Coinbase has activated direct rupee bank rails in India, enabling local users to move money between bank accounts and crypto markets on a single platform. The feature integrates deposits and withdrawals in Indian rupees via the Immediate Payment Service (IMPS) network and unlocks access to spot trading, perpetual futures, and Coinbase’s Advanced Trade interface from one unified interface.

In a blog post published this week, Coinbase outlined that Indian users can now deposit and withdraw INR directly through IMPS while trading across multiple product layers. The move is part of a broader push to deepen Coinbase’s footprint in India, following the company’s regulatory progress and a prior foray into the market that included a brief period of UPI-based rupee deposits in 2022.

The company says the development is anchored by Coinbase’s registration with India’s Financial Intelligence Unit (FIU) earlier in 2025, a step it describes as providing a formal regulatory footing under the country’s anti‑money laundering framework. The registration comes after a tumultuous debut in 2022, when UPI-based rupee deposits were briefly supported before payments authorities distanced themselves from crypto use of the network and partners pulled back.

India’s position in global crypto adoption has been a focal point for exchanges seeking to balance regulatory risk with fast-growing user demand. Chainalysis ranked India first in its 2025 Global Crypto Adoption Index, citing strong on‑chain retail activity, centralized exchange use, and a broad array of on-ramp activity—indicators that Coinbase is keen to capitalize on as it expands access to INR rails. The country remains a competitive battlefield, with domestic platforms such as CoinDCX, CoinSwitch, ZebPay and WazirX, alongside global players like Binance and KuCoin, which have historically leveraged fiat-onramps and peer-to-peer channels rather than direct bank rails.

With rupee deposits and withdrawals now live, Coinbase is positioning itself as a bridge between domestic liquidity and its global exchange ecosystem. The firm says the INR order books have been built to support concentrated local liquidity, while users also gain access to Coinbase’s spot markets, perpetual contracts, and the Advanced Trade interface on a single platform. In practice, that means Indian traders can navigate from bank-to-crypto transfers straight into trading without switching apps or networks, a streamlined flow that could shift how retail participants interact with digital assets.

Key takeaways

• Coinbase launches direct INR rails via IMPS in India, enabling bank-to-crypto transfers on a single platform for spot, futures, and Advanced Trade.
• The move follows Coinbase’s FIU registration in March 2025, signaling a formal regulatory foothold for crypto activity in India.
• India tops Chainalysis’s 2025 Global Crypto Adoption Index, underscoring strong domestic activity and potential for continued on‑ramps and liquidity provision.
• Despite regulatory headwinds and tax considerations, India remains a key growth market, with multiple local and international exchanges competing for retail users.

Direct INR rails and what changes for Indian traders

By linking IMPS-enabled INR deposits and withdrawals to its trading rails, Coinbase provides Indian users with a direct bank-to-crypto transfer channel. This reduces friction that previously required converting rupees through third-party gateways or relying on peer-to-peer mechanisms. The platform now supports access to spot markets, perpetual futures, and its Advanced Trade interface, all in a single experience.

Industry observers note that the move could broaden participation among new entrants who are attracted to the convenience of direct rupee onramps, especially in a market where mobile payments and self-directed trading have become widely adopted. While domestic exchanges have long dominated the landscape, the availability of direct INR rails to a global exchange like Coinbase could raise the stakes for liquidity competition and pricing efficiency across Indian crypto markets.

That said, investors should monitor how the INR rails interact with broader regulatory requirements in India, including AML steps and tax rules that shape user behavior. Coinbase’s own disclosures emphasize compliance alignment with local authorities, a necessary condition for sustaining a broad retail onboarding pump in a highly regulated environment.

Regulatory momentum and market context

The March 2025 FIU registration marks a notable milestone in Coinbase’s attempt to formalize its presence in India. The company stated that the registration enables it to offer crypto trading services in the Indian market under the country’s AML framework, a prerequisite that was missing during earlier, more speculative phases of its Indian operation.

India’s policy landscape remains nuanced, with taxes and reporting requirements shaping user incentives. A 30% tax on many digital asset gains and a 1% tax deducted at source on certain transactions have created a complex environment for both retailers and platforms. Despite these constraints, India’s large and digitally engaged population has drawn sustained investment and competition from global and domestic players alike, as reflected in Chainalysis’ 2025 ranking.

