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As the leading home of crypto in Aotearoa, Swyftx holds a unique vantage point on the trading sentiment and trends emerging across the motu.
Our NZ trading summary over the 12 months leading up to May 2026 shows one thing is certain: Kiwis are largely in a risk-off mood, but the way they trade varies by age.
While trading volumes have been relatively strong, the strategy has shifted. People are no longer just buying and holding forever; they are actively locking in profits and moving their money around – a behavioural shift that naturally impacts their local taxable income.
Key Takeaways:
- The Legacy Lead: Bitcoin still commands the lion's share of interest, particularly among older, potentially higher-net-worth demographics.
- A Risk-Off Period: The significant net sell volume in major assets (BTC, ETH, SOL) and high volume in stablecoins (USDC/USDT) suggests that many NZ traders were taking profits or moving their capital to the sidelines over the last year.
- Demographic Divide: The 25-44 age group is the engine of Solana and Stablecoin volume, while the 45+ group remains rooted in Bitcoin and Ethereum.
- Accumulation Pockets: Despite the broader market sell-off, specific projects like SUI and XLM are being actively accumulated by New Zealand traders.
Bitcoin is Still Dominant, but the Exit Volume is Strong
Bitcoin (BTC) remains the undisputed heavyweight in the New Zealand market, clocking more than double the total trade volume of its closest competitor, Solana.
However, the Bitcoin volume was heavily weighted toward selling, marking one of the first sustained periods of selling for the asset according to our data. Other large-cap assets like SOL, ETH, and XRP faced a similar trend, where sell volumes consistently outweighed buy volumes during this period.
In contrast, lower-cap assets like SUI and XLM showed more balanced or buy-dominant behaviour.
The Demographic Divide: Blue Chips vs. Alts
The data reveals a fascinating split in how different generations of Kiwis approach the market:
- The 45+ age group: This group remains the primary anchor for Bitcoin and Ethereum (ETH), representing the "legacy" investors of the NZ market.
- The 25-44 age group: Younger demographics drove the majority of volume in Solana (SOL) and Stablecoins (USDC/USDT).
More Alternatives to Local Stability: While current data shows high volume in USD-pegged stables, Kiwi traders now have a local alternative. Swyftx offers support for NZDD, a 1:1 NZD-pegged stablecoin. Utilizing NZDD allows investors to bypass potential forex volatility by keeping dry powder in New Zealand Dollars.
The Accumulation Outliers: Buy Trend on Emerging Assets
While the broader market was busy selling major assets, a few specific projects bucked the trend. SUI, XLM, and HBAR all saw positive net inflows over the last year.
This suggests that local investors are becoming highly strategic. While some traders focused on rebalancing existing portfolios, other buyers were quietly building positions in next-gen networks.
These three ecosystems are known for speed, low fees, and utility like enterprise tech, AI infrastructure, and global payments. Instead of exiting the market, a portion of Kiwis simply rotated capital from mature assets into high-growth ecosystems, betting on where the next wave of adoption will happen.
Why This Matters for Your Tax Return
If you locked in profits on major assets, or frequently rotated capital into stablecoins and next-gen networks, you’ve likely triggered quite a few taxable events. Under NZ law, every single crypto-to-crypto swap or cash-out requires a gain or loss calculation.
With the new CARF reporting framework live for the 2026 tax year, the IRD has full visibility into these local transactions. This surge in active trading means many Kiwis are sitting on complex transaction histories that need to be carefully sorted out.
Streamlining Your Tax Reporting
Fortunately, you don't have to tackle the tracking manually. While you can use Swyftx to execute your crypto market strategy and access deep liquidity, Summ provides the dedicated portfolio and NZ tax engine to make sense of it all.
Instead of dealing with messy spreadsheets, Summ automatically syncs with your Swyftx history, categorizes your ecosystem rotations, and generates IRD-ready reports in minutes.
Swyftx users can track their portfolio for free and get 30% off their first Summ tax report in the first year.
The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Summ (formerly Crypto Tax Calculator) disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.
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