Kaiko, a cryptocurrency research firm, reports that the proportion of weekend trading in Bitcoin has steadily declined from its peak of 28% in 2019 to a historic low of 16% this year. This decrease follows the introduction of a spot Bitcoin ETF, which appears to have shifted Bitcoin trading toward a schedule more aligned with traditional stock exchanges, thereby reducing price volatility. Dessislava Aubert, senior analyst at Kaiko, suggests that the launch of Bitcoin ETFs may be a significant factor in this decline, stating that the decrease in weekend trading is “a trend that has been ongoing for years, but ETFs have exacerbated it.” Kaiko indicates that Bitcoin trading between 3 PM and 4 PM on weekdays has increased from 4.5% in Q4 2023 to 6.7%. This period, known as the benchmark pricing window, is when ETF owners determine Bitcoin’s price to calculate the ETF’s net asset value.