Chainalysis highlighted India as the top country in its adoption index, a signal that on-chain activity, exchange usage, and onshore liquidity are formidable forces shaping the trajectory of crypto in the world’s second-most populous nation. For Coinbase and similar platforms, that combination of size and activity creates a compelling case for expanding on‑ramps, liquidity, and product breadth.

Market dynamics: competition, liquidity, and user choice

India’s crypto exchange ecosystem is crowded, with homegrown platforms like CoinDCX, CoinSwitch, ZebPay, and WazirX serving domestic traders, alongside major global players that have sought access via local or cross-border channels. The shift toward direct INR rails could intensify competition for user deposits and trading activity, particularly if Coinbase’s INR liquidity pools and global order books offer improved pricing and deeper liquidity compared with other onramps.

Beyond domestic players, the broader crypto landscape has included P2P rupee access via major exchanges such as Binance and KuCoin. However, the direct IMPS route via Coinbase represents a more traditional banking rail, potentially improving reliability and speed for on- and off-ramps and reducing reliance on quasi-fiat bridges. For users, that could translate into more predictable settlement times and better liquidity visibility across the exchange’s global ecosystem.

What readers should watch next

As Coinbase builds out INR liquidity and expands product access, investors and traders should watch how the Indian market adapts to direct INR rails and evolving regulatory scrutiny. Key questions include: Will direct bank rails attract a broader base of retail participants, and how will Indian regulators respond to expanding on-chain activity linked to global platforms? How will the interplay between tax policy and on‑ramp options shape user behavior and platform competition in the months ahead?

For now, Coinbase’s direct INR rails represent a meaningful step in normalizing bank-to-crypto flows in India, reinforcing the country’s standing as a premier growth hub for crypto adoption and on‑ramp innovation. The next phase will likely hinge on how efficiently the system can scale liquidity, maintain compliance, and navigate the complex regulatory terrain that has already influenced several high-profile market moves in recent years.

As the market watches, Indian users can expect more clarity on how foreign and domestic platforms balance accessibility with compliance, and how this balance will influence the long-term trajectory of crypto usage in one of the world’s most dynamic digital ecosystems. For now, the availability of direct INR rails marks a practical, headline-grabbing improvement in user experience, with potential ripple effects across liquidity, competition, and investor confidence in India’s crypto markets.

Crypto investment products extended losses to three straight weeks last week amid ongoing selling pressure in markets and limited institutional demand.

Crypto exchange-traded products (ETPs) recorded $1.67 billion in outflows last week, the second-largest weekly withdrawal of 2026, CoinShares reported on Monday.

The fresh outflows bring three-week losses to $4.21 billion, with total assets under management dropping to $141 billion, the lowest level since early April.

CoinShares head of research James Butterfill attributed surging outflows to an Iran-related risk-off move that has now overwhelmed any cushioning effect from CLARITY Act progress. “The pattern is reminiscent of the January-February episode that delivered five consecutive negative weeks,” he said.

Bitcoin sees the largest weekly outflow of 2026

Bitcoin (BTC) ETPs led weekly outflows by a wide margin, with $1.44 billion leaving the funds, marking the largest weekly outflow so far this year.

The funds were $2.4 billion down month-to-date but still had about $1.2 billion in inflows year-to-date, while assets under management fell to $114.6 billion.

Crypto ETP flows by asset (in millions of US dollars). Source: CoinShares

Ether (ETH) funds continued to see selling pressure with $257.3 million in outflows, bringing year-to-date losses to $346 million.

Altcoin participation also collapsed, CoinShares’ Butterfill said, referring to only five assets recording substantial inflows above $1 million, down from nine a week prior.

XRP (XRP) again led positive momentum with $20.3 million in inflows, while Hyperliquid (HYPE) and Near (NEAR) followed with $10.8 million and $7.6 million, respectively.

US drives losses with $1.63 billion of outflows

Regionally, the United States drove the global outflow story with $1.63 billion of outflows, aligning with $1.42 billion in outflows from US-listed spot Bitcoin exchange-traded funds (ETFs), according to SoSoValue data.

Germany joined the risk-off sentiment with $25.7 million of outflows, while Sweden and Hong Kong saw $6.6 million and $4.5 million in outflows, respectively. The Netherlands again was the only country to see inflows above $1 million, with $1.3 million in inflows, down from $6.6 million a week prior.

