Traditional finance begins to learn to "stay awake"

Introduction

Recently, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), disclosed that it is advancing a tokenized securities platform supporting 7×24 trading. On the surface, this appears to be merely an extension of trading hours; but on a deeper level, it marks the first systematic challenge by traditional finance to the “core institutional advantage” of the crypto market—around-the-clock trading and instant settlement.

Over the past decade, 24/7 trading has almost been a defining feature of the crypto market. Now, by actively integrating and transforming this system, NYSE signals that traditional finance is no longer content with “daytime trading and nighttime observation,” but is attempting to compete head-on with the crypto market in the dimension of time.

This shift may represent a more structural impact than any ETF approval.

Figure 1: New York Stock Exchange

1. 24/7 Trading Is Not Just “Extended Working Hours”

In the context of traditional markets, trading hours have never been a neutral issue.

Fixed trading sessions mean concentrated liquidity, unified pricing, and controllable risk; whereas 7×24 trading implies dispersed liquidity, continuous pricing, and higher-frequency risk management requirements. For this reason, U.S. stock markets have long maintained a compromise structure of “limited hours + extended trading.”

ICE’s current push is not simply about extending pre-market and after-hours trading, but about attempting to build a native, around-the-clock trading system through tokenized securities and on-chain settlement architecture.

This means that stocks and ETFs will, for the first time at the institutional level, have a trading rhythm similar to that of crypto assets.

In other words, NYSE is not just “working overtime,” but rewriting the market’s time rules.

Figure 2: Traditional U.S. Stock Trading Hours Structure

2. The True Opponent Is Not Other Exchanges

From a competitive perspective, the direct rival to this change is not Nasdaq or other traditional exchanges.

The real challenge is the long-standing “non-time advantage” of the crypto market.

In the past, global capital would naturally flow into crypto markets when U.S. stocks were closed:

Trading demand during Asian and European hours

Weekend speculation and hedging needs

Immediate pricing after macro events

These demands have collectively formed the liquidity foundation that sustains the crypto space.

Once core assets of U.S. stocks begin to support 24-hour trading, some funds will no longer be “forced” to enter crypto markets to express risk. Especially for institutions, trading familiar stocks or ETFs within a compliant environment inherently has natural appeal.

From this perspective, NYSE’s 24-hour trading is not about “learning from crypto,” but about directly competing for global liquidity and price discovery with the crypto world.

Figure 3: Cross-market Capital Flows Illustration

3. Not Built on ETH Is a Signal in Itself

When the news first broke, the market speculated:

Will this platform be built on Ethereum mainnet, or at least on some ETH Layer 2?

But current disclosures show that this expectation has not been realized.

ICE is more likely to adopt:

A self-developed permissioned blockchain

Maintained jointly by exchanges, clearinghouses, and compliance nodes

Without inheriting Ethereum’s consensus and security

And without using ETH as Gas or settlement assets

This indicates that traditional finance has chosen a route of “borrowing blockchain technology without connecting to public chains.”

This choice is not surprising. For securities-grade assets, compliance, controllability, and rollback capability always take precedence over decentralization and openness.

But it also clearly shows that this is not a narrative to divert traffic to public chains, but a targeted absorption of the institutional advantages of the crypto market.

Figure 4: Public Chain vs. Permissioned Blockchain Structure Comparison

4. The Most “Invisible” Moat in Crypto Could Be Weakened

The competitiveness of the crypto market has long not been solely about technology or asset volatility, but about a comprehensive operational model:

7×24 nonstop

T+0 or even atomic settlement

Global unified pricing continuity

As these features begin to be systematically replicated by traditional finance, their scarcity diminishes.

If in the future, investors can trade core U.S. stocks at any time with compliant accounts and achieve near real-time settlement, the logic of “not trading because U.S. markets are closed, so go to crypto” will be undermined.

This does not mean the crypto market will disappear, but its “passive dividend” in liquidity is being eroded.

Figure 5: NYSE Trader

5. The Real Focus Is on Subsequent Institutional Diffusion

The NYSE is not the only example to watch. Once 24-hour trading proves feasible at the tokenized securities level, what may follow includes:

More stocks and ETFs going on-chain

A broader cross-timezone market-making system

Deep integration with stablecoins and on-chain settlement systems

At that point, the boundary between traditional finance and crypto finance will no longer be defined by “whether there is a blockchain,” but by “who controls liquidity access” and “who sets trading rules.”

Conclusion: A Non-Sloganeering, Positive Competition

The NYSE’s 24-hour trading plan is not an ideological statement against the crypto world, but a calm, pragmatic, de-narrativized institutional competition.

It does not need to claim embracing decentralization, nor does it need to align with any particular public chain. It only does one thing: Integrate the most efficient operational mechanisms of the crypto market into a controllable system.

For the crypto space, this may not be short-term negative news, but a clear reminder— When traditional finance no longer “closes shop,” the crypto market must also reconsider: What is its truly irreplaceable value remaining?