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Dual-currency investment has attracted attention due to its simple structure and transparent returns, yet the market lacks systematic, cycle-based quantitative research and analysis of optimal entry points. This study constructs a backtesting framework in four steps: first, segmenting Bitcoin market cycles using trend and standard deviation; second, verifying that implied volatility (IV) in Bitcoin responds to both upward and downward movements, making it an effective entry signal; third, establishing “buy low / sell high” rules based on market phase; and fourth, estimating dual-currency APR using a simplified Black-Scholes model. Results indicate that the dual-factor framework of “IV-based entry + cycle-driven direction” effectively captures volatility premiums, performs particularly well in sideways markets, delivers stable returns, and supports reinvestment, providing a practical path for systematizing dual-currency investment strategies.

Gate Research: On December 15, the crypto market remained under pressure, with BTC and ETH consolidating at low levels while GT showed relative strength. FHE (+95.2%) surged on strong momentum from privacy computing narratives, Chainlink partnership, and ecosystem incentives; ICE (+46.8%) rallied amid speculative hype over token migration and mainnet transition; BAS (+48.2%) climbed sharply, driven by ERC-8004 protocol upgrades. Persistent structural selling in options continued to suppress BTC upside, with OG holders selling volatility diverging from ETF-driven call buying. Ant International is reshaping corporate treasury management using blockchain, AI, and tokenized deposits. Stable's on-chain activity has lagged expectations post-mainnet launch, highlighting ongoing challenges for differentiated stablecoin public chains.

Gate Research Daily Report: On December 15, the crypto market continued to trade under pressure, with BTC and ETH consolidating at lower levels while GT showed relative resilience. Against a weak backdrop for major assets, tokens such as FHE, ICE, and BAS moved higher against the trend, driven by catalysts including privacy computing and a Chainlink partnership, token migration and mainnet transition, and the ERC-8004 protocol upgrade—highlighting concentrated positioning in structural opportunities. Structural selling pressure in the options market continues to weigh on BTC’s upside, as ETF-driven demand for call options diverges from volatility-selling by OG holders, making a period of range-bound consolidation more likely than a swift breakout in the near term. At the same time, Ant International is reshaping enterprise treasury management through blockchain, AI, and tokenized deposits, while Stable’s mainnet launch has seen weaker-than-expected on-chain activity, underscoring the ongoing challenge for sta