From asset tokenization to US stock encryption, Nasdaq plans to launch 5x23 hour trading, and it is estimated that "7x24" round the clock trading will also come in the future. What are the advantages and disadvantages of 24/7 trading? Yesterday, Nasdaq officially submitted a document to the SEC proposing to extend the trading hours for stocks and exchange traded products (ETPs) from the current 16 hours per day to five days per week and 23 hours per day (in reality, nearly continuous trading for five days per week, with one hour of maintenance pause in between). If approved, it is expected to be implemented in the second half of 2026 In fact, with the continuous acceleration of asset tokenization, when the vast majority of securities assets are transferred to the chain in the future, round the clock trading becomes inevitable. The cryptocurrency market has achieved 24/7 trading, attracting a large amount of funds pursuing instant response. Nasdaq also stated that this is done to compete for the order flow of these investors and to position itself for future participation in the digital asset (such as tokenized securities) market. The benefits are: 1) By increasing market liquidity and trading volume, the non-traditional trading volume of the US stock market has grown from an average of 700 million shares per day in 2021 to over 1.7 billion shares at the beginning of 2025. After the extension of future trading hours, it is expected to further increase overall activity, especially in the event of unexpected events (such as geopolitical or economic data releases), investors can react faster and reduce the risk of "overnight short selling". 2) Making the US stock market truly a global continuous market that can cover investors and traders in different time zones, the siphon effect of US stock funds will be stronger. ‘’ The downside is that: 1) The longer the trading time, the greater the volatility of the market. The cryptocurrency market has a 7x24 weekly trading time of 168 hours, the US stock market has a weekly trading time of over 30 hours, and the Big A market only has over 20 hours per week. From this perspective, one year in the cryptocurrency market is actually equivalent to five to seven years of trading time in traditional financial markets. Although the cryptocurrency market has only a history of fifteen years, the accumulation is equivalent to nearly a hundred years of trading history data in traditional financial markets. And this is also one of the root causes of large fluctuations 2) Liquidity differentiation, with nighttime trading volumes in the US stock market typically much lower than regular trading hours, may lead to widening price differentials, insufficient liquidity, increased trading costs and volatility, and making it easier to pull and smash deals during periods of thin liquidity (Nasdaq executives also acknowledge this risk). 3) Under the current trading hours system, ordinary investors can completely ignore market trends during non trading hours, but entering the all-weather trading period will face higher monitoring burdens and psychological pressure from the "sleepless" market. To be honest, it is more advantageous for high-frequency and algorithmic institutional traders. This actually has higher requirements for ordinary investors