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A new ETF application has been filed in the US for a rather interesting Bitcoin-focused financial product.
New Bitcoin ETF Will Only Buy BTC at Night
According to Bloomberg senior ETF analyst Eric Balchunas, this new ETF, called “Bitcoin After Dark,” is designed to hold Bitcoin only when US markets are closed. The fund will buy Bitcoin at market close and sell Bitcoin when US markets open, clearing its position.
Balchunas noted that their analysis last year found that a significant portion of BTC returns occurred overnight, indicating that such a product could potentially yield higher returns. However, the analyst noted that this doesn't diminish the impact of spot Bitcoin ETFs on the market, as some of the overnight volatility stems from ETF positioning, derivatives transactions, and flow-related dynamics.
Balchunas added that this application illustrates a larger trend: “The ETF industry will try everything you can imagine, even things you can't imagine. Is that a bit much? Yes. But that's how capitalism works; the process is complex. People need to be free to try new things. That's how the next big innovation comes about.”
*This is not investment advice.