Quant Trading

Risk assets advanced broadly in August, with BTC and ETH gaining approximately 25.1% and 32.6%, respectively. ETH led the crypto market despite higher volatility, while the NAS100 outperformed both the US500 and US30. Gate futures data showed continued growth in BTC and ETH open interest, alongside moderately positive funding rates. Long accounts remained dominant, although taker selling volume stayed relatively high. A wave of short liquidations also provided a temporary boost to the month’s rally. Across the four backtested models, the 100-day moving average and 20-day price momentum strategy delivered positive cumulative returns, with future execution focused on trend confirmation, volatility-based position sizing, and leverage risk control.

In August 2026, the crypto market continued its recovery and accelerated in the latter half of the month, with total market capitalization rising from approximately $2.24 trillion to $2.70 trillion, representing a monthly gain of around 20.66%. Among 489 valid samples, 365 recorded gains, accounting for 74.64% of the total, with a median return of 6.50%. BTC and ETH rose 23.67% and 29.95%, respectively, while long-tail assets such as PONS, BTR, and GOOSE led the gains. However, the sharp drawdowns in KAITO and US highlighted the need to remain cautious about token unlocks and liquidity risks. Over the month, 96 tokens saw trading volume increase by more than 3x, 46 by more than 5x, and 19 by more than 10x. Among tokens with volume growth exceeding 10x, 16 posted gains, two declined, and one remained broadly flat, indicating that positive price-volume momentum strengthened further compared with July.

In July, the crypto market continued its cautious recovery, with total market capitalization rebounding to $2.26 trillion, up approximately 7.6% month over month. As some capital shifted back toward stable-yield strategies, total GUSD issuance rose rapidly to approximately 215 million tokens. Gate Dual Investment delivered strong performance, with annualized yields on 0-day BTC Buy Low and Sell High products reaching 95.5% and 113.5%, respectively, outperforming the market averages by 34.4 and 32.6 percentage points. Among quantitative funds, Interstellar Pioneer led with a monthly return of 4.2%, while Interstellar Hedge recorded a cumulative return of 19.1% and maintained a 100% monthly win rate for 25 consecutive months. In terms of stock holdings, SK Hynix and SpaceX ranked as the top two positions, accounting for 59.3% and 15.2%, respectively.

July’s crypto market saw a tiered recovery. BTC rebounded from its lows but failed to hold its monthly high, while ETH clearly outperformed, supported by sustained spot ETF inflows and a stronger ETH/BTC ratio. SOL lagged, indicating that capital remained concentrated in core assets rather than spreading broadly across altcoins. Derivatives leverage eased and funding rates stayed near neutral, suggesting the recovery was driven more by spot and ETF demand. Although the 20/60-day trend filter remained unprofitable in backtesting, it significantly reduced maximum drawdown, highlighting the continued importance of trend confirmation and risk control.

In July 2026, the crypto market staged a partial recovery following the June correction. The combined market capitalization of the Top 500 sample rebounded from approximately US$2.11 trillion to US$2.28 trillion, representing a monthly gain of around 8.31%. Among the valid sample, 258 tokens advanced and 218 declined, with gainers accounting for 52.33%. BTC rose 10.54% and ETH gained 22.13%, while DeFi and mid-cap assets were particularly active. The top performers were broadly concentrated across meme/community assets, AI/InfoFi, DeFi blue chips, gaming, and long-tail ecosystem tokens. AKE, KAITO, and UNI were among the leading gainers, while sharp drawdowns in PRN, LAB, DEXE, VELVET, and CASHCAT highlighted the persistently elevated risks in long-tail assets. Among valid tokens, the average trading-volume expansion multiple was approximately 1.21×, while the median stood at 0.80×.

Robinhood Chain represents one of the most significant efforts by a traditional financial institution to build on-chain financial infrastructure. Its long-term vision is to establish a comprehensive ecosystem for tokenized financial assets centered around tokenized stocks, ETFs, stablecoins, and other RWAs. However, contrary to initial market expectations, the ecosystem's early growth was driven by Memes, Launchpads, and the Uniswap ecosystem rather than RWAs, reflecting the typical evolution of a new blockchain during its bootstrapping phase. Over the long term, Robinhood Chain's success will depend on whether it can leverage its early user base, trading activity, and liquidity to foster the adoption of tokenized securities and broader on-chain financial assets, ultimately establishing a sustainable on-chain financial infrastructure.

