TechFlow reported, according to CoinDesk, due to recent significant fluctuations in the Japanese yen, Bitcoin has seen a slight premium in the Japanese market. Earlier this month, the premium reached as high as 1.49%, the highest level since March 2020, indicating that traders are turning to alternative assets to hedge against yen volatility.
Chart data from TradingView shows that the Bitcoin-to-Japanese yen (BTC/JPY) pair on Japan's leading cryptocurrency exchange bitFlyer is trading at approximately a 0.2% premium compared to the U.S. dollar-denominated Bitcoin price on Nasdaq-listed Coinbase (COIN).
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