This paper analyzes trading patterns and investor behavior in the market for tokenized
financial assets. Even though investors can trade 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 the tokenized and underlying
asset 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 relatively
round sizes, values, 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.