US-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) finished April in the green as Bitcoin rallied throughout the month.

Bitcoin ETFs drew $1.97 billion in inflows in April, well above March’s $1.37 billion, marking their highest monthly inflows of the year, according to SoSoValue data.

With inflows in March and April offsetting outflows in January and February, Bitcoin ETFs now show about $1.47 billion in net inflows for 2026. The cumulative net inflows to the products since they launched have topped $58 billion.

Monthly spot Bitcoin ETF flows in 2026. Source: SoSoValue

The April inflows came alongside a 12% rise in Bitcoin, its strongest monthly gain since April 2025, when it rose more than 14%, according to CryptoRank.

April’s data comes ahead of the 13F filing season in May, when major financial institutions will disclose their holdings in crypto ETFs for the first quarter of 2026.

ETFs post $490 million in late-month outflows

Late-month redemptions were not enough to offset April’s inflows. The ETFs saw around $490 million in outflows during three days in late April.

BlackRock’s iShares Bitcoin Trust ETF (IBIT) was the dominant driver of gains in April, bringing around $2 billion in net inflows. On the other hand, Grayscale Investments’ Bitcoin Trust ETF (GBTC) was the biggest loser, with net outflows totaling around $280 million.

Daily spot Bitcoin ETF flows by issuer since April 27, 2026. Source: Farside

The Morgan Stanley Bitcoin Trust ETF (MSBT), which began trading on April 8, generated around $194 million in inflows, with no single day of outflows over the month.

The first month of gains for Ether ETFs since October 2025

April’s positive trend extended to some altcoin ETFs, with Ether (ETH) funds logging their first monthly inflow since October 2025, at $356 million versus about $570 million in October 2025.

Still, Ether ETFs remain in negative territory after four months of 2026, with about $413 million in net outflows year to date, according to SoSoValue. The cumulative net inflows since launch stood at about $11.9 billion.

Monthly spot Ether ETF flows since October 2025. Source: SoSoValue

XRP funds also surged in April, logging their strongest month since December 2025 with $81.6 million of inflows. The ETFs saw about $124 million in net inflows across the first four months of 2026, while total cumulative inflows stand at around $1.3 billion.

Related: Bitcoin risks extended retreat as April rally was futures-driven: CryptoQuant

Dogecoin (DOGE) ETFs rallied in April as well, logging $2 million of inflows, accounting for roughly 21% of total cumulative inflows of about $9.6 million.

Meanwhile, Solana (SOL) ETFs saw $38.7 million in April inflows, the smallest monthly total on record, compared with cumulative inflows of about $1 billion.

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Key Highlights

• Virtual assets excluded from Brazil’s regulated foreign exchange payment infrastructure
• Central bank enforces stricter supervision over international crypto-based transactions
• Resolution bars stablecoins from operating within authorized settlement systems
• Regulated payment providers prohibited from using crypto for cross-border services
• Rising stablecoin adoption prompts Brazil to implement stronger payment oversight

Brazil has prohibited the use of virtual assets for settlement within its regulated foreign exchange payment infrastructure, strengthening oversight of cryptocurrency-related cross-border transactions. Banco Central do Brasil released Resolution BCB No. 561, revising guidelines for international payment service providers. Under these updated provisions, cryptocurrencies and stablecoins are now excluded from settling transactions through supervised payment channels.

Central Bank Prohibits Virtual Assets in Foreign Exchange Infrastructure

According to Banco Central do Brasil, eFX service providers must execute foreign exchange transactions when processing payments involving international counterparties. Alternatively, they may utilize movements through non-resident Brazilian real accounts as permitted by the revised regulation. The resolution explicitly prohibits virtual assets from being used for these payment and receipt activities.

This regulation governs authorized international payments and transfers operating under Brazil‘s foreign exchange regulatory structure. It impacts companies functioning within the official eFX ecosystem. Service providers are forbidden from utilizing cryptocurrencies or stablecoins as settlement instruments within this supervised framework.

The directive does not constitute a comprehensive prohibition on cryptocurrency activity in the country. Crypto transfers remain permissible outside the designated eFX infrastructure. Rather, the central bank has eliminated one regulated pathway for virtual asset settlement.

