Bitcoin News Today: Tidal Files After-Hours Bitcoin ETF as Crypto Products Proliferate

Tidal Trust Files Bitcoin AfterDark ETF Proposal

Tidal Trust has filed a proposal with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin AfterDark ETF designed to capture price movements in Bitcoin during off-market hours. The ETF will buy Bitcoin after U.S. market hours and hold it overnight before selling the next morning when trading resumes. During the day, the fund will shift into U.S. Treasuries and cash instruments to manage risk while maintaining liquidity according to data.

This timing-based strategy is built on data showing that most of Bitcoin's historical gains occur outside U.S. market hours.

Analyst Eric Balchunas noted that this trend, likely driven by global trading activity and derivatives exposure, could allow the AfterDark ETF to outperform traditional Bitcoin ETFs. The strategy aims to tap into price fluctuations that happen when U.S. markets are closed.

The Bitcoin AfterDark ETF is part of a broader wave of crypto-focused products seeking regulatory approval in the U.S. According to reports, REX Shares recently launched an Ethereum Staking ETF, and BlackRock filed for a staked ETH ETF with Coinbase Custody as its custodian. Meanwhile, U.S. spot Bitcoin ETFs have seen record inflows, with total net assets now exceeding $122 billion.

How Markets Reacted

Bitcoin traded near $92,000 on December 9, 2025, after reaching $94,000 earlier in the day. The price action came as investors awaited the Federal Reserve's interest-rate decision. Spot Bitcoin ETFs saw net inflows of more than $287 million on the same day, with Fidelity's FBTC and Grayscale's GBTC contributing significantly according to market analysis.

Tidal Trust's filing was announced as part of a growing trend of timing-based crypto products, with Standard Chartered forecasting Bitcoin could approach $100,000 by year-end and eventually reach $200,000 in the long term. The SEC filing for the AfterDark ETF includes several risk disclosures, including exposure to volatility, derivatives, counterparty concerns, and new fund risk according to the SEC filing.

What This Means for Investors

The AfterDark ETF's approach could appeal to investors seeking exposure to Bitcoin's overnight performance, which has historically been more volatile and profitable than daytime trading. By shifting to U.S. Treasuries during the day, the fund aims to balance risk while still capturing gains from Bitcoin's global market activity.

The growing number of crypto ETF filings indicates increased institutional interest in Bitcoin and Ethereum. REX Shares' Ethereum Staking ETF and BlackRock's proposed staked ETH ETF highlight the diversification of crypto investment products. These developments suggest that the U.S. is moving closer to a more mature crypto ETF market, with timing-based and staking strategies gaining traction according to industry analysis.

Analysts remain cautious about the risks involved with the AfterDark ETF. Balchunas emphasized that while the strategy is based on historical patterns, there is no guarantee that Bitcoin's overnight gains will continue at the same pace. The use of derivatives and exposure to global market fluctuations also introduces additional uncertainty for investors.

The broader market environment also impacts the outlook for crypto ETFs. While spot Bitcoin ETFs have seen strong inflows, the recent earnings performance of tech and AI companies has introduced uncertainty. Oracle's disappointing quarterly report and delayed OpenAI infrastructure projects have raised concerns about the sustainability of AI-related investments.

Despite these challenges, timing-based strategies continue to attract attention. The AfterDark ETF could represent a new frontier for crypto investors, offering a structured way to navigate the complexities of overnight price movements while mitigating daytime risks. As the SEC continues to evaluate these proposals, investors will be watching for regulatory clarity and signs of market acceptance.