Japanese Exchange Holdings of Bitcoin Surged During the Pandemic
The Japan Virtual and Crypto Assets Exchange Association (JVCEA) — a self-regulatory organization for the crypto industry in Japan — recently published a report on Japanese holdings of major cryptocurrencies in March. The volume of Bitcoin spot trading was 617.3 billion yen (about $5.8 billion) in March, 11 times more than the trading volume of XRP, the second-most traded cryptocurrency that same month.
It may be also the case that Japanese investors were sending more cryptocurrencies to exchanges to sell, the opposite case of Bitcoin being withdrawn from Coinbase recently. According to U.K. crypto trading app Mode, Baby Boomers (born 1946-1964), and Generation-X (born 1965-1980) investors increased their monthly Bitcoin investment since the start of the pandemic.
