Matt Levine’s Money Stuff: Buy Bitcoin at Night

Bitcoin After Dark

A famous financial anomaly is that the stock market mostly goes up when it’s closed: “Over at least the past three decades, investors have earned 100% or more of the return on a wide range of risky assets when the markets are closed, and, as sure as day follows night, have earned zero or negative returns for bearing the risk of owning those assets during the daytime, when markets are open,” as Victor Haghani, Vladimir Ragulin and Richard Dewey have put it. That is, stocks tend broadly to open higher than they closed the previous ...