Bloomberg Analyst: Bitcoin 'Day/Night' ETFs Launch Simultaneously; NGHT’s Future Performance Remains to Be Seen

ChainCatcher reports that Eric Balchunas, Senior ETF Analyst at Bloomberg, stated on X that while the market focuses on the listing of Morgan Stanley’s Bitcoin ETF, MSBT, the Bitcoin After Dark ETF (NGHT)—a nighttime strategy ETF—was also launched on Wednesday. The product saw modest trading volume on its first day, but volume surged significantly on the second day; its future performance remains to be seen. Historical research suggests that “nighttime returns” often outperform daytime returns, but for long-term ETF investors, holding a product like MSBT already captures both daytime and nighttime gains, making the difference relatively minor. However, if NGHT attracts strong inflows going forward, it may gain market acceptance; otherwise, it could quickly become marginalized. Meanwhile, Morgan Stanley’s Bitcoin ETF is expected to achieve substantial success due to its distribution advantages.