TechFlow news, January 7th, Block Scholes recently released a tokenized market research report indicating that with the rise of tokenized stocks and ETFs, centralized exchanges are evolving into critical access layers connecting the crypto market with traditional finance. Leading exchanges represented by Bitget are increasingly important in terms of liquidity provision, price discovery, and trading execution efficiency. Data shows that over 1 million users on the Bitget platform have participated in tokenized stock product trading, with more than 95% of tokenized stock traders also holding crypto assets.
The report data shows that tokenized stocks are highly correlated with their off-chain counterparts during normal trading hours, with intraday spreads typically maintained within a narrow range. Taking SPYon as an example, from October 21st to November 18th, 2025, its price often showed a slight premium at the opening of SPY, with spreads mainly concentrated between 0.2%–0.3%, and only one instance of discount trading occurred; while during nights or weekends when the underlying market is closed, price deviations tend to widen, reflecting the structural differences and potential opportunities of 24/7 on-chain trading.
