In this paper, I empirically analyze trading patterns and investor behavior in a market for tokenized financial assets. Although investors can trade the tokenized assets around the clock, trading activity is substantially higher when the primary listing exchange is open, in particular during the regular trading session. Likewise, price differences between tokenized and underlying assets are wider during the extended trading hours than during the regular trading session. The majority of trades result from fractional order sizes but orders still cluster at round sizes, values, and prices, indicating that investors use relatively simple heuristics when setting quantities and prices. Additionally, a disproportionate number of trades, especially buy trades, use the minimum permissible order size, suggesting the presence of retail traders interested in owning an asset for purposes other than financial gain.
Stefan Scharnowski (Mon,) studied this question.