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BTC$104,468.67
It is well known, and most of it involves classic buying and holding strategies that are roughly similar to the dollar cost average (DCA) strategy.
While investors of all kinds of people are widely fond of DCA, a new study by Crypto Options Market Maker Orbit Markets shows that since 2023, structured products known as “Accumulators,” known as “I Kill You,” are inadequate in traditional markets.
“The backtest results show that the accumulator strategy has outperformed DCA over the last 2.5 years,” Pulkit Goyal, trading director at Orbit Markets, told Coindesk. “The three-month accumulator provided 10% outperformance, while the longer tenors got even better. The six-month accumulators outperformed 13% and 26% respectively.”
Goyal said that accumulators provide a disciplined, cost-effective approach to token accumulation, “it naturally fits into the use cases of cryptocurrency companies.”
Both the DCA and the accumulator operate the same principle. Stop market timing. DCA simplifies investment by spreading purchases over time, but accumulators help you get coins at discounts in structured setups and outperform DCA during Bull Run.
Accumulator primer
An accumulator is a time-structured product linked to the performance of the underlying asset with an upward knockout barrier, and if it hits, it ends the structure.
Here’s how it works: Investors agree to purchase a certain amount of underlying assets at a fixed discount price (strike) at regular intervals, such as daily or weekly, for a period of time.
Products run a pre-determined set period unless they terminate early due to early knockouts due to rising spot prices to the barrier.
Note that investors need to double their buy in case the spot price is not an option, not an option, but an obligation, and in the event that the spot price falls below the discount strike.
Examples of BTC accumulators
Consider a three-month accumulator that promises investors to buy $1,000 worth of BTC each week at an action price of $94,500. The knockout level is $115,000.
The $94,500 act price is around $105,000, 90% of the current spot price. In other words, investors are currently required to snap coins at discounts. We assume that spot prices exceed the $94,500 strike price and below the $115,000 knockout.
If BTC exceeds the knockout level, the structure ends.
If the price falls below $94,500, investors will double their weekly purchases to $4,000, or $94,500 on the same strike. This means that investors will buy at a higher price than the typical market rate. (This is why I get the nickname “I’ll kill you later.”)
Therefore, accumulators are not suitable for day traders, short-term traders and speculators, and do not necessarily outperform DCA in the bare market.
Backtest
Orbit backtested the three-month BTC accumulator from January 2023 to June 13, 2025.
The results show that the average cost of obtaining BTC for an accumulator is $39,035, which is 10% lower than the average purchase price for DCAs $43,329. DCA included investing a fixed amount in BTC every week.
It was even better at longer maturity for six and 12 months, achieving an average cost of $37,654 and $32,079, respectively, allowing it to surpass DCA by 13% and 26%.
