Key Highlights
- GSR’s Core3 strategy elevated Solana’s position to 43.6%, establishing it as the dominant holding in the three-asset portfolio.
- Bitcoin’s weighting dropped to 16.9%, marking its lowest allocation among the tracked cryptocurrencies.
- Ethereum saw its share decline to 39.5% following its top position the previous week.
- Solana delivered a 2.98% return over the past week, surpassing both Bitcoin and Ethereum during the period.
- Two major U.S. Solana exchange-traded products from Morgan Stanley and 21Shares have recently entered the market.
On August 12, GSR executed a significant rebalancing of its Core3 model portfolio, elevating Solana to a commanding 43.6% position—the highest single asset allocation—while simultaneously reducing Bitcoin exposure to a mere 16.9%.
This reallocation marks a dramatic shift from the previous week’s configuration. As of August 5, the portfolio held Solana at 36.5%, Ethereum at 44.1%, and Bitcoin at 19.3%. The seven-day adjustment saw Solana’s weight climb by 7.1 percentage points, while Ethereum declined by 4.6 points and Bitcoin fell by 2.4 points.
According to GSR, this strategic adjustment was informed by the firm’s proprietary relative alpha indicators, which identified superior short-term price momentum potential in Solana. The company emphasized that Core3 serves as a theoretical model framework designed for institutional investors and should not be interpreted as actionable investment advice.
Among the three assets, Solana delivered the strongest weekly performance with a 2.98% gain. During the same seven-day window, Bitcoin declined 1.02%, and Ethereum edged down 0.20%.
Looking at the 30-day timeframe, Ethereum took the lead with a 7.88% advance. Bitcoin generated a 3.19% return while Solana posted a 2.44% gain over that extended period.
Core3 Strategy Results
The Core3 model delivered a 0.85% return over the one-week period and 5.30% over one month. Both metrics exceeded the performance of an equal-weight basket, which generated returns of 0.59% and 4.68% respectively.
Despite recent outperformance, Core3 continues to show negative returns over extended timeframes. The strategy is down 35.58% year-to-date and has declined 70.28% over the past year. By comparison, the equal-weight basket has fallen 32.22% and 63.44% over identical periods.
Current 30-day volatility measurements stand at 26.82% for Bitcoin, 39.75% for Ethereum, and 35.26% for Solana. GSR observed that Solana’s trading volume has decreased across both seven-day and 30-day periods, indicating the increased allocation wasn’t accompanied by heightened market activity.
Regulated Solana Access Grows in U.S. Market
The portfolio adjustment coincides with expanding regulated Solana investment options for American investors. Morgan Stanley introduced the Morgan Stanley Solana Trust (MSOL) on NYSE Arca on July 28, featuring a competitive 0.14% expense ratio. The trust is authorized to stake up to 100% of its SOL assets under standard operating conditions.
Additionally, 21Shares submitted a filing on July 27 announcing a one-year fee waiver for the 0.21% sponsor charge on its TSOL product, effective July 28.
Market analyst Michaël van de Poppe (@CryptoMichNL) provided his perspective on Solana’s technical setup, expressing his desire to see SOL maintain its pattern of higher lows. He identified the $73.50–$74 range as a critical support zone that needs to hold. Should this support level remain intact, he believes price targets approaching $120 stay viable.
GSR releases Core3 data on a weekly basis. Bitcoin’s model allocation has fluctuated from 9.2% on July 15 to 19.3% on August 5, before retreating to 16.9% on August 12.
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