Temporary Provisions Apply to Unauthorized Service Providers

The resolution establishes transitional arrangements for companies not yet included on the authorized eFX provider registry. These entities may maintain operations while pursuing central bank approval. They must submit authorization requests by the May 31, 2027 deadline.

During this interim phase, these firms must adhere to identical settlement requirements. Their transaction processing must rely on foreign exchange operations or non-resident real account movements. Virtual assets remain prohibited even during the pre-approval period.

Brazil seeks to maintain cross-border payment operations within regulated financial infrastructure. The regulation provides the central bank with enhanced monitoring capabilities over payment flows. It restricts the application of private cryptocurrency settlement within authorized international transfer services.

Expanding Stablecoin Adoption Prompts Enhanced Regulatory Measures

Brazil has strengthened cryptocurrency supervision as stablecoins assume a more prominent position in domestic financial activity. Regulatory authorities incorporated virtual assets into the financial and foreign exchange regulatory framework in November 2025. These provisions established licensing requirements for virtual asset service providers.

The central bank has connected stablecoin activity to issues regarding tax compliance, money laundering vulnerabilities, and reserve transparency. Authorities have examined tokens created beyond Brazil’s regulatory jurisdiction. As a result, certain stablecoins may encounter stringent restrictions in the local marketplace.

The recent eFX prohibition reinforces Brazil’s broader initiative toward supervised crypto payment infrastructure. It also safeguards the foreign exchange system from unregulated settlement mechanisms. Brazil is establishing more defined boundaries between cryptocurrency usage and regulated payment infrastructure.

 

SBI Group has partnered with Visa on a credit card product that allows users to earn crypto assets through card rewards. 

The card supports Bitcoin, Ethereum, and XRP rewards through SBI VC Trade and Aplus. The product links daily card spending with crypto rewards. It also shows SBI’s continued push to connect traditional finance with regulated digital asset services in Japan.

Meanwhile, the new card gives users exposure to major crypto assets without direct spot purchases. Rewards are tied to BTC, ETH, and XRP, which are among the most traded digital assets in Japan.

SBI VC Trade will support the crypto side of the service. Aplus, part of SBI Shinsei Bank Group, will support the credit card and points structure.

Bitbank talks add exchange growth angle

The card launch comes as SBI Holdings is also seeking a larger role in Japan’s crypto exchange market. As we reported earlier today, SBI has started talks with Bitbank over a capital and business alliance that could make Bitbank a consolidated subsidiary.

The company plans to acquire shares after due diligence and internal procedures. The timing and structure of the transaction will be discussed later.

Moreover, SBI’s Bitbank talks follow SBI VC Trade’s merger with Bitpoint Japan in April 2026. This shows faster consolidation among Japanese crypto platforms.

Earlier this week, Bitbank has also expanded into crypto-linked payments. Its EPOS Crypto Card allows users to settle monthly bills with bitcoin balances and offers 0.5% cashback in crypto.

Japanese financial conglomerate SBI Holdings plans to acquire a stake in Bitbank, one of the country’s largest crypto exchanges.

The Tokyo-based broker submitted a letter of intent to Bitbank Co., Ltd. regarding the purchase of the exchange’s shares with the goal of turning it into a consolidated subsidiary, according to an announcement on Friday.

SBI frames the Bitbank move as part of its broader strategy to expand its crypto footprint and strengthen its position ahead of potential regulatory changes in Japan.

Japan’s cabinet approved a draft amendment last month that would classify cryptocurrencies as financial products, bringing crypto assets under the Financial Instruments and Exchange Act, which is used for stocks and other securities. If passed during the current parliament session, the law could take effect as early as fiscal 2027.

SBI already absorbed Bitpoint, a regulated Japanese crypto exchange that offers spot trading and has offered an onchain bond from which investors can receive rewards in XRP.

The move is also part of SBI’s broader regional expansion push, having disclosed plans to acquire a majority stake in Singapore-based Coinhako, a MAS-regulated digital asset platform in February.

SBI has also commenced a Visa partnership to launch credit cards that automatically convert spending rewards into crypto (BTC, ETH, or XRP), enabling users to accumulate digital assets through everyday purchases, according to a separate announcement on Friday.

