Bitget's internal data reveals a record 450% surge in tokenized U.S. stock trading activity during the recent earnings season (mid-October to November), driven by three key factors: asset characteristics, 24/7 market accessibility, and distinct user behavior patterns.

In the futures market, trading concentrated heavily on mega-cap tech stocks like Tesla, Meta, and MicroStrategy, reflecting aggressive, high-risk speculation around earnings volatility. In contrast, the spot market showed a more balanced strategy, combining tech leaders like NVIDIA with defensive assets such as treasury ETFs (TLT surged 69,573% monthly) for risk diversification.

The 24/7 trading model eliminated time-zone barriers, enabling global participants—especially in East Asia (39.66% of users)—to trade during pre-market, core, and post-market windows. User behavior split between high-frequency "whales" traders and more passive retail investors, indicating a maturing, structured market.

This convergence of strategic diversity, global accessibility, and behavioral segmentation signals the maturation of tokenized stocks into mainstream global investing.

<html><head></head><body><p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/ea111fb9d3ab40a19b966cf804aee7b6.jpeg" alt=""></div></p>
<h2>Introduction: Three Forces Driving a Global Trading Phenomenon</h2>
<p>Bitget internal data shows a significant surge in tokenized U.S. stock trading activity during the recent earnings season (mid-October to late November). Market participation was exceptionally high during this period, with demand soaring by a record 450%. The growth momentum was widespread across both spot and futures markets, with quarter-on-quarter trading volumes increasing by 452% and 4,468% respectively.</p>
<p>This "earnings season fever" is not an isolated event but is driven by three powerful and interconnected forces that define a new era in global stock trading. These three forces are the characteristics of the trading assets, the global accessibility provided by 24-hour markets, and the unique behavioral patterns exhibited by participants. This report will analyze each of these three forces in detail, providing a comprehensive and in-depth analysis of this increasingly mature global market phenomenon.</p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/4fdf4e103b5b45f48c22bf251a70b218.png" alt=""></div></p>
<h2>Part One: Assets - A Tale of Two Markets: Futures and Spot</h2>
<p>Analysis of popular assets is crucial for understanding the motivations of market participants. Earnings season data reveals a clear strategic divergence between the futures and spot markets, profoundly reflecting the differentiated trading objectives of traders and investors.</p>
<p>"The futures market exhibits an aggressive trading style, characterized by high-leverage earnings speculation and concentration in tech giants, while the spot market adopts a more balanced strategy, achieving an offensive and defensive positioning through diversified allocation."</p>
<h3>Futures Market: High-Leverage Bets on Tech Giants</h3>
<p>The stock futures market has become a stage for aggressive speculative trading, with activity highly concentrated in a few mega-cap technology companies. Traders use these instruments to make directional bets on earnings-driven volatility. In fact, seven of the top ten stock futures by trading volume were mega-cap tech companies, indicating strong market positioning intent.</p>
<p>The top five U.S. stock futures by trading volume are as follows:</p>
<p><strong>• Tesla (TSLA)</strong>: $2.54 billion</p>
<p><strong>• Meta (META)</strong>: $2.05 billion</p>
<p><strong>• MicroStrategy (MSTR)</strong>: $1.43 billion</p>
<p><strong>• Apple (AAPL)</strong>: $1.03 billion</p>
<p><strong>• Nasdaq 100 ETF (QQQ):</strong> $460 million</p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/3176324baae84f6ba12a1ee8069f172c.png" alt=""></div></p>
<p>The strong holdings in key tech stocks can be seen in their explosive quarter-on-quarter volume growth. Meta futures volume surged by 40,774%, Microsoft grew by 24,339%, and MicroStrategy increased by 11,684%. This high concentration points to a clear strategic intent: traders are actively positioning themselves to profit from earnings season price volatility, AI strategy developments, and the volatility inherent in high-liquidity tech stocks.</p>
<p>More notably, the appearance of the Nasdaq 100 ETF (QQQ) and MicroStrategy (MSTR) in the top five by volume reveals a deeper strategic dimension. The active trading of QQQ highlights its value as an efficient hedging tool—helping investors heavily invested in tech stocks manage systemic risk, or gain overall sector exposure while avoiding individual stock risk. The consistently high volume of MicroStrategy reflects the market's pursuit of cryptocurrency-related stocks, as it has become an important indirect exposure to this sector.</p>
