Core Insights - The proposed Bitcoin and Treasuries AfterDark ETF by Nicholas Wealth aims to capitalize on the belief that bitcoin performs better during nighttime hours when U.S. stock markets are closed [2][3] - The strategy is based on the premise that bitcoin's overnight performance can exceed daytime returns, although historical data suggests mixed results [3][5] Performance Analysis - A study analyzing bitcoin price data from January 2018 to December 2023 found average overnight returns of 0.093%, compared to U.S. trading hour returns of -0.029% [5] - The strategy may not consistently deliver excess returns over long periods, as evidenced by the underperformance of similar ETFs that focused on nighttime stock performance [5][6] Market Context - The current market conditions have seen significant overnight losses, which raises questions about the effectiveness of the proposed strategy [3] - There is skepticism within the industry regarding the ability of the strategy to outperform consistently, with some experts suggesting it may just be market noise [6]