Gate Wealth Report H1 2026 analyzes crypto market trends, Simple Earn, Dual Investment, On-Chain Earn, and Gate Stocks performance, highlighting yield strategies and asset allocation insights.

The cryptocurrency market remained under pressure in June, with both BTC and ETH posting monthly declines of around 20%. Gate Earn maintained relatively stable assets under management, fluctuating within the 1.5–1.6 billion USDT range. Total GUSD minted continued to trend lower, while its reference APY remained stable between 2.8% and 3.0%. Gate Dual Investment continued to outperform the market, with the Buy Low strategy offering a 0-day APY of 295%, significantly higher than the industry average of 166%. Among Gate Quant Funds, Interstellar Hedging (USDT) delivered the highest cumulative return at 18.7%. The top holdings in Gate Stocks remained highly concentrated in global semiconductor and technology growth companies, with SK Hynix ranking as the largest position.

In June 2026, the cryptocurrency market failed to extend May's recovery rally, with both BTC and ETH posting monthly declines of more than 20%. Major assets including BNB, XRP, DOGE, and ADA also came under broad selling pressure. Among the Top 500 cryptocurrencies, 70.99% recorded negative returns. The Top 1–100 segment posted an average return of -8.35%, while the Top 401–500 segment declined by an average of -11.09%. The top gainers were dominated by low-cap, high-volatility, event-driven tokens, led by CYDX (+35,729.13%), ANSEM (+23,901.60%), and VELVET (+1,548.44%). On the trading activity side, the 450 valid samples recorded an average Volume Spike of 2.54x, with only 17 tokens exceeding 3x volume growth. Genuine price-and-volume breakouts were concentrated in a small number of assets, most notably CX, VELVET, and SYN.

The cryptocurrency market remained under pressure throughout June, with BTC and ETH declining 20.43% and 21.67%, respectively. After a sharp sell-off at the beginning of the month, both assets staged a modest rebound, but the recovery lacked follow-through, and the overall market price level continued to trend lower. The derivatives market also remained in a deleveraging phase, with open interest in BTC and ETH perpetual contracts continuing to decline. Long liquidations significantly exceeded short liquidations, while funding rates stayed broadly neutral, indicating that the downturn was driven primarily by spot selling pressure alongside weakening risk appetite rather than excessive short positioning. As the market repeatedly transitioned from narrow-range consolidation into directional moves, conditions became more favorable for trend-following and breakout confirmation strategies. Parameter backtesting showed that the Dense Moving Average Breakout Strategy outperformed a buy-and-ho

This report presents a comprehensive study on the predictability of crypto market beta and the boundaries of hedging effectiveness. The existing literature shows that, compared with mature equity markets, the market beta of digital assets is significantly weaker in terms of stability, intertemporal predictability, and hedging performance. The reasons extend beyond estimation methodology, and are more fundamentally rooted in the limited representativeness of market indices, the high frequency of return jumps, the prominence of on-chain and narrative-driven risks, and the multi-source nature of underlying return drivers. Going forward, a more effective risk framework for digital assets should move beyond a single market beta and adopt a multifactor approach that integrates price dynamics, liquidity conditions, on-chain metrics, sentiment indicators, and macroeconomic variables.

In May 2026, the crypto market staged a rebound following the $900 billion correction in Q1, with total market capitalization recovering to approximately $2.81 trillion. BTC posted a monthly return of -3.47% and remained down roughly 14.6% year-to-date, while ETH continued to trade more than 51% below its all-time high. Among the Top 500 tokens, 54.8% recorded negative monthly returns. However, the sharp divergence between the average return (+11.28%) and the median return (-0.07%) suggests that gains were highly concentrated in a small number of low-cap tokens. Extreme outperformers such as LAB (+1,055.8%), OCT (+482.3%), and TROLL (+398.5%) were primarily concentrated in the Rank 300–500 segment. From a volume perspective, 454 tokens recorded higher trading activity, with an average volume increase of 2.35x, while 76 tokens saw volume expand by more than 3x. Tokens exhibiting both price and volume expansion—including ALLO (29.2x), XLM (25.4x), and SHOW (18.3x)—provided strong bullish