<h3>Spot Market: A Balanced Strategy Weighing Both Star Tech Stocks and Defensive Assets</h3>
<p>In stark contrast to the狂热 speculation of the futures market, spot investors adopted a more balanced and diversified allocation strategy. While focusing on market leaders, they diversified risk through index ETFs and allocated defensive assets to cope with earnings season uncertainty. This offensive and defensive layout highlights that investors value risk management while pursuing growth.</p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/36dde4f95ade4b97b7d87d70924b018a.png" alt=""></div></p>
<p>The spot market strategy is built on three pillars:</p>
<p><strong>• Tech Leader Allocation: </strong>Nvidia (NVDA) became the leader in the spot market with approximately $30 million in volume and a 1888% month-on-month increase, highlighting the continued focus on core tech assets with long-term growth potential. Star tech companies like Tesla, Amazon, and Apple also ranked among the top in trading volume.</p>
<p><strong>• Indexed Diversification:</strong> Tokenized ETF trading volume grew significantly, with the Nasdaq 100 ETF (QQQ) growing 3492% month-on-month and the S&P 500 ETF (SPY) growing 3247%, indicating that investors are implementing risk diversification and macro allocation through index tools.</p>
<p><strong>• Surge in Demand for Safe-Haven Assets:</strong> The long-term Treasury ETF (TLT) saw an astonishing monthly volume growth of 69,573%, reflecting a sophisticated defensive allocation strategy. This layout provides a dual protection mechanism: it can serve as a hedge in case earnings fall short of expectations (safe-haven flows typically push up bond prices), and it can also bet on the possibility of Fed rate cuts if the economy weakens (falling yields will boost long-duration bond prices).</p>
<p>This "offensive and defensive" balanced strategy in the spot market demonstrates a more cautious long-term allocation approach.</p>
<h2>Part Two: Access - How 5x24 Hour Trading Unleashes Global User Participation Potential</h2>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/6dd295aa4aae404197caace6f5a67f3a.png" alt=""></div></p>
<p>The 5x24 trading model has evolved from an innovative feature to infrastructure for global market participation. This is not just an extension of trading hours, but a structural change that eliminates time zone barriers, creating unprecedented opportunities for a diverse range of global investors. This model allows market participants to flexibly grasp pre-market information, make post-market strategy adjustments, or implement precise allocations during local trading hours.</p>
<h3>Peak Trading Hours Analysis and the Winning Strategy for Investors</h3>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/152bc3224bf849e9b28a71f083115820.png" alt=""></div></p>
<p>Analysis of 5x24 hour all-day trading volume reveals how global investors, particularly in Asia, are turning this mechanism of continuous participation into a strategic advantage. Three key trading windows can be identified, each serving a unique function:</p>
<p><strong>• Core U.S. Trading Hours (UTC 16:00-20:00):</strong> This window coincides with traditional U.S. stock trading hours and is the most concentrated phase of trading, especially towards the close. However, for Asian investors, this window presents significant participation barriers, highlighting the unique value of earlier trading windows.</p>
<p><strong>• Asian Afternoon / U.S. Pre-Market Hours (UTC 08:00-10:00)</strong>: This is the most active window outside regular trading hours. It holds critical value for Asian investors as it coincides with their local afternoon, allowing them to respond promptly to overnight news and earnings, gaining a crucial pre-market positioning advantage without needing to trade at night.</p>
<p><strong>• U.S. After-Hours Trading (UTC 20:00-23:00):</strong> Although trading volume is at its daily low during this phase, it provides important emergency adjustment capability. Investors can react immediately to post-market corporate announcements, adjusting positions in time to avoid uncontrollable overnight risk.</p>
<p>This democratization of market participation ensures that market access is no longer limited by geography, leading to our in-depth analysis of the global participants reshaping the market landscape.</p>
