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.

169,376 BTC was held on Japanese exchanges, up more than 11% from the previous month. XRP was up 6.4% to 3.2 billion XRP. Ether was up more than 5.7% to 1.14 million ETH.

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.

One could say Japanese Bitcoin believers were not hesitant to buy more after the collapse of the crypto market. 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that Japanese investors were sending more cryptocurrencies to exchanges to sell, the opposite case of Bitcoin being withdrawn from Coinbase recently.


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