Crypto trading on Japan-based Bitflyer spiked sharply on Monday as Asian equity markets opened under heavy pressure. According to CoinGecko data, Bitflyer’s 24-hour trading volume jumped 200%, far ahead of Coinbase’s 112% increase and Binance’s 75% gain. Activity on Korean exchanges was notably softer, with Upbit volume rising 27.1% and Bithumb up 49.0%.
The surge came as regional markets reacted to a sharp rise in oil prices. Asian equities fell broadly, with energy supply concerns intensifying as disruptions around the Strait of Hormuz raised fears for economies that rely heavily on crude imports moving through the route. Japan was among the markets hit by the risk-off mood, and the selloff appeared to coincide with stronger local demand for bitcoin trading.
Japanese crypto flows outpaced global peers
Market pricing across the region pointed in a similar direction. During Asian trading hours, bitcoin rose about 2.05% against the Japanese yen, compared with roughly 1.86% against the U.S. dollar and about 1.64% against the Korean won. Part of the stronger move in yen terms reflected currency weakness, but it also matched the pickup in activity on Japanese exchanges during the equity decline.
The underlying pattern suggests that Japanese traders may have moved more aggressively into BTC while local stocks were under stress. By contrast, Korean flows looked more restrained, both in exchange volume growth and in relative price performance versus the won.
Asian equities tumble as energy exposure comes into focus
The regional selloff was uneven but severe. South Korea’s Kospi led losses, dropping about 8% and triggering a circuit breaker. Japan’s Nikkei 225 fell roughly 6.5%, while Taiwan’s Taiex lost about 4.9%. These declines rank among the steepest post-pandemic pullbacks for the three markets, though still below the double-digit crashes seen during the global financial crisis and the March 2020 pandemic panic.
South Korea is often especially sensitive to oil shocks because of its dependence on imported energy. The country consumes around 2.5 million barrels of crude per day and imports nearly all of it, with about 70% sourced from the Middle East. Taiwan faces similar structural pressure, relying on imports for about 97% of its energy supply and nearly all of its crude oil needs. Against that backdrop, the jump in Japanese crypto activity offered a clear signal that digital assets may be attracting faster rotational flows during periods of regional market stress.