Crypto ETP flows by country (in millions of US dollars). Source: CoinShares

According to the derivatives trading desk at Laser Digital, the crypto sell-off last week came without a clear catalyst and was affected by underperforming equities.

Related: Strategy’s Michael Saylor teases BTC buy with ‘working better’ tweet

The unit cited a lack of demand, including Michael Saylor’s Strategy announcing that it did not purchase any BTC between May 18 and May 24.

“With STRC still trading below par and the continued lack of interest from retail buyers, BTC is expected to remain weak for the time being,” it said in a statement seen by Cointelegraph.

Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

Michael Saylor weeks ago teased that it was coming, but the news for the moment is shocking already depressed crypto markets even further.

Strategy (MSTR) in a Monday morning filing disclosed the sale of 32 bitcoin for $2.5 million. The amount is a rounding error compared to the 840,000-plus BTC held by the company, but it’s nevertheless significant, suggesting even larger sales down the road as Strategy looks to fund dividend payments on its high-yielding preferred stock STRC.

Bitcoin has slipped just below $72,000 on the news, down nearly 3% over the past 24 hours. MSTR shares are lower by 5.15% premarket. U.S. stocks, meanwhile. are set to add to record highs hit last week, with futures on all three major indices in the green.

Importantly, it’s not the first time Saylor and team have sold some of their stack. The company near the bottom of the 2022 bear market sold 704 bitcoin at about $18,000 each.

Bitcoin bulls can only hope the current sales again might be marking a significant bottoming in prices.

Key Highlights

• Kentucky Retirement Systems dramatically expanded its ServiceNow holdings by 400% during Q4, acquiring an additional 51,904 shares valued at approximately $9.94 million.
• Multiple institutional players made substantial position increases, pushing total institutional ownership to 87.18% of outstanding shares.
• Shares began Monday trading at $124.56, trading above the 200-day moving average of $123.39 despite remaining below the 52-week peak of $211.48.
• First quarter revenue surpassed expectations at $3.77 billion compared to the projected $3.75 billion, marking a 22.1% year-over-year increase.
• Analysts maintain a “Moderate Buy” rating with a collective price target of $141.85.

ServiceNow (NOW) shares are capturing significant institutional investor interest, as fourth-quarter 2025 filings reveal a substantial wave of position building and expansion among professional money managers.

ServiceNow, Inc., NOW

Leading the charge, Kentucky Retirement Systems quadrupled its ServiceNow stake to 64,880 shares, representing approximately $9.94 million in value at filing time. This dramatic move signals strong conviction rather than a minor portfolio adjustment.

This bullish sentiment extended across multiple institutions. Peapack Gladstone Financial Corp expanded its holdings by an impressive 505.5%, Florida Financial Advisors increased exposure by 552.9%, and Waterloo Capital grew its position by 384.1%. Meanwhile, Rothschild Wealth initiated a fresh stake valued near $310,000.

Cumulatively, institutional stakeholders now control 87.18% of ServiceNow’s total shares outstanding.

NOW kicked off Monday’s session at $124.56 per share. The stock maintains a position above its 200-day moving average of $123.39, though it continues trading significantly below its 52-week high of $211.48. With a 52-week low of $81.24, the stock has achieved a meaningful rebound from its bottom levels.

The enterprise software giant carries a market capitalization of $128.42 billion alongside a price-to-earnings ratio of 74.23.

First Quarter Results Exceed Expectations

ServiceNow unveiled its Q1 performance on April 22nd, delivering revenue of $3.77 billion that topped the Street’s $3.75 billion estimate. This figure reflects a robust 22.1% year-over-year expansion.

Earnings per share reached $0.97, aligning precisely with analyst projections. The comparable quarter in the prior year produced EPS of $0.81. Looking ahead to the complete fiscal year, the analyst community currently projects earnings of $2.36 per share.

The company achieved a net margin of 12.59% coupled with an 18.16% return on equity.

Street Ratings and Executive Trading

Wall Street maintains a generally optimistic stance on ServiceNow shares. Citigroup elevated its price objective from $154 to $158 while maintaining a “Buy” rating. Evercore increased its target from $140 to $150 with an “Outperform” designation. BTIG reaffirmed its “Buy” recommendation with a $150 target. DA Davidson sustained its “Buy” rating with the most aggressive target at $190. Cantor Fitzgerald adjusted its target downward to $122 but preserved an “Overweight” rating.

