Nicholas Financial Corporation, a boutique asset management firm known for specialized fixed income and alternative strategies, has filed for a new Bitcoin exchange-traded fund (ETF). possession Major cryptocurrencies at night.
Leading ETF analyst Eric Balchunas described this as a “Bitcoin after dark” product.
It seeks to capitalize on several patterns that show that a disproportionate share of the price increases in leading cryptocurrencies occur “after hours” in the U.S. market.
The fund’s core mechanics involve buying Bitcoin exposure at the close of the US market (4:00 p.m. ET) and selling it at the opening time (9:30 a.m. ET).
During non-exposure periods, we switch to lower-risk U.S. Treasuries for yield and principal preservation.
Balciunas predicted that ETFs could ultimately deliver higher returns.
Does Bitcoin perform overnight?
Empirical data consistently shows that Bitcoin (BTC) has historically produced higher average returns during after-hours periods (compared to US Eastern Time).
This pattern has been observed across multiple studies and datasets spanning 2015-2025. Market liquidity tends to be thinner at night in the United States. Trading activity in Asia also overlaps with nighttime hours in the United States.
However, volatility and risk are higher overnight as well. Additionally, the edges have narrowed since Bitcoin’s maturity.
This is not unique to Bitcoin. A similar overnight bias appears in stocks and foreign exchange.
