10x Research: The Effectiveness of Bitcoin Dollar-Cost Averaging Weakens, Dynamic Allocation Performs Better

10x Research posted on the X platform stating that Bitcoin's return characteristics have shifted from early exponential growth to cyclical fluctuations, weakening the effectiveness of traditional dollar-cost averaging strategies. Over the past five years, Bitcoin's overall incremental returns have been limited, with passive holding strategies experiencing multiple drawdowns and mismatched long-term returns. In contrast, dynamic allocation strategies based on market cycles have performed better by avoiding drawdowns during bear markets and re-entering when conditions improve. Amid heightened market volatility, a cyclical allocation framework helps protect capital and improve participation success rates.