<h2>Part Three: Participants - A Diverse Global User Base and Divergent Trading Behaviors</h2>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/4243b5db7fb24256ae7ef973f472af06.png" alt=""></div></p>
<p>Analysis of user geographical distribution and trading frequency shows a market that is both globally diverse and stratified by behavior. The surge in trading activity was led by sophisticated investors from East Asia and presents two distinct trading profiles: high-frequency "whale" traders and relatively passive "retail" investors.</p>
<h3>Regional Distribution: East Asia Leads, Exploring Potential Markets</h3>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/bd154cea162b454e95380e9950095eea.png" alt=""></div></p>
<p>The user composition clearly demonstrates the global nature of demand for tokenized U.S. stocks, with various regional markets showing distinct characteristics and growth potential:</p>
<p><strong>· East Asia:</strong> 39.66%</p>
<p><strong>· Latin America</strong>: 8.29%</p>
<p><strong>· South Asia</strong>: 7.76%</p>
<p><strong>· Southeast Asia:</strong> 5.91%</p>
<p><strong>· Europe:</strong> A key market with huge growth potential</p>
<p>A deeper look at the characteristics of each regional market reveals:</p>
<p><strong>· East Asian Market:</strong> As the largest and most mature user group, investors show strong interest in U.S. tech giants and global asset allocation, despite significant time zone and language barriers.</p>
<p><strong>· European Market:</strong> With smaller time zone differences and a mature culture of global asset allocation, it naturally possesses enormous expansion potential and is a highly valuable growth area.</p>
<p><strong>· Emerging Markets (Latin America and Asia)</strong>: On a fast development track, dual drivers of internet penetration and fintech adoption are continuously stimulating user demand to participate in the world's largest stock market.</p>
<h3>Trading Behavior Analysis: Behavioral Differences Between Whales and Retail Investors</h3>
<p>Segmenting users based on trading value, the top 30% by trading volume are defined as "whales," and the remaining 70% as "retail investors." Analysis of them reveals fundamental behavioral differences between the most active and the least active participants in the market.</p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/508db43d22ad40fa8e8d4f4d05b2e1ab.png" alt=""></div></p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/a29f28266f4e40238330d9117745f6ca.png" alt=""></div></p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/0404d099fddd4d7e95cda4f2d377f6eb.png" alt=""></div></p>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/90eedd74140244c09403d013657a96eb.png" alt=""></div></p>
<p>The huge difference in trading frequency highlights fundamental differences between the two types of market participants in terms of information access, analytical tools, and risk tolerance. These differences reflect an essential distinction in market participation structure, not merely personal preference.</p>
<h2>Conclusion: Global Markets Enter a New Stage of Maturity and Inclusivity</h2>
<p><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/1dd760cd86d5452c9dee62a8e21b93f2.png" alt=""></div></p>
<p>The in-depth analysis in this report focusing on assets, access, and participants leads to a strong conclusion about the increasing maturity of the global market for tokenized stocks. Market evolution is reflected in three core themes:</p>
<p><strong>1.</strong> Strategic Diversification: The market is not a single landscape; it can support both aggressive event-driven speculation in the futures market and balanced, long-term portfolio allocation in the spot market, reflecting a mature and efficient user base.</p>
<p><strong>2.</strong> Participatory Inclusivity: 5x24 hour trading has transformed from a peripheral feature to a fundamental element of a truly global market. Time zone barriers are eliminated, allowing investors from all over the world to participate fairly, significantly lowering market access barriers.</p>
<p><strong>3.</strong> Behavioral Stratification: The clear stratification between high-frequency "whales" and cautious "retail investors" demonstrates an orderly market ecosystem. This structured participation indicates that the market can accommodate investors with different strategies and risk appetites coexisting.</p>
<p>"The convergence of these three major forces signals that tokenized stocks are becoming a mainstream component of the modern global investment landscape."</p>
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Bitget Report｜Earnings Season Fever: Decoding the Explosive Growth in Demand for Tokenized U.S. Stocks

