A sharp rise in the yen has left bitcoin and other major cryptocurrencies underperforming in yen terms compared with their dollar-based trading pairs.

SBI VC Trade says corporate demand for crypto is rising as a weak yen pushes firms to diversify reserves, part of a run that took its registered accounts past 2 million.

Hedge funds have turned the most bearish on the yen since 2007, boosting bets on further losses to nearly 138,000 contracts as of June 30.