Bitcoin [BTC] and XRP Make Up 85% of Exchange Holdings in Japan: Report


Nic Carter, partner at Castle Island Ventures and co-founder of, brought to light a report on cryptocurrency holdings on Japanese exchanges.



The report includes the monthly inventory data of the Japanese crypto exchanges as of December 2018. The number of reported users versus active users shows a discrepancy of about 1.1 million. He tweeted

Update: Apparently there are 3.1 million accounts, but only 1.96 million of them are “active accounts” = ie active in the last 30 days or have an account balance

Hence, one can estimate from the survey that there are approximately 2 million Japanese users on crypto exchanges (only approximately 1.5% of the total population).

It only contains six cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP, and Mona.

Japan exchangeNic Carter’s assessment of the SRO report on Japanese stock exchanges (Source: Twitter)

The Japanese exchanges hold around $ 1.2 billion in Bitcoin [BTC]. BTC makes up about 55% of the total inventory.

About another billion dollars are held in altcoins. XRP led the investment with a 68% dominance among altcoins and a total of 30%. Nic Carter, Tweets,

“Japanese traders love XRP,” but he added, “Finna will learn Japanese so I can immerse myself in the Japanese XRP army.”

Japan Crypto Monthly ReportCryptocurrency Exchange Holdings Monthly Report (Source)

The monthly data on cryptocurrencies also shows that Japanese traders were sellers until early July through July. The number of Bitcoin and BCH holdings decreased in the first and second quarters. Even so, it picked up speed in July.

During the Litecoin halving, there has been a significant surge in Litecoin trading. In addition, Ethereum, XRP, and Mona have all grown steadily.

The preliminary report suggests that Japan has a long way to go before mass crypto adoption.

Interestingly, however, the defamed Mt. Gox Japanese exchange lost roughly 650,000 of its 850,000 bitcoins after the 2014 hack. It was a big wake up call for personal custody in the country and elsewhere. The over-the-counter (OTC) market data is also not included in the report. Therefore, the actual number of users can be greater than the 1.5% of the population estimated on the cryptocurrency exchanges.

Even so, it is still considerably low for mass adoption.

Do you think this will eliminate the Japanese rhetoric of the adoption of bulk cryptocurrencies? Please share your views with us.

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The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.

About the author

Engineering Background’s Nivesh is a full-time crypto analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that cryptocurrency is a necessity to prevent corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or email him at nivesh (at)

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