深潮

Based on the provided article, here is a concise English summary:

Bitcoin (BTC) is facing resistance after failing to break above $92,250, leading to a pullback. The article attributes this to macroeconomic uncertainty, including a delayed U.S. jobs report, a softening housing market, and a pause in spot Bitcoin ETF inflows.

Data shows professional traders remain skeptical of a sustained rally above $92,000. The monthly futures premium (basis rate) has remained low, and the demand for protective put options is high, with market makers demanding a 13% premium to sell downside protection on Deribit. This indicates traders are willing to pay a significant cost to hedge against potential price declines.

Furthermore, a bearish signal is emerging from China, where Tether (USDT) is trading at a discount to the official USD/CNY rate. This suggests strong selling pressure and capital flight from the crypto market, a pattern often seen during bearish phases.

The article concludes that while the $90,000 level is providing support, a rapid return to $100,000 is unlikely. It hinges on improved visibility regarding the U.S. job market and real estate sector, which may take longer to materialize than the upcoming Fed policy decision.

<div class="post-meta post__block post__block_post-meta" data-v-ae253174><div class="post-meta__author"><div class="post-meta__author-image"></div><span lang="en" data-testid="meta-author-name" class="post-meta__author-name text-sm inline-block text-text-invertedWeak"> Marcel Pechman </span></div><div class="inline-block leading-5 align-middle"><time datetime="2025-12-09T06:14:24.000Z" data-gtm-locator="publication_date" data-testid="publication-date" class="text-xs sm:text-sm inline-block text-fg-updatedMuted"> 40 seconds ago </time></div></div><h1 class="post__title" data-v-ae253174> Bitcoin (BTC) Gains Buying Support, But Data Shows Professional Traders Are Skeptical of a Rally Above $92,000 </h1><div class="post__block post__block_lead-text" data-v-ae253174><p itemprop="description" class="post__lead text-fg-default" data-v-ae253174> Bitcoin faced rejection at the upper end of its short-term range, driven by macroeconomic uncertainty, liquidations, and a pause in spot ETF fund flows. Can clearer signals from the U.S. economy boost Bitcoin trading volume? </p></div><div class="post-cover post__block post__block_cover" data-v-ae253174><div class="post-cover__wrp overflow-hidden rounded-lg"><div class="lazy-image post-cover__image lazy-image_immediate"><span class="pending lazy-image__pending pending_dark"><span class="pending__runner"></span></span><picture><source media="(min-width: 1200px)" srcset="https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=717/https://s3.cointelegraph.com/uploads/2025-12/019b001a-3cbe-7f90-af84-31066f1d67b1, https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=1434/https://s3.cointelegraph.com/uploads/2025-12/019b001a-3cbe-7f90-af84-31066f1d67b1"><source media="(min-width: 992px)" srcset="https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=587/https://s3.cointelegraph.com/uploads/2025-12/019b001a-3cbe-7f90-af84-31066f1d67b1, https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=1174/https://s3.cointelegraph.com/uploads/2025-12/019b001a-3cbe-7f90-af84-31066f1d67b1"><source media="(min-width: 768px)" srcset="https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=638/https://s3.cointelegraph.com/uploads/2025-12/019b001a-3cbe-7f90-af84-31066f1d67b1, https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=1276/https://s3.cointelegraph.com/uploads/2025-12/019b001a-3cbe-7f90-af84-31066f1d67b1"><source media="(min-width: 480px)" srcset="https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=747/https://s3.cointelegraph.com/uploads/2025-12/019b001a-3cbe-7f90-af84-31066f1d67b1, https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=1494/https://s3.cointelegraph.com/uploads/2025-12/019b001a-3cbe-7f90-af84-31066f1d67b1"><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/1a3e656873424a5b98b47cb31f114936.jpg" alt=""></div></source></source></source></source></picture></div><span hidden="hidden" class="post-cover__badge"> Market Analysis </span></div></div><div class="post__content-wrapper with_margin" data-v-ae253174><div class="post-content relative post-content_margin no-small-text" data-v-ae253174><p data-ct-non-breakable="undefined"><strong>Key Points:</strong></p><ul><li><p data-ct-non-breakable="undefined">Economic uncertainty, delayed jobs reports, and a softening real estate market have caused traders to withdraw from Bitcoin.