Tidal Trust Files ’Bitcoin AfterDark’ ETF to Hold BTC Only Overnight
Tidal Trust filed for the “Bitcoin AfterDark” ETF, a fund that would buy Bitcoin after the U.S. market close and sell it at the next U.S. market open. The ETF plans to hold BTC only during U.S. overnight hours and switch into U.S. Treasuries, money-market funds or cash during daytime to limit intraday exposure. The filing allows execution via overnight Bitcoin futures or bitcoin-related funds that can be bought at the close and sold at the open. Bloomberg ETF analyst Eric Balchunas highlighted that many of Bitcoin’s largest historical gains have occurred outside U.S. market hours, which underpins the strategy. The application arrives amid greater SEC receptiveness to crypto ETFs following recent approvals and filings (for example, Ethereum staking products), which may improve approval prospects for novel fund structures. For traders, the product targets capture of overnight BTC moves while reducing daytime volatility exposure and regulatory/product-composition complications; it could offer an alternative way to gain Bitcoin exposure with intraday risk management.
Bullish
The filing is likely bullish for BTC price prospects because it signals continued institutional innovation and demand for regulated ETF exposure to Bitcoin. An overnight-only ETF targets and packages the historically outsized after-hours moves into a tradable product, which could attract investors seeking structured, lower intraday-risk exposure to BTC. In the short term, approval speculation and the filing itself can lift sentiment and speculative flows into Bitcoin. If approved and launched with meaningful assets, the ETF could add persistent institutional inflows focused on overnight price moves, supporting medium- to long-term demand. The design also reduces daytime exposure, which may limit some intraday volatility but does not reduce net long-term demand for BTC; therefore the net directional effect on BTC price is positive. Risk factors: approval is not guaranteed, and if the ETF uses futures or intermediary funds it may introduce tracking error or cap structure limitations that temper impact.