GSR lifts Bitcoin weight as SOL falls over 40%

GSR increased Bitcoin's allocation in its Core3 model portfolio on Aug. 5 as trading activity slowed and volatility eased across Bitcoin, Ether and Solana.

Summary

• Solana fell 40.21% year to date, the steepest decline among GSR's three tracked assets overall.
• GSR allocated 44.1% to Ether, 36.5% to Solana and 19.3% to Bitcoin in its model.
• Core3 lost 57.78% yearly, trailing the equally weighted basket by 7.94 percentage points before costs.
• Ether led 30 day returns at 5.16%, while Solana dropped 9.64% during the same period.
• GSR increased Bitcoin exposure as trading activity weakened and volatility eased across the three assets.

The latest Core3 model portfolio assigned 44.1% to Ether, 36.5% to Solana and 19.3% to Bitcoin. The weights total 99.9% because GSR rounds each allocation.

Despite Bitcoin receiving the smallest weight, it remained the strongest of the three assets in 2026. BTC had lost 24.82% year to date. Ether was down 35.49%, while Solana recorded the deepest decline at 40.21%.

Over one year, Bitcoin fell 47.08%, compared with losses of 44.73% for Ether and 54.89% for Solana. The figures show broad weakness across the three assets rather than a decline isolated to one blockchain.

GSR Core3 model shifts toward Bitcoin
GSR said market conditions remained subdued during the latest week. Price changes were modest, while trading activity and volatility declined. The firm interpreted those conditions as a quieter market without a strong directional trend.

As a result, the model raised its Bitcoin allocation and cut its Ether position. GSR attributed the change to proprietary signals rather than recent price performance alone.

The shift is clearer when compared with GSR's July 15 allocation. At that point, the model held 53.1% in Ether, 37.6% in Solana and only 9.2% in Bitcoin. Bitcoin's weight therefore rose 10.1 percentage points by Aug. 5, while Ether's fell nine points.

Ether still delivered the strongest return over the most recent 30 days, gaining 5.16%. Bitcoin rose 1.26%, while Solana lost 9.64%. However, GSR said the lower Ether weighting indicated "relatively stronger forward looking opportunities elsewhere."

That assessment is a model based view, not a confirmed prediction of future returns. GSR said the portfolio uses quantitative signals that can change as prices, volume and volatility move.

Solana leads losses despite falling volatility
Solana's 40.21% year to date decline was the largest among the Core3 assets. It also lost 54.89% over one year, compared with the portfolio's 57.78% decline.

However, SOL produced the best weekly result, rising 1.86%. Bitcoin gained 1.19%, while Ether fell 0.54%. The mixed figures support GSR's description of a market with limited short term direction.

Solana's measured volatility also eased sharply. Its 30 day volatility stood at 37.39%, below Ether's 41.69%, although still above Bitcoin's 29.89%. Solana's 60 day reading remained higher at 54.92%, showing that its calmer recent trading followed a more unstable period.

Solana previously approached support near $60 after whale selling, weaker decentralized finance activity and market liquidations weighed on the asset. The network's planned upgrades continued to support its longer term development case, but they had not prevented sharp token losses.

The broader weakness also extended beyond SOL. As previously reported, the crypto market excluding Bitcoin and Ether lost almost 23% during the first half of 2026. The decline occurred even as some blockchain networks continued recording strong usage.

Core3 trails a basket weighted equally
The Core3 portfolio lost 37.86% year to date and 57.78% over one year. An alternative portfolio allocating equal amounts to Bitcoin, Ether and Solana declined 33.99% and 49.84% over the same periods.

Core3 therefore trailed the equally weighted basket by 3.87 percentage points in 2026 and 7.94 points over one year. Its larger exposure to Ether and Solana increased losses when those assets fell more sharply than Bitcoin.

The result also shows the difference between a changing allocation model and a passive basket. The model attempts to adjust exposure based on GSR's signals. An equally weighted portfolio simply maintains broadly similar exposure to all three assets.

Earlier allocations show that those signals can change rapidly. On July 8, GSR held 46.7% in Ether, 40.1% in Solana and 13.1% in Bitcoin after Ether led weekly performance and volatility declined.

Ether has struggled against Bitcoin during 2026, with the ETH to BTC ratio reaching multiyear lows. Institutional demand concentrated in Bitcoin, competition from Solana and questions over Ether's value capture have weighed on its relative performance.

What traders will watch next
GSR's next weekly allocation will show whether the model continues moving toward Bitcoin or reverses the shift. Trading volume, relative momentum and changes in volatility will remain central to that decision.

The model's 30 day volatility stood at 38%, compared with 35.87% for the equally weighted basket. Its 60 day volatility was slightly lower than the comparison portfolio, at 42.64% versus 43.69%.

Investors should also distinguish the model results from returns available through a live investment strategy. GSR said its figures are hypothetical, exclude transaction and management fees and do not include staking rewards.

The firm also said the material is intended for professional investors and does not constitute investment advice. GSR may trade the assets for its own account, take positions that differ from its published commentary and sponsor products using related methods.

Those disclosures matter because the portfolio's allocations are not neutral market forecasts. They reflect a proprietary framework whose positions and past returns may not translate into future performance.

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