</p></li><li><p data-ct-non-breakable="undefined">Professional traders are bearing high costs to hedge against a potential Bitcoin price drop, while in China, stablecoins are being sold at a discount to exit the crypto market.</p></li></ul><p>Bitcoin experienced a $2,650 pullback on Monday after failing to break above $92,250. This movement followed a reversal in U.S. stocks amid uncertainty in the job market and growing unease over overvalued AI investments.</p><p>Traders are now awaiting the U.S. Federal Reserve's (Fed) monetary policy decision on Wednesday, but the likelihood of a swift return to $100,000 depends on risk sentiment.</p><figure>    <div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/8463a30b710a46e7a3811611b0b5155e.jpg" alt=""></div><figcaption style="text-align: center;"><em>Bitcoin 3-month futures annualized basis rate. Source: Laevitas.ch</em></figcaption></figure><p data-ct-non-breakable="undefined">The premium (basis rate) of Bitcoin monthly futures relative to the spot price has remained below a neutral 5% threshold over the past two weeks. The weak demand for bullish leverage reflects Bitcoin's 28% decline since its all-time high in October. However, concerns about global economic growth are also affecting market sentiment.</p><p>Due to a 43-day government funding pause that only ended in November, official U.S. data on employment and inflation has been delayed, reducing visibility into the economic situation. Therefore, the consensus for a 0.25% rate cut in December is insufficient to spark optimism, especially after a private jobs report showed 71,321 layoffs in November.</p><p>Additional pressure is accumulating from the U.S. real estate market: Redfin data shows that 15% of home purchase agreements were canceled in October due to high housing costs and rising economic uncertainty. Additionally, according to CNBC, housing inventory increased 38% in October 2024 compared to the previous year, while the median listing price in November fell 0.4% year-over-year.</p><h2><strong>Bitcoin (BTC) Underperforms Stocks, Releasing Risk-Off Signals</strong></h2><p>After the forced liquidation of $92 million in bullish Bitcoin futures leverage, the speed of Bitcoin's decline to $90,000 accelerated. A weak macroeconomic outlook may be putting pressure on Bitcoin trader sentiment, but the S&P 500 is only 1.2% below its all-time high of 6,920 points.</p><figure>    <div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/b4183dc1545b4eb186c9a3bd044595a9.jpg" alt=""></div><figcaption style="text-align: center;"><em>Bitcoin 30-day options skew (put-call) on Deribit. Source: laevitas.ch</em></figcaption></figure><p data-ct-non-breakable="undefined">Whales and market makers are demanding a 13% premium to sell Bitcoin put options on Deribit. The swelling cost of downside protection is a typical feature of the put market. However, Monday's rejection at $92,000 did not impact traders' positions, reinforcing the $90,000 support level.</p><p data-ct-non-breakable="undefined">Traders are also exiting the crypto market in China, as stablecoin trading against local currency occurs below par. This risk-off signal supports the short-term bearish outlook for Bitcoin, but it does not necessarily mean traders expect the price to fall to $85,000 or lower.</p><figure>    <div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/d8bcf6f47b32427a8e5eee2eee349e13.jpg" alt=""></div><figcaption style="text-align: center;"><em>Tether (USDT/CNY) vs. USD/CNY. Source: OKX</em></figcaption></figure><p data-ct-non-breakable="undefined">Under neutral conditions, Tether should trade at a 0.2% to 1% premium to the official USD exchange rate to offset cross-border friction, regulatory hurdles, and associated costs. A discount to the official rate indicates strong demand to exit the crypto market, a pattern often seen during bear markets.</p><p>The lack of inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) in recent weeks has also dampened demand for bullish exposure. Whether Bitcoin can touch $100,000 in the short term largely depends on improved visibility into the U.S. job market and real estate conditions, which may take longer to materialize than a single Fed decision.