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Overview:
The crypto market rose 0.67% to $2.67 trillion, driven by strong institutional inflows into Bitcoin ETFs worth $358 million
Japan reclassified crypto as a financial asset, cutting tax from 55% to 20%, boosting investor participation and institutional confidence.
Bittensor plunged 18%, wiping $900 million market cap, while TON improved speed 10x after the upgrade.
The cryptocurrency market increased 0.67% with a market cap of $2.67 trillion and saw major developments from the inflow of Bitcoin ETFs and Dogecoin transfer to Japan, approving cryptocurrency as a financial asset, and TON gets an ecosystem upgrade.
According to SoSoValue, the Bitcoin spot ETF saw a total net inflow of $358.17 million on April 9th.
The Bitcoin Spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a daily net inflow of $269.34 million.
The second highest was Fidelity's ETF FBTC, with a daily net inflow of $53.33 million.
The total net asset value of Bitcoin Spot ETFs is $93.29 billion, with an ETF net asset ratio of 6.44%. The historical cumulative net inflow has reached $56.50 billion.
Japan's Cabinet approved a bill reclassifying cryptocurrency as a financial instrument under the FIEA. The maximum tax rate drops from 55% to 20% on 105 approved tokens.
For a trader gaining ¥10 million in profits, that difference is ¥3.5 million in additional take-home. The reform is part of Japan’s “Digital Year” initiative, designed to align the country’s regulatory architecture with the EU’s MiCA framework.
The core beneficiaries will be Bitcoin, Ethereum, XRP, Solana, and a broader set of high-liquidity assets, including regulated stablecoins USDC, USDT, and the newly approved yen-pegged JPYC.
Also Read: Bitcoin Could Become Quantum-Safe Without an Upgrade, But at a Cost
According to Whale Alert, over 327 million Dogecoin, worth around $30 million, was moved from a Robinhood cold wallet to another address.
Arkham data suggests this wasn’t a random transfer but an internal one, as the receiving wallet belongs to Robinhood.
This is not a whale accumulating the token or betting on a rally. It’s an operational move, not a directional one.
TAO dropped 18.2% over the past 24 hours. The decline made TAO the worst-performing top-100 cryptocurrency by market cap. At press time, it traded at $264.48.
The sudden decline wiped nearly $900 million from its market cap. Around $9 million in longs got liquidated as momentum flipped fast.
The dip was triggered after Covenant AI, a major project in the ecosystem, announced its exit and reportedly sold 37,000 TAO tokens worth over $10 million.
The team accused the founder of running a decentralized theatre and maintaining hidden control over the protocol.
On Thursday, Pavel Durov announced that the TON blockchain completed its first major infrastructure upgrade under the MTONGA, Make TON Great Again, roadmap.
In a post on X, he said the block rate increased 6 times, while transactions are now instant and processed in sub-seconds.
The upgrade made the blockchain 10 times faster. This was step one of seven. The next step will be cutting the already low fees by 6 times.
Also Read: ETH Set for 130% Rally? The Critical Level You Must Watch
ClearBank has obtained official approval under the Markets in Crypto-Assets Regulation (MiCAR). This validation, granted by the Netherlands Authority for the Financial Markets (AFM), will allow the entity to operate as a regulated service provider throughout Europe.
With this move, ClearBank positions itself as a critical bridge between traditional finance and the digital economy.
By adopting MiCAR standards, the bank ensures legal certainty and facilitates the flow of institutional capital into assets that maintain parity with fiat currencies.
This service will be operational through Circle’s Mint platform for the efficient management of USDC and EURC.
