---
title: Does Crypto Trading Activity Follow New York Time? Cross-Venue and New York-London Evidence from Clock Changes
url: https://www.ml-quant.com/papers/ssrn/7526338/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-02
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 7526338
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7526338
featured: 2026-10-02
citations: unknown
topic: Trading, Microstructure & Execution
---


# Does Crypto Trading Activity Follow New York Time? Cross-Venue and New York-London Evidence from Clock Changes

Bitcoin and Ether trading activity on major venues increases during the UTC window aligned with New York market open, with the effect appearing on both assets.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7526338
- Identifier: SSRN 7526338
- Released: 2026-09-28
- First featured: Quant Letter No. 133 (2026-10-02): https://www.ml-quant.com/issues/2026-10-02/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Trading, Microstructure & Execution
- Authors: Yuntao Wang

## Related

- [Learning the Spoofability of Limit Order Books With Interpretable Probabilistic Neural Networks](https://www.ml-quant.com/papers/arxiv/2504.15908/): The article discusses a new real-time detection model for spotting potential market manipulation in cryptocurrency exchanges, with 31% of large orders identified as potential spoofs.
- [Deep reinforcement learning for arbitrage in decentralized exchanges](https://www.ml-quant.com/papers/ssrn/4666504/): The study explores trading performances under arbitrage conditions in decentralized exchanges, using a simulation model and deep reinforcement learning to determine optimal arbitrage strategies for eight cryptocurrency pairs.
- [Spot Bitcoin ETF Flows and Bitcoin Returns: Timestamp Alignment and Asymmetric Feedback](https://www.ml-quant.com/papers/ssrn/7545019/): Correcting for timestamp mismatch between ETF and Bitcoin markets, the study finds that same-day flows predict next-day returns at 1.67 percentage points per billion of inflow, while prior Bitcoin returns predict flows.
- [Incentives at Play: Fee-Induced Volume on a Regulated Perpetual Futures Venue](https://www.ml-quant.com/papers/ssrn/7512338/): Analysis of Kalshi's regulated Bitcoin and Ethereum futures reveals that 39-48% of notional trades are mechanical fixed-size orders that vanish when fees are charged, indicating costless artificial volume rather than legitimate trading.
- [Arbitrage in Perpetual Contracts](https://www.ml-quant.com/papers/ssrn/5262857/): The study finds that price differences in cryptocurrency markets are influenced not only by transaction fees but also by the funding swap mechanism's clamping function.
- [Determinants of Wash Trading](https://www.ml-quant.com/papers/ssrn/4971590/): A study finds that wash trading in cryptocurrency markets, influenced by market volatility and public attention, impacts exchange integrity and liquidity.