</p><p data-ct-non-breakable="undefined">This article is for informational purposes only and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author's alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.</p><p>Related Recommendation: Paradigm: Polymarket Trading Data Double-Counted</p></div><div class="post-disclaimer post__block post__block_disclaimer md:ms-[74px]" data-v-ae253174><div class="post-disclaimer__body"><p> This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Although we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph shall not be liable for any loss or damage arising from your reliance on this information. </p></div></div><div class="post__separator-line" data-v-ae253174></div><div class="tags-list post__block post__block_tags" data-v-ae253174><ul class="tags-list__list"><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Bitcoin </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Cryptocurrency </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Federal Reserve </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>China </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Bitcoin (BTC) </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Market </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>United States </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Cryptocurrency Exchange </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Stocks </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Bitcoin Futures </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Tether </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Market analysis </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Bitcoin Options </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>S&P 500 </li><li class="tags-list__item"><span class="tags-list_hash-sign">#</span>Bitcoin ETF </li></ul></div><div class="adslot-after-article relative" style="--aspect-ratio:null;" data-v-ae253174></div><div class="post__separator-line" data-v-ae253174></div><div class="post__reactions reactions_3eiuR" data-v-ae253174><button class="reactions--button_NhAhG"><svg width="20" height="20" viewbox="0 0 20 20" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M17.5 2.5V0.416667C17.5 0.186548 17.3134 0 17.0833 0H16.25C16.0199 0 15.8333 0.186548 15.8333 0.416667V2.5H13.75C13.5199 2.极速5 13.3333 2.68655 13.3333 2.91667V3.75C13.3333 3.98012 13.5199 4.16667 13.75 4.16667H15.8333V6.25C15.8333 6.48012 16.0199 6.66667 16.25 6.66667H17.0833C17.3134 6.66667 17.5 6.48012 17.5 6.25V4.16667H19.5833C19.8134 4.16667 20 3.98012 20 3.75V2.91667C20 极速2.68655 19.8134 2.5 19.5833 2.5H17.5Z" fill="#303D43"></path><path d="M9.58332 4.16667C6.13154 4.16667 3.33332 6.96489 极速3.33332 10.4167C3.33332 13.8684 6.13154 16.6667 9.58332 16.6667C13.0351 16.6667 15.8333 13.8684 15.8333 10.4167V8.75C15.8333 8.51988 16.0199 8.33333 16.25 8.33333H17.0833C17.3134 8.33333 17.5 8.51988 17.5 8.75V10.4167C17.5 14.7889 13.9556 18.3333 9.58332 18.3333C5.21107 18.3333 1.66666 14.7889 1.66666 10.4167C1.66666 6.04441 5.21107 2.5 9.58332 2.5H11.25C11.4801 2.5 11.6667 2.68655 11.极速7 2.91667V3.75C11.6667 3.98012 11.4801 4.16667 11.25 4.16667H9.58332Z" fill="#303D43"></path><path d="M7.08332 10.4167C7.77368 10.4167 8.33332 9.85702 8.33332 9.16667C8.33332 8.47631 7.77368 7.91667 7.08332 7.91667C6.39297 7.91667 5.83332 8.47631 5.83332 9.16667C5.83332 9.85702 6.39297 10.4167 7.08332 10.4167Z" fill="#303D43"></path><path d="M13.3333 9.16667C13.3333 9.85702 12.7737 10.4167 12.0833 10.4167C11.393 10.4167 10.8333 9.85702 10.8333 9.16667C10.8333 8.47631 11.393 7.91667 12.0833 7.91667C12.7737 7.91667 13.3333 8.47631 13.3333 9.16667Z" fill="#303D43"></path><path d="M6.18102 12.5C5.86965 12.5 5.67271 12.8279 5.85392 13.0811C6.68534 14.2429 8.04608 15 9.58365 15C11.1212 15 12.482 14.2429 13.3134 13.0811C13.4946 12.8279 13.2976 12.5 12.9863 12.5H6.18102Z" fill="#303D43"></path></svg><span class="reactions--button-text_N11-8"> Add Reaction </span></button></div><div><img style="max-width:100%;overflow:hidden;" src="https://d1x7dwosqaosdj.cloudfront.net/images/2025-12/aca11771fd7240369393c1003aba07f9.jpg" alt=""></div></div>

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