Tokenized stocks are becoming a mainstream component of the global modern investment landscape.

Introduction: Three Forces Driving Global Trading Phenomena

Internal data from Bitget shows a significant surge in tokenized U.S. stock trading activity during the recent earnings season (mid-October to the end of November). During this period, market participation was exceptionally high, with demand surging to a record 450%. The growth momentum spanned both the spot and contract markets, with month-over-month trading volume increasing by 452% and 4,468%, respectively.

This "earnings season frenzy" is not a singular event but is driven by three powerful and interconnected forces that define a new era of global stock trading. These three forces are the characteristics of the trading instruments, the global accessibility provided by a 24-hour market, and the unique behavioral patterns exhibited by participants. This report will analyze these three forces one by one, providing a comprehensive and in-depth analysis of this increasingly mature global market phenomenon.

Part One: The Asset Perspective - The Stories of the Contract and Spot Markets

Analyzing popular trading instruments is crucial for understanding the motivations of market participants. Data from the earnings season reveals a clear strategic differentiation between the contract and spot markets, reflecting the differing trading objectives of traders and investors.

"The contract 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 a defensive and offensive positioning through diversified allocations."

Contract Market: High-Leverage Bets on Tech Giants

The stock contract market has become a stage for aggressive speculative trading, with trading activity highly concentrated in a few mega-cap tech companies. Traders use these instruments to make directional bets on earnings-driven volatility. In fact, among the top ten stock contracts by trading volume, seven are mega-cap tech companies, indicating a strong market willingness to build positions.

Ranked by trading volume, the top five U.S. stock contracts are as follows:

• Tesla (TSLA): $2.54 billion

• Meta (META): $2.05 billion

• MicroStrategy (MSTR): $1.43 billion

• Apple (AAPL): $1.03 billion

• Nasdaq 100 ETF (QQQ): $460 million

The strong positions in key tech stocks can be seen from their explosive month-over-month trading volume growth. Meta's contract volume surged by 40,774%, Microsoft increased by 24,339%, and MicroStrategy saw an increase of 11,684%. This highly concentrated trading points to a clear strategic intent: traders are actively positioning themselves to profit from stock price volatility during earnings season, AI strategic trends, and the unique volatility of highly liquid tech stocks.

Notably, the presence of the Nasdaq 100 ETF (QQQ) and MicroStrategy (MSTR) among the top five trading instruments 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 sector-wide exposure while avoiding individual stock risks. Meanwhile, the sustained high trading volume of MicroStrategy reflects the market's enthusiasm for cryptocurrency concept stocks, which have become an important indirect exposure in this sector.

Spot Market: A Balanced Strategy of Star Tech Stocks and Defensive Assets

In stark contrast to the speculative frenzy of the contract market, spot investors have adopted a more balanced and diversified allocation strategy. While focusing on leading market stocks, they mitigate risks through index ETFs and allocate defensive assets to cope with the uncertainties of earnings season. This offensive and defensive layout highlights that investors, while pursuing growth, also prioritize risk management.

The strategy in the spot market is built on three pillars:

• Allocation to Tech Leaders: Nvidia (NVDA) leads the spot market with approximately $30 million in trading volume and a month-over-month increase of 1,888%, highlighting the market's continued focus on core tech assets with long-term growth potential. Other star tech companies like Tesla, Amazon, and Apple also rank high in trading volume.

• Index Diversification: The trading volume of tokenized ETFs has seen significant growth, with the Nasdaq 100 ETF (QQQ) increasing by 3,492% month-over-month and the S&P 500 ETF (SPY) growing by 3,247%, indicating that investors are implementing risk diversification and macro allocation through index tools.

• Surge in Demand for Defensive Assets: Long-term Treasury bond ETFs (TLT) experienced an astonishing 69,573% month-over-month increase in trading volume, reflecting a sophisticated defensive allocation strategy. This layout has a dual protection mechanism: it can serve as a hedging tool when earnings fall short of expectations (safe-haven funds typically drive up bond prices) and can also speculate on the possibility of Fed rate cuts during economic downturns (declining yields will boost long-duration bond prices).

This "offensive and defensive" balanced strategy in the spot market demonstrates a more cautious long-term allocation approach.