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Bitcoin climbed to $77,400, turning higher with other risk assets after earnings reports from the largest U.S. tech companies helped steady markets.

The gains came after Apple (AAPL) joined peers with an earnings report that improved sentiment across the industry. The companies, which include Google parent Alphabet (GOOG), Microsoft (MSFT), Meta (META) and Amazon (AMZN), all reported double-digit revenue growth earlier this week.

The earnings reports helped risk assets rise as renewed confidence in the AI growth story pulled investors back into equities and crypto, though the bounce so far reflects relief buying rather than conviction that a new rally has begun.

In a note shared with CoinDesk, crypto exchange Mercado Bitcoin said the market is dealing with “short-term pressure with still-mixed structural factors,” including reduced rate-cut hopes, ETF outflows and higher geopolitical risk.

Crypto prices held this week even as oil surged and spot bitcoin ETFs saw more than $400 million of outflows as April came to a close.

Oil remains a key factor. Higher crude prices from the Iran conflict and disruption in the Strait of Hormuz could feed inflation, making central banks less willing to cut interest rates. That can weigh on crypto and other risk assets by making cash and bonds more attractive.

The Federal Reserve kept rates at 3.50% to 3.75% this week, though the four dissenting voices are the most since 1992. Mercado Bitcoin said the decision and the absence of clear rate-cut signals led markets to reprice policy expectations.

“In the short term, the market should remain volatile and highly reactive to economic data,” the company’s head of research, Rony Szuster, said. “In the medium term, the structure remains dependent on the stabilization of institutional flows and the path of global monetary policy.”

Jerome Powell’s chairmanship at the Fed ends on May 15, and Kevin Warsh is expected to chair the June FOMC meeting,which could induce volatility given Warsh’s favor for tightening monetary policy.

The key test remains at $80,000. A break could draw new buyers, while a failed move may trigger selling if leveraged longs unwind. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today. For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

The weekly plot of the bitcoin price is testing rejection at the $80,000 resistance zone, with RSI showing early signs of a bullish divergence — the price printed a lower low while the RSI held higher — though unconfirmed on a weekly close.

A failure to break above keeps the price range-bound between the 200-day exponential moving average of about $68,000 and that level.

SBI Holdings has moved to expand its crypto presence by opening talks with Bitbank on a possible share acquisition. The planned deal could bring Bitbank under SBI as a consolidated subsidiary, strengthening its exchange network in Japan.

While key terms remain undecided, the discussions come soon after SBI’s Bitpoint merger, signaling faster consolidation in the country’s digital asset market as firms prepare for regulatory changes.

Move Follows SBI’s Bitpoint Merger

The talks come soon after another SBI crypto move. In April 2026, SBI VC Trade absorbed Bitpoint Japan through a merger.

That deal added another exchange business to SBI’s crypto operations. The Bitbank talks now show further expansion in the same market.

Japan’s crypto sector is also moving through a period of change. Regulators are discussing how crypto assets should be handled under financial market rules.

SBI’s latest step comes as large firms prepare for tighter oversight. It may also help the group combine exchange services under one structure.

If the deal is completed, SBI would control several major crypto platforms. That would increase its presence in Japan’s digital asset market.

Bitbank’s IPO Path Remains in Focus

Bitbank had earlier prepared for a Tokyo Stock Exchange listing. Reports said the company aimed to list by mid-2025.

The company also raised about 7 billion yen in 2021. That funding came through a capital and business alliance with Mixi.

Mixi became a major shareholder with a 26.2% stake. The investment helped Bitbank build an independent growth plan.

The new SBI talks may affect Bitbank’s listing path. Investors will watch how the share talks develop from here.

Bitbank has also promoted its security record since its founding. The company has said it has had zero hacking incidents.

Its stated vision is “realizing an open and fair society.” SBI may see that record as useful for wider financial services.

JPX is moving closer to a possible crypto ETF launch in Japan, with 2027 seen as the earliest target. CEO Hiromi Yamaji said preparations can begin once legal reforms and tax rules become clear.

The move comes as Japan reviews how crypto assets are classified and taxed, while asset managers show growing interest in regulated crypto investment products.

