Can you ride a tiger? Crypto trend and characteristics to ease you into Japanese bush

Hiroyuki Mihara 三原 弘之
bitbank, inc.
Published in
3 min readSep 25, 2019


Crypto has been likely to be wild and caprice since its genesis. It is necessary for crypto walk-ins to grasp trends and characteristics of the market beforehand, even more Japanese market. Arguably the bush may be deeper than US market which has relatively plenty of guidebooks to direct grassless routes. In this article, I would like to look into the seemingly deep bush by breaking down four segments (lifetime trade values by registration period, trade values by age, by region, and by device) based on the analysis of bitbank’s users. I hope this could help you understand and scope Japanese market more clearly.

Lifetime trading value by registration period

This bar graph indicates cumulative trading value grouped by users who registered in each month from Sep. 2017 to Sep. 2019. Be aware it’s not time series of trade value.

Users who registered in December 2017 have traded whopping 1.17 trillion JPY in value so far. This can of course be attributed to the fact that bitcoin had hit its all time high that month, and the relatively high trading value in the first month of 2018 is due to altcoins following the track of bitcoin roughly a month later.

Although the trading value is greatly affected by price swings of each crypto on our platform, notice how small it gets from June 2018. Of course, the data is cumulative trading value grouped by users who registered in each monthーhence not a time seriesー, so it tends to get smaller for more recent data, but since the June of 2018, trading value gets noticeably smaller and it does not show any sign of rebounce even bitcoin’s run-up to 150 million JPY from April to June this year. This could mean that newcomers are less active than those who registered back from late 2017 to early 2018.

Trading value by age

It is often said that ‘crypto is for millennials’ and it holds true in Japan as well. The trading value by age groups shows that users in their 30s trade crypto the most, followed by those in 40s and 20s, making it the asset class of younger demographics. On the other hand, age groups above 50s show significantly lower interest to crypto.

Trading value by region

Three words: Tokyoites love crypto. Out of 47 administrative subdivisions in Japan, only Tokyo surpasses the 30% threshold for trading value dominance, sitting at the top with a significantly large margin over Osaka and Kanagawa at second and third places respectively with slightly above 6% dominance.

Trading value by device

Crypto trading on the go? Roughly 52% of trade value comes from mobile devices, with Android App reaching almost a quarter at 24.22% and iPhone App at 13.98%, meaning that the majority of traders send orders from either smartphones or tablets and the vast majority of them uses our App to trade. Given the fast and highly volatile price movements and markets being open 24/7, traders in Japan are finding mobile devices more convenient as they allow them to trade anywhere and anytime.

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