‘After Dark’ Bitcoin ETF Targets Gains Outside U.S. Hours

A new ETF aims to capture bitcoin’s stronger overnight performance by rotating into BTC exposure only when U.S. markets are closed.

A new exchange-traded fund (ETF) filing from Tidal Trust II for the “Nicholas Bitcoin Treas AfterDark ETF” targets bitcoin exposure solely during U.S. market off-hours.

The fund would buy bitcoin futures, options, or spot bitcoin ETFs at market close and sell them at open to capture overnight returns, shifting to short-term U.S. Treasuries during trading hours for stability.

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The approach leverages data showing bitcoin’s gains often occur after hours due to thinner liquidity, Asian trading overlap, and higher volatility at night.

Bloomberg ETF analyst Eric Balchunas noted last year that much of bitcoin’s gains happened post-market, suggesting this “Bitcoin After Dark” could outperform traditional spot ETFs amid patterns like U.S. open selloffs.