Bitcoin Price Gaps Widen During German Trading Hours

A Bitcoin exchange-traded product (ETP) does not trade around the clock like its underlying asset, Bitcoin. The German trading venue is closed between 10pm and 8am, and throughout every weekend, which means that almost half of the price movement falls into these closed hours.

Over a 30-day period from August 12 to September 11, 2026, our survey found that 45.4% of the total hourly movement in the euro price of Bitcoin occurred while trading was closed. This is not unique to weekends; weeknights from Monday to Friday between 10pm and 8am also account for a significant portion of price movement.

The contrast is sharper among larger price movements. In our survey, hours with at least a 1% shift in the Bitcoin-euro price accounted for 20-22 occurrences, with 4-6 of those occurring during closed hours.