Jpx Waits for Legal Clarity Before Etf Launch

Japan Exchange Group may move ahead with crypto ETFs once the legal process is complete. The company operates Japan’s main securities markets. So, its role could shape future crypto investment products.

Yamaji told Bloomberg that JPX is ready to prepare when laws and taxes are clear. He said, ‘If the legal framework is in place and tax treatment is clear, it can be done anytime.’

The earliest listing could happen in 2027. However, the timing may shift to 2028 if law changes take longer.

Japan has not yet approved spot crypto ETFs in the same way as some other markets. For that reason, market operators are waiting for clear rules before listing such products.

Japan Reviews Crypto Tax Treatment

Japan is also reviewing how crypto gains should be taxed. Current rules treat many crypto gains as miscellaneous income. That can lead to tax rates as high as 55%.

A new tax proposal may place some crypto assets under financial product rules. If passed, certain gains could face a flat 20% tax rate. This would be closer to the system used for stocks.

The proposal may also allow losses to be carried forward for up to three years. That rule already applies to some financial products in Japan. It could help investors manage losses from market swings.

However, the plan may not cover every crypto activity. Staking, lending rewards, and NFTs may still need separate treatment. Final details will depend on future legislation.

Asset Managers Show Interest in Crypto ETFs

Yamaji said many asset managers have shown interest in crypto ETFs. These funds could give investors exposure to crypto through regulated markets. They may also offer a familiar structure for retail and institutional buyers.

Japan’s Financial Services Agency has supported wider debate on crypto reclassification. The move could bring crypto closer to traditional financial products. It may also support rules on market abuse and investor protection.

Still, the process remains unfinished. Lawmakers must decide how crypto assets should be defined and taxed. Regulators must also decide which assets can qualify for ETF products.

JPX is now watching the pace of reform. A 2027 launch remains possible, but the schedule depends on final rules. The next stage will decide how Japan opens its listed market to crypto ETFs.

Brazil’s central bank, Banco Central do Brasil (BCB), has barred the use of virtual assets in certain regulated international payment and transfer services, tightening rules for cross-border payment providers operating under the country’s eFX framework.

On Thursday, BCB published Resolution BCB No. 561, amending existing rules for eFX, a regulated category covering international payments and transfers. The resolution states that payments or receipts between an eFX provider and its foreign counterparty must be carried out exclusively through a foreign exchange transaction or movement in a non-resident Brazilian real account, with the use of virtual assets prohibited.

The restriction also applies under transitional rules for eFX providers that are not yet listed among approved provider categories. Those firms may continue providing eFX only if they apply for authorization from the central bank by May 31, 2027, but their payments and receipts must still use foreign exchange transactions or non-resident real accounts, not virtual assets. 

The rule does not amount to a blanket ban on crypto transfers in Brazil. Instead, it closes off the use of crypto and stablecoins inside the regulated eFX channel, reinforcing the central bank’s effort to keep cross-border payment flows within supervised foreign exchange rails.

English translated excerpt of the BCB Resolution No. 561. Source: BCB 

Brazil tightens oversight of crypto-linked cross-border flows

Brazil has been moving to fold virtual assets into its financial and foreign exchange rulebook as stablecoins become a larger part of the country’s crypto activity. 

In November 2025, the central bank detailed new rules for virtual asset service providers, including authorization requirements and rules for services involving virtual assets in the foreign-exchange market.

The central bank’s push follows concern over the use of stablecoins for payments and cross-border transfers. In February, Reuters reported that BCB Governor Gabriel Galipolo said that crypto use had surged in the country over the previous two to three years, with about 90% of flows linked to stablecoins. He said that raised concerns around taxation, money laundering and asset backing.

Related: Spain emerges as leading EURC retail market in Europe, Brighty data shows

The eFX rule comes as Brazil’s central bank has also signaled concern over stablecoins issued by companies outside its regulatory perimeter. In a technical note sent to Congress and seen by Cointelegraph Brasil, the central bank said stablecoins issued by entities not subject to BCB supervision could face a ban or strict conditions in the domestic market.

The document said real-denominated stablecoins issued outside BCB supervision may pose risks to regulatory equality and monetary sovereignty, while foreign-currency stablecoins raise concerns around jurisdiction, capital flows and fragmentation of the payments system. 

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Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.