What is the NGHT ETF ?

XFUNDS' NGHT toggles bitcoin exposure overnight (post-4pm ET) to Treasuries during US hours, capturing vol without full-day risk.

Does NGHT ETF beat holding bitcoin?

Backtests say yes on risk-adjusted returns (Sharpe 0.9 vs 0.6), but lags total return in bulls — 180% vs 250% since 2020.

Safer than raw BTC (lower drawdowns), but still volatile — expect 30-40% drops. Not for the faint-hearted.

🔗 Crypto & Blockchain

Bitcoin's wildest moves happen after hours. XFUNDS' NGHT ETF lets you ride them — safely parked in Treasuries by day.

theAIcatchup Apr 09, 2026 3 min read

NGHT captures 60% of BTC's daily volatility overnight, switching to T-bills daytime 𝕏
Backtested Sharpe ratio of 0.9 beats plain BTC ETFs, but total returns lag in rallies 𝕏
Risk of basis bleed and competition could erode edge, echoing VIX ETF failures 𝕏

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Markets. Money. Innovation.

#Bitcoin overnight trading #NGHT ETF #Treasury ETFs #XFUNDS

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Originally reported by The Block