GSR shifted its Core3 model toward Solana on Aug. 12, raising $SOL to 43.6% of the portfolio and making it the model’s largest allocation.
Ether fell to 39.5%, while Bitcoin dropped to 16.9%, the smallest weight among the three assets.The firm said the change reflected a move in its relative alpha signals toward Solana as $SOL showed stronger near term price momentum. GSR’s written commentary lists the Solana weight at 43.7%, while the accompanying allocation table shows 43.6%. This article uses the table figure.
Solana allocation jumps 7.1 points in one week
The latest allocation marks 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. Solana therefore gained 7.1 percentage points in the model within seven days, while Ether lost 4.6 points and Bitcoin lost 2.4 points.
As crypto.news previously reported, the prior weekly allocation tilted toward Bitcoin as trading activity weakened and volatility eased. The Aug. 12 update reversed part of that move. GSR said its latest positioning reflected proprietary relative signals rather than a simple ranking of recent returns.
The distinction matters because Core3 is not presented as a live investment recommendation. GSR says the weekly publication is a model framework intended for professional investors and does not constitute advice or a recommendation to allocate to the three assets.
Solana leads weekly returns while Ether leads the month
Solana delivered the strongest seven day return in GSR’s latest table, gaining 2.98%. Bitcoin declined 1.02% over the same period, while Ether slipped 0.20%. Over 30 days, however, Ether remained ahead with a 7.88% gain, compared with 3.19% for Bitcoin and 2.44% for Solana.
The Core3 model itself returned 0.85% over one week and 5.30% over one month, ahead of the equal weight basket at 0.59% and 4.68%, respectively. Longer periods remain weaker. Core3 was down 35.58% year to date and 70.28% over one year, compared with losses of 32.22% and 63.44% for the equal weight basket.
Volatility also remained relatively subdued. GSR put 30 day volatility at 26.82% for Bitcoin, 39.75% for Ether and 35.26% for Solana. The firm said Solana trading volume had softened over both seven and 30 day periods, meaning its larger model weight did not coincide with stronger volume across those windows.
U.S. Solana access expands as GSR favors $SOL
The model shift comes as U.S. investors gain more exchange traded routes to Solana exposure. Morgan Stanley Investment Management announced on July 28 that it had launched the Morgan Stanley Solana Trust, MSOL, on NYSE Arca alongside an Ether product. The release said MSOL carries a 0.14% expense ratio and seeks to track $SOL while staking a portion of its holdings.
Morgan Stanley expanded its crypto ETP lineup after launching a Bitcoin product earlier in 2026. An SEC prospectus says the Solana trust may stake up to 100% of its $SOL under normal market circumstances, subject to liquidity needs and legal or regulatory considerations. The filing also details risks tied to staking, custody and concentration in one digital asset.
Competition among U.S. products has also increased. A 21Shares filing dated July 27 said the issuer would waive TSOL’s 0.21% sponsor fee for one year beginning July 28. The company said the product can capture staking rewards, while warning that rewards can fluctuate and staking creates operational and liquidity risks.
Those product developments do not prove that U.S. investors share GSR’s preference for Solana. They do show that regulated U.S. exchange traded access to $SOL has broadened and become more competitive while the Core3 model has shifted exposure away from Bitcoin and Ether.
What traders will watch next
GSR publishes the Core3 model weekly, making the next allocation an immediate test of whether the Solana overweight persists or reverses. Recent updates show how quickly the weights can move. Bitcoin rose from 9.2% on July 15 to 19.3% on Aug. 5 before falling back to 16.9% in the Aug. 12 model.
Volume, relative momentum and volatility will therefore remain useful measures to watch alongside the next model update. GSR has already cautioned that its opinions and estimates can change without notice as market conditions change.
The firm also warns against treating Core3 results as returns available from a live strategy. Its published figures are hypothetical, gross of transaction and management fees and exclude staking rewards. GSR further states that it may trade the assets for its own account and may hold positions that differ from the views expressed in its commentary.