Among 43 monitored analysts, the distribution stands at: two Strong Buy ratings, 35 Buy ratings, five Hold ratings, and one Sell rating. The average price target comes to $141.85.

Regarding insider transactions, Director Paul Edward Chamberlain divested 1,500 shares on May 14th at $87.23 each, trimming his stake by 3.23%. Insider Paul Fipps sold 1,048 shares on May 18th at $98.51 apiece, representing a 7.99% reduction. Both transactions occurred through predetermined Rule 10b5-1 trading plans. Fipps executed his sale specifically to satisfy tax liabilities associated with vesting equity compensation.

Collectively, company insiders disposed of 28,071 shares totaling roughly $2.53 million over the past quarter. Executive and board ownership represents merely 0.34% of the company.

Strategy (MSTR) sold 32 bitcoin between May 26 and May 31 at an average net price of $77,135 a coin, totaling $2.5 million, the company disclosed in an 8-K filing on Monday.

Bitcoin briefly dropped under the $72,000, per CoinDesk data, with over $90 million in BTC-tracked futures positions liquidated shortly on the move.

The disposal is Strategy’s first disclosed bitcoin sale and the proceeds are earmarked to fund distributions on its preferred stock, according to a footnote in the filing.

In addition, for the week, Strategy raised $128.3 million through its at-the-market (ATM) common stock program and allocated a small portion of the proceeds to increase its U.S. dollar cash reserve from $871 million to $900 million. After depleting a substantial portion of its cash holdings $1.5 billion of its 2029 convertible notes.

The company held 843,706 bitcoin at an average purchase price of $75,699 as of May 31, putting the sale price above its blended cost basis but also above where bitcoin BTC$72,112.27 was trading on Monday below $72,000 per CoinDesk data.

Crypto investment products recorded $1.67 billion in outflows last week, extending their losing streak to three weeks as Bitcoin funds saw their largest exit of 2026.

Digital asset exchange-traded products posted their second-largest weekly withdrawal of 2026, according to CoinShares. The latest pullback took three-week outflows to $4.21 billion.

Total assets under management fell to $141 billion, the lowest level since early April. The data shows weaker demand from institutional investors after several weeks of pressure across crypto markets.

“The pattern is reminiscent of the January-February episode that delivered five consecutive negative weeks,” CoinShares head of research James Butterfill said.

Butterfill linked the selling to an Iran-related risk-off move that outweighed any support from progress around the CLARITY Act. The report said the pullback remained concentrated in major crypto investment products.

Bitcoin leads weekly selling

Bitcoin ETPs recorded $1.44 billion in outflows, the largest weekly Bitcoin withdrawal so far in 2026. Bitcoin products were down $2.4 billion month-to-date.

The asset still had about $1.2 billion in year-to-date inflows. Bitcoin fund assets under management fell to $114.6 billion after the latest withdrawals.

Ether products also stayed under pressure. ETH funds lost $257.3 million during the week, taking year-to-date outflows to $346 million.

Altcoin demand narrowed sharply. CoinShares said only five assets posted inflows above $1 million, down from nine assets a week earlier.

U.S. products drive global exits

The United States accounted for most of the selling, with $1.63 billion in outflows. That matched heavy withdrawals from U.S.-listed spot Bitcoin ETFs during the same period.

Germany recorded $25.7 million in outflows. Sweden and Hong Kong also saw withdrawals, while the Netherlands was the only market with inflows above $1 million.

XRP led the few positive assets with $20.3 million in inflows. Hyperliquid followed with $10.8 million, while Near added $7.6 million.

This showed that some investors still targeted selected altcoin products. However, the broader market remained tilted toward exits.

Earlier inflows give wider context

As previously reported by crypto.news, crypto ETFs saw strong inflows in April, with Bitcoin, Ethereum, and XRP products attracting fresh capital. That earlier rebound has now weakened.

Separate earlier coverage also showed crypto investment products drawing more than $1 billion in weekly inflows in March, when Bitcoin and Ethereum led demand.

The latest CoinShares data marks a clear change from that earlier buying. Bitcoin now accounts for most of the pressure, while Ether funds and several regional markets also remain weak.