Part Two: Access Perspective - How 5x24 Trading Unlocks Global User Participation Potential

The 5x24 trading model has evolved from an innovative feature into the infrastructure for global market participation. This is not just an extension of trading hours but a structural transformation that eliminates timezone barriers, creating unprecedented opportunities for diverse 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.

Analysis of Peak Trading Periods and Winning Strategies for Investors

An analysis of the 5x24 hour trading volume reveals how global investors, especially those from Asia, are turning this continuous trading access mechanism into a strategic advantage. We can identify three key trading windows, each serving a unique function:

• Core U.S. Stock Trading Period (UTC 16:00-20:00): This period overlaps with traditional U.S. stock trading hours and is the most concentrated phase of trading, especially during the closing period. However, for Asian investors, this period presents significant participation barriers, highlighting the unique value of earlier trading windows.

• Asian Afternoon/U.S. Pre-Market Period (UTC 08:00-10:00): This is the most active window outside of regular trading hours. It holds critical value for Asian investors as it coincides with the local afternoon period, allowing them to respond promptly to overnight news and earnings reports, gaining crucial pre-market layout advantages without having to trade overnight.

• U.S. After-Hours Period (UTC 20:00-23:00): Although trading volume during this phase is at a daily low, it provides important emergency adjustment capabilities. Investors can respond immediately to unexpected announcements made after hours, adjusting their positions in a timely manner to avoid uncontrollable overnight risks.

This democratization of market participation ensures that engagement is no longer limited by geography, leading us to a deeper analysis of global participants reshaping the market landscape.

Part Three: Participant Perspective - A Diverse Global User Base and Distinct Trading Behaviors

An analysis of user geographic distribution and trading frequency shows that this is a market characterized by global diversity and behavioral stratification. The recent surge in trading activity is led by mature investors from East Asia, presenting two distinctly different trading profiles: high-frequency "whales" and relatively passive "retail" investors.

Regional Distribution: East Asia Leads, Exploring Potential Markets

The user composition clearly demonstrates the global nature of demand for tokenized U.S. stocks, with distinct regional characteristics and growth potential:

· East Asia: 39.66%

· Latin America: 8.29%

· South Asia: 7.76%

· Southeast Asia: 5.91%

· Europe: A key market with significant growth potential

A deeper analysis of the characteristics of each regional market reveals:

· East Asia Market: As the largest and most mature user group, despite significant timezone and language barriers, investors still show strong interest in U.S. tech giants and global asset allocation.

· European Market: With smaller timezone differences and a mature global asset allocation culture, it naturally possesses enormous expansion potential and is a highly valuable growth area.

· Emerging Markets (Latin America and Asia): Currently on a rapid development track, driven by the dual forces of internet penetration and financial technology applications, continuously stimulating user demand for participation in the world's largest stock market.

Trading Behavior Analysis: Differences Between Whales and Retail Investors

Users are categorized based on trading value, defining the top 30% by trading volume as "whales" and the remaining 70% as "retail investors." An analysis of these groups reveals fundamental behavioral differences between the most and least active participants in the market.

The significant differences in trading frequency highlight the fundamental distinctions between two types of market participants in terms of information acquisition, analytical tools, and risk tolerance. These differences reflect an essential differentiation in the structure of market participation, rather than merely individual preferences.

Conclusion: The Global Market Moves Towards a New Stage of Maturity and Inclusivity

This report, through an in-depth analysis of assets, access, and participants, draws strong conclusions about the increasing maturity of the global market for tokenized stocks. The evolution of the market is reflected in three core themes:

1. Strategic Diversification: The market is not a singular pattern; it supports aggressive event-driven speculation in the contract market while accommodating balanced, long-term portfolio allocations in the spot market, reflecting a mature and efficient user base.

2. Inclusive Participation: The 5x24 hour trading has transformed from a marginal feature into a fundamental element of a truly global market. Timezone barriers have been eliminated, allowing investors from around the world to participate fairly, significantly lowering market access thresholds.

3. Behavioral Stratification: The clear stratification between high-frequency "whales" and cautious "retail" investors showcases an orderly market ecosystem. The structured participation methods indicate that the market can accommodate investors with different strategies and risk preferences coexisting.

"The convergence of these three trends marks tokenized stocks as a mainstream component of the global modern investment landscape."

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