SOL Outperforms Bitcoin as a Stable Amplifier in Three Rounds of Testing

Author: 0xResearch

Compiled by Deep潮 TechFlow

Shenchao Summary: Everyone in the crypto market is searching for a "Bitcoin enhancer," but data from the past two years shows that most so-called high-beta assets simply fall harder and don’t necessarily rise more. 0xResearch filtered out the noise through three rounds of testing—its conclusions may bring many traders back to reality.

Bitcoin has halved since its October 2021 high but has rebounded 46.8% from its June 30 low, one step away from officially entering a bull market. Ethereum and Solana have declined more sharply than Bitcoin during the downturn—so the question is: during the rally, is there any asset that can outperform Bitcoin without leverage? Our shortlist includes the following ten assets.

We conducted two tests:

• Split the weekly beta into upward and downward directions.
• Statistical performance of each candidate asset relative to Bitcoin across six bull leg rallies and nine pullbacks since March 2020.

The results show that only ETH, SOL, MSTR, and COIN have had a stable two-year beta above 1 against Bitcoin, with Bitcoin explaining most of their volatility. Mining company stock prices remain highly volatile, but their correlation with Bitcoin has weakened—especially since their shift toward AI.