Cryptocurrency market maker GSR has rebalanced its Core3 model portfolio, making Solana the largest position as of Aug. 12. The new allocation lifts SOL to 43.6% in the accompanying table—43.7% in written commentary—while Ether declines to 39.5% and Bitcoin drops to 16.9%, the smallest weight among the three assets.
The shift is a sharp reversal from the prior week. On Aug. 5, GSR assigned 36.5% to Solana, 44.1% to Ether and 19.3% to Bitcoin. That means Solana gained 7.1 percentage points in seven days, while Ether lost 4.6 points and Bitcoin lost 2.4 points. GSR said the change reflects a move in its relative alpha signals toward Solana, with SOL showing stronger near-term price momentum rather than a simple ranking of recent returns.
Over the latest seven-day period, Solana returned 2.98%, compared with a 1.02% decline for Bitcoin and a 0.20% slip for Ether. On a 30-day basis, however, Ether remained the strongest performer with a 7.88% gain, ahead of Bitcoin at 3.19% and Solana at 2.44%. The Core3 model itself gained 0.85% over one week and 5.30% over one month, outperforming the equal-weight basket's 0.59% and 4.68% over the same periods. Longer-term figures remain weak: Core3 was down 35.58% year to date and 70.28% over one year, versus losses of 32.22% and 63.44% for the equal-weight basket.
GSR also highlighted unusually low volatility and narrow trading ranges across Bitcoin, Ether and Solana. The firm reported 30-day volatility of 26.82% for BTC, 39.75% for ETH and 35.26% for SOL, while noting that Solana's trading volume softened over both seven- and 30-day periods. GSR cautioned that Core3 is a hypothetical model framework for professional investors, not a live recommendation or investment advice, and that its published figures are gross of transaction and management fees and exclude staking rewards.
The allocation change arrives as regulated U.S. exchange-traded access to Solana expands. Morgan Stanley Investment Management launched the Morgan Stanley Solana Trust under the ticker MSOL on NYSE Arca on July 28, with a 0.14% expense ratio and the ability to stake up to 100% of its SOL under normal market conditions. Separately, 21Shares said it would waive the 0.21% sponsor fee on its TSOL product for one year beginning July 28. These product developments highlight increased competition and broader access to SOL exposure, even though they do not necessarily confirm that U.S. investors share GSR's tactical preference.