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Top Japanese Crypto Exchanges, by Market Share & Trading Volume

4.3
| by
Shaun Paul Lee
-

What is Japan's Largest Crypto Exchange?

Bitflyer is Japan's largest crypto exchange, with a market share of 38.0% and a trading volume of $1.51 billion in May 2023. This represented a -28.8% month-on-month (MoM) decline, having recorded $2.12 billion in April 2023.

The second largest Japanese crypto exchange is Coincheck, which had a 27.2% market share and spot trading volume of $1.08 billion in May 2023. This represented a -11.7% MoM drop, having recorded $1.22 billion in April 2023. 

BitBank ended May 2023 as the third largest Japanese crypto exchange, with a 13.5% market share and $0.54 billion of trading volume. This was followed by BTCBOX and GMO Japan, with 12.7% and 8.6% of market share, respectively.

How Big is Bitflyer?

Bitflyer is the market leader amongst Japan's crypto exchanges, with more than 30% of the total spot trading volume between 2022 Q4 to 2023 Q1. Its lowest market share was 31.6% in October 2022, or $1.21 billion in volume. That same month, Bitflyer was behind Coincheck, which had 32.2% dominance but overtook it in November 2022.

Meanwhile, its highest market share was in February 2023, at 42.8%, or $1.94 billion in volume. Bitflyer had $2.71 billion in trading volume in March 2023, its highest in 2023, though its market share dropped to 41.6% in the same month, as other Japanese crypto exchanges outperformed it. 

Between January 2023, and March 2023, Bitflyer saw its trading volume increase from $1.42 billion to $2.71 billion, a growth rate of 90.4%. However, trading volume has dropped since April 2023.

Coincheck Market Share Drops Below 30%

Coincheck maintained its position as Japan's second-largest exchange in 2023. In 2023 Q1, it recorded $3.95 billion in trading volume, an increase of 15.3% from 2022 Q4, where volume was recorded at $3.43 billion. 

Coincheck was Japan's dominant crypto exchange in October 2022 but has since lost its position to Bitflyer. In October 2022, it had a market share of 32.2% with $1.23 billion trading volume versus Bitflyer’s 31.6% and $1.21 billion. The gap between the top 2 Japanese crypto exchanges has widened from 8.2% in 2022 Q4, to 35.0% in 2023 Q1. This could be an indication that Bitflyer has become the go-to exchange in Japan.

Bitbank Sees Market Share Fall, BTCBOX & GMO Japan Climb

Bitbank lost market share between April 2023 and May 2023, falling from 15.2% to 13.5%, while volumes fell $0.77 billion to $0.54 billion, a decline of -30.2%. The exchange faced the sharpest decline in trading volume among the top 5 but managed to maintain its status as the third largest.

Meanwhile, BTCBOX has seen its market share grow to 12.7% in May 2023, from 10.6% in April 2023. However, volume dropped to $0.51 billion from $0.54 billion within the same period or -6.0%. 

GMO Japan, too, experienced a rise in market share, climbing from 8.4% in April 2023, to 8.6% in May 2023. As for trading volume, it fell from $0.43 billion to $0.34 billion during that time, a decline of -20.6%.

Top 5 Japanese Crypto Exchanges Market Share (May 2023)

The top 5 Japanese crypto exchanges ranked by market share, as of May 2023 are:

Rank Japanese Crypto Exchanges Market Share (%)
1 Bitflyer 38.0%
2 Coincheck 27.2%
3 Bitbank 13.5%
4 BTCBOX 12.7%
5 GMO Japan 8.6%

 

Methodology

The study examined the top 5 Japanese crypto exchanges by spot trading volume, using CoinGecko data from October 1, 2022 to May 31, 2023. The top 5 Japanese crypto exchanges are: Bitflyer, Coincheck, Bitbank, BTCBOX, GMO Japan. Market share was based on total monthly spot trading volume.


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Shaun Paul Lee
Shaun Paul Lee
Shaun is a Research Analyst at CoinGecko, who has lived and breathed crypto since 2017. Previously a community manager for Synthetix and RedFOX, he dived down the crypto rabbit hole to grasp a better understanding of the industry. He now spends copious amounts of time on Crypto Twitter and Telegram, searching for the next idea for CoinGecko Research. Follow the author on Twitter @ShaunPaulLee

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