Digital asset trading firm GSR has significantly increased Solana‘s weighting to 43.6% in its Core3 model portfolio, making the asset the largest position among its three key holdings. In the same move, GSR reduced Bitcoin‘s share to 16.9%, which is the lowest level recorded for the cryptocurrency within Core3 since its inception.
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AAPLSolana overtakes Ether and Bitcoin in portfolio allocation
The shift follows a notable rebalancing on August 12. In the preceding week, Core3 allocated 36.5% to Solana, 44.1% to Ethereum, and 19.3% to Bitcoin. Solana’s share rose sharply in just seven days, overtaking both of its counterparts. Meanwhile, Ether’s allocation slipped to 39.5%, falling from the top position, and Bitcoin saw a reduction of 2.4 percentage points.
GSR attributed these changes to proprietary relative alpha signals, which point to strong short-term momentum favoring Solana. The Core3 model, designed as an institutional framework, does not provide direct investment advice, the company emphasized.
GSR’s positioning reflects its view that Solana currently demonstrates a relative performance edge, based on alpha signals and recent market momentum.
During the latest seven-day period, Solana recorded a 2.98% gain, outperforming competitors. In contrast, Bitcoin fell 1.02% and Ether slipped 0.20% over the same span.
On a 30-day basis, Ether was the leading asset, returning 7.88%. Bitcoin gained 3.19%, and Solana was up 2.44% through the same interval.
| Asset | Current Weight | 1-Week Return | 30-Day Return |
|---|---|---|---|
| Solana | 43.6% | +2.98% | +2.44% |
| Ethereum | 39.5% | -0.20% | +7.88% |
| Bitcoin | 16.9% | -1.02% | +3.19% |
Recent performance and volatility
The Core3 model produced a 0.85% gain over the last week and a 5.30% return for the month, surpassing its equal-weighted benchmark, which posted 0.59% and 4.68% in the respective periods.
Despite these short-term gains, Core3’s annual and twelve-month performances are negative. Year to date, the model is down 35.58%, while over the past twelve months, it has declined 70.28%. The equal-weighted portfolio also remains in negative territory, though losses there are slightly lower.
| Portfolio | YTD Return | 12-Month Return |
|---|---|---|
| Core3 | -35.58% | -70.28% |
| Equal-Weighted | -32.22% | -63.44% |
Volatility measurements for the past 30 days showed Bitcoin at 26.82%, Ether at 39.75%, and Solana at 35.26%. GSR observed that Solana’s trading volume declined during both the seven- and 30-day periods, indicating that the increased portfolio weight was not matched by higher trading activity.
New Solana investments in US markets
This portfolio change comes as regulated Solana products expand their presence in the US market. Morgan Stanley, one of the world’s leading investment banks, introduced the Morgan Stanley Solana Trust (MSOL) on NYSE Arca on July 28. The trust features a 0.14% expense ratio and allows up to 100% of its SOL holdings to be staked, providing investors with both price exposure and potential staking rewards.
On July 27, 21Shares announced that it would eliminate its 0.21% sponsor fee for its TSOL product for one year, starting from July 28.
Crypto market analyst Michaël van de Poppe noted his preference to see Solana maintain its trend of higher lows and cited the $73.50–$74 support zone as a critical area. If this level holds, van de Poppe expects $120 to remain a plausible near-term target for SOL.
Michaël van de Poppe highlighted that holding the $73.50–$74 support area is essential for maintaining the current upward trend in Solana, with upside targets near $120 if the pattern continues.
GSR, founded in 2013, is a global crypto market maker that provides liquidity, investment, and risk management solutions to the digital asset industry. The company issues weekly updates on its Core3 portfolio, tracking Bitcoin, Ethereum, and Solana allocations. Since July, Bitcoin’s weighting in the Core3 model has ranged from 9.2% to 19.3% before moving to a current low of 16.9%.
Mini dictionary: GSR, established in 2013, is a digital asset trading company offering liquidity services, market making, and portfolio modeling to institutions operating in the cryptocurrency space.
