"Gala is part of the blockchain-based gaming industry and represents the so-called play-to-earn ecosystem, where investors can earn cryptocurrency by playing games and developing features within them. Gala's success reflects a broader trend in the gaming industry, which is increasingly adopting blockchain technology, particularly through NFTs (non-fungible tokens). The merging of the gaming world and cryptocurrencies has created new opportunities to earn money through the management and trading of digital assets,” Järvinen continued.
"The same applies to XRP, which has long had an established investor community. It is one of the cryptocurrencies focused on revolutionising the banking sector and payment transaction markets. It’s clear that Finns are following global trends and are increasingly eager to invest in new types of projects. As a result, Finnish cryptocurrency investments are becoming more diversified," Järvinen summarised.
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