Three tests, one winner: 0xResearch says SOL is the steadiest unlevered Bitcoin amplifier
0xResearch set out to answer a familiar market question: in an upswing, which asset can beat Bitcoin without using leverage? Using three separate filters, the study compared 10 candidates across directional beta, performance in six bull legs and nine drawdowns since March 2020, and the stability of 180-day beta over the past two years. The final result put SOL at the top, while ETH stood out as the closer risk-adjusted alternative.
The first screen split weekly beta into upside and downside components. Only ETH, SOL, MicroStrategy (MSTR), and Coinbase (COIN) showed two-year beta readings consistently above 1, with Bitcoin explaining most of their price movement. The second screen looked at actual cycle behavior. No asset beat Bitcoin in every full bull leg, but SOL came closest, outperforming in four of five and posting a median multiple of 3.54x. The third screen focused on whether elevated beta reflected real Bitcoin exposure or just noise. On that measure, SOL, MSTR, BMNR, ETH, and COIN cleared the correlation threshold.
0xResearch ultimately called SOL the most stable unlevered Bitcoin amplifier in the group. Even so, the report ended on a restrained note: for investors seeking Bitcoin exposure, the best asset to own is still Bitcoin itself.
