cointelegraph.com:- 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.
Moreover, the number of Bitcoin Cash (BCH), Monacoin (MONA), Litecoin (LTC), and NEM (XEM) also increased slightly 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.
In March, Bitcoin was down more than 25%. It started the month at around $8,600 dollars but on March 12, known as “Black Thursday”, it briefly plummeted below $5,000. Bitcoin ended the month near $6,400.
The reason Japanese investors increased their crypto holdings is not immediately clear.
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that Japanese investors were sending more cryptocurrencies to exchanges to sell, the opposite case of Bitcoin being withdrawn from Coinbase recently.
Speaking to Cointelegraph, Yuya Hasegawa, a market analyst at the FSA licensed crypto exchange Bitbank, explained that usually price movement and user’s holdings of cryptocurrency are “correlated inversely”.