News and events don’t pause just because the NYSE is closed, but investors can only passively wait until Monday’s opening to deal with the results of price gaps. Now, on-chain assets and crypto derivatives offer a way to trade during this vacuum period, enabling early “price discovery” through consensus. In the past, this was unimaginable, but today, it’s a reality. According to data released by Binance Research on 7/29: Over the seven days ending July 28, 92% of on-chain trading volume occurred during U.S. stock market closures. During this period, bStocks generated approximately $1.5 billion in trading volume (Figure 1, Figure 2). This proves there’s genuine trading demand during market closures. In 41 observed instances where Monday’s market opened with a gap exceeding 3%, the weekend price movement of bStocks aligned with the direction of Monday’s opening (Figure 3). This shows that the same set of global information has already been traded and priced on-chain in advance. And this isn’t just a small-scale experimental activity: Since bStocks launched, weekly trading volume has grown by an average of 91% week-over-week, with cumulative trading volume reaching $8.7 billion. Its market cap has surpassed $500 million, accounting for about 27% of the global tokenized stock market cap (Figure 4). It’s clear that on-chain price discovery is gaining more attention, as it’s now supported by significant real liquidity. In the future, the opening of the U.S. stock market will no longer mark the beginning of “price discovery,” but rather a confirmation of the global trading results from the past several hours.