Bitget Research Report Shows Over 350,000 Daily Crypto Traders in Japan Market

Press release

Victoria, Seychelles, 8th Jul y, 2024 — Bitget Research, the research arm of leading cryptocurrency exchange and Web3 company Bitget, has launched an extensive report on Japan's growing cryptocurrency market. The report highlights key trends and forecasts that affirm the country's crucial influence on the global crypto landscape.

According to the report, Japan has been at the forefront of cryptocurrency innovation, with approximately 350,000 individuals engaging in daily trades. This positions Japan's market size between those of Turkey and Indonesia, and approximately two-thirds that of South Korea. This early adoption is a byproduct of proactive regulatory measures from the Japanese government for implementing policies fostering the crypto industry's growth.

The report highlights CeFi and DeFi adoption rates in the Japanese market are more or less equal, while usage of P2P trading is significantly lower than the global average. Users in Japan also excel in trading NFTs and using decentralized exchanges (DEX), showing a strong preference for blockchain-based platforms and metaverse games. Additionally, the market favors spot trading compared to derivatives, concentrating primarily on mainstream and local project tokens, with an elevated interest in established projects.

“Japan with its high awareness for crypto is a dynamic and rapidly evolving landscape,” said Gracy Chen, CEO of Bitget. “The research highlights the significant opportunities and trends within the cryptospace, which make it a hotbed for emerging tech and mass adoption. We will continue to identify and support the potential growth and innovation in these markets.”

Bitget’s Research Institute has identified five major predictions for the future of Japan’s crypto market:

Increased Investor Participation: With new global compliance policies and the listing of crypto ETFs in the US, Japan is expected to see a rise in both institutional and retail investor participation in the crypto market.
Higher Adoption Rates: Japan’s cryptocurrency adoption rate is projected to remain in the global top 20, with daily active traders increasing from 350,000 to approximately 500,000 by the end of 2024.
Continued Interest in Local Projects: Japanese users are likely to maintain their enthusiasm for local blockchain projects, particularly games, and increase their engagement with NFTs and blockchain task platforms.
Significant Capital Investment: One or two blockchain game projects in Japan are anticipated to receive substantial capital investment, positioning them as major players in the global crypto market.
Popularity of Advanced Wallets: Wallets featuring transaction aggregation and NFT trading capabilities are expected to gain more traction among Japanese users.

Japanese users also display a high level of acceptance and engagement with cryptocurrencies. They predominantly trade in spot trading of large market-cap coins such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE), as well as local project tokens. This trading preference is partly due to Japan’s regulatory environment, which restricts trading to cryptocurrencies approved by the Financial Services Agency (FSA) and limits leverage to 2x on derivative products.

Unlike many other regions, Japanese traders show a higher demand for localized centralized exchanges while actively utilizing leading DEX platforms like Uniswap and PancakeSwap. In terms of WEB3 wallets, Bitget Wallet ranks second to Metamask in popularity followed by Phantom, Trust Wallet, and Coinbase Wallet.

For more insights on Japan users' crypto trading behaviour, please visit the full report here.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team). For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet For media inquiries, please contact: media@bitget.com

2024-07-08

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