The next weekly fund flow report will show whether the outflow streak extends toward the five-week pattern seen earlier this year or whether demand returns after the latest sell-off.

Coinbase has enabled direct rupee bank rails in India, making it easier for local customers to move money between bank accounts and crypto markets on the exchange as the company deepens its push into one of the world’s fastest-growing digital asset markets.

Indian users can now deposit and withdraw Indian rupees via the Immediate Payment Service (IMPS) instant payments network and access spot markets, perpetual futures and the company’s Advanced Trade interface through a single platform, according to a company blog post published Sunday.

The move marks Coinbase’s latest push to expand its presence in India since a troubled 2022 debut and follows the company’s registration with India’s Financial Intelligence Unit, giving it a formal regulatory footing in the market.

In 2022, Coinbase briefly supported Unified Payments Interface (UPI)-based rupee deposits before halting them days after launch, after payments authorities distanced themselves from crypto use of the network and partners stopped enabling UPI for the exchange.

Related: Coinbase brings global crypto derivatives markets to US institutional clients

Coinbase registered with India’s Financial Intelligence Unit in March 2025, a step the company said enables it to offer crypto trading services in India under the country’s Anti-Money-Laundering (AML) framework.

India first in global crypto adoption index

Coinbase is wading into a crowded but strategically important arena, where domestic platforms such as CoinDCX, CoinSwitch, ZebPay and WazirX already serve Indian traders.

Chainalysis Global Crypto Adoption Index, 2025. Source: Chainalysis

Global exchanges such as Binance and KuCoin are also widely used, but have largely relied on crypto-only or peer-to-peer rupee access, rather than the kind of direct, IMPS-based bank rails Coinbase is now offering.

With rupee deposits and withdrawals now live, Coinbase is providing Indian users direct bank-to-crypto transfers in addition to spot trading, perpetual futures and its Advanced Trade platform, and says it has built local INR order books for concentrated domestic liquidity alongside access to its global exchange.

India has emerged as a key prize for global exchanges despite policy headwinds, including a 30% tax on many digital asset gains and a 1% tax deducted at source on certain transactions.

Chainalysis ranked India first in its 2025 Global Crypto Adoption Index, ahead of 150 other countries, based on factors such as retail onchain activity, use of centralized exchanges and decentralized finance protocols, and transaction volumes, illustrating the scale of grassroots usage that platforms like Coinbase are trying to tap.

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026

Bitcoin BTC$72,527.76 and software stocks moved almost in lockstep for much of the past five years, with BTC treated as a high-beta technology asset.

The iShares Expanded Tech-Software Sector ETF (IGV) served as one of the best proxies for the software sector. That relationship, however, appears to have broken down.

Since May 14, bitcoin and IGV have sharply diverged. IGV has gained roughly 12%, while bitcoin has fallen about 10%, marking one of the largest disconnects between the two assets in recent years.

Bitcoin and IGV reached all-time highs in October 2025 before entering significant drawdowns, with bitcoin declining roughly 50%, while IGV around 37%. The software sector’s weakness was largely driven by growing fears that artificial intelligence would disrupt traditional software business models. The “SaaS apocalypse” narrative gained traction across markets, triggering broad selling pressure in software names such as Oracle (ORCL), Microsoft (MSFT), and Palantir (PLTR).

IGV has staged an impressive recovery since early April, rallying 36% and reclaiming its 200-day moving average, a technical indicator that represents the average closing price over the previous 200 trading days and is often used to gauge a long-term trend. IGV closed on Friday near 98 and was trading around 104 in pre-market action Monday.

Bitcoin, by contrast, is trading near $73,000, nearly 10% lower than its 200-day moving average of $79,388.

The 20-day rolling correlation between bitcoin and IGV has fallen to 0.58. The last notable periods of similarly low correlation occurred in October 2023, when bitcoin was trading near $25,000 before rallying to $70,000 over the following six months, and again during the summer of 2024, shortly before bitcoin surged toward $100,000 following President Trump’s election victory.

Historically, such periods of low correlation have not lasted long. Either bitcoin eventually catches up to software stocks, or IGV’s recovery proves a fakeout. For now, the latter scenario appears less likely given IGV’s strong momentum and its move back above the 200-day moving average.