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Bitget highlights Asia-led demand shift in tokenised US stocks during earnings season
Cryptocurrency exchange Bitget has published a new study titled Bitget Report: Analysis of the Earnings Season Surge: Unpacking Immense Growth in Tokenized US Stock Demand, detailing a sharp rise in global demand for tokenised US equities during the latest earnings season.
Drawing on internal data from mid-October to the end of November 2025, the report shows spot trading volume for tokenised US stock tokens rose 452% month-on-month, while futures volume surged 4,468%, marking the strongest period of activity since the products launched on the platform.
Bitget frames this “earnings rush” around three forces shaping what it describes as a maturing global market: the assets traders selected, the access enabled by 24-hour trading, and the actors driving distinct behavioural patterns across regions and user types. The data suggests tokenised equities are now serving two parallel use cases — high-intensity, event-driven speculation in futures and more measured allocation and hedging in spot.
On the futures side, activity was heavily concentrated in mega-cap technology and crypto-linked equities. Tesla ($2.54bn), Meta ($2.05bn), MicroStrategy ($1.43bn), Apple ($1.03bn) and QQQ ($460m) led volumes. The presence of QQQ and MicroStrategy highlights a more sophisticated layer of positioning, with QQQ enabling systematic tech exposure or hedging and MicroStrategy continuing to act as a liquid proxy for crypto-equity sentiment.
Spot trading painted a more balanced picture. Alongside strong demand for tech leaders — led by Nvidia, with 1,888% month-on-month growth — the report points to rising use of broad index exposure through QQQ (+3,492%) and SPY (+3,247%). The most striking signal was a surge in TLT (+69,573%), indicating defensive positioning that combines earnings-season downside protection with a macro thesis around potential rate-cut expectations.
Bitget also argues that its 5x24 trading model is becoming a structural advantage rather than a novelty. The report identifies three key activity windows: the core US session (16:00–20:00 UTC), an Asian afternoon/US pre-market spike (08:00–10:00 UTC) that offers regional traders a practical positioning edge, and a quieter but strategically important US after-hours window (20:00–23:00 UTC) that allows rapid response to late corporate announcements.
The user base remains globally diverse, led by East Asia (39.66%), with growing participation across Latin America, South Asia and Southeast Asia. Bitget also highlights Europe as a natural expansion corridor, given its smaller time-zone friction and established culture of global asset allocation. Behavioural segmentation shows a clear divide between high-frequency “whales” and more cautious retail participants, reinforcing a market structure that can support fundamentally different risk profiles and strategies within the same product set.
“What we’re seeing is the emergence of a fully democratized global equity market. When investors across continents can participate in earnings season in real time, using USDT, with 24-hour access and without geographic barriers, the market becomes broader, more liquid, and fundamentally more sophisticated. Tokenized equities are no longer experimental. They are becoming a mainstream asset class shaped by global capital and global behavior.”Gracy Chen, CEO of Bitget
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