GSR has increased Bitcoin’s weighting in its Core3 model portfolio as activity and volatility weakened across Bitcoin, Ether and Solana, although Solana remains the worst-performing of the three major crypto assets in 2026.
The portfolio’s latest allocation, published on 5 August, assigns 44.1% to Ether, 36.5% to Solana and 19.3% to Bitcoin. The figures add up to 99.9% because GSR rounds each allocation.
Bitcoin has the smallest weighting but has performed best among the three assets this year. Its price is down 24.82% year to date, compared with a 35.49% decline for Ether and a 40.21% fall for Solana.
Over the past 12 months, Bitcoin has dropped 47.08%, while Ether has fallen 44.73% and Solana has lost 54.89%. The figures point to broad weakness across the three assets rather than problems affecting only one blockchain.
GSR described market conditions during the latest week as subdued, with limited price movement alongside lower trading activity and reduced volatility. It said the data suggested a quieter market without a clear short-term direction.
That environment led the model to raise its Bitcoin exposure and reduce its Ether position. GSR said the changes were driven by its proprietary signals and were not based solely on recent price performance.
The shift is more pronounced when compared with the previous allocation published on 15 July. At that point, Ether accounted for 53.1% of the portfolio, Solana 37.6% and Bitcoin just 9.2%.
Bitcoin’s weighting has therefore increased by 10.1 percentage points since 15 July, while Ether’s allocation has fallen by nine points.
Ether nevertheless produced the strongest return over the most recent 30-day period, rising 5.16%. Bitcoin gained 1.26%, but Solana declined by 9.64%. GSR said the lower weighting for Ether reflected “relatively stronger forward looking opportunities elsewhere.”
The assessment is based on the model’s signals and is not a confirmed forecast of future returns. GSR said Core3 uses quantitative indicators that can change as prices, trading volume and volatility move.
Solana’s decline of 40.21% since the beginning of 2026 is the largest among the three assets. It has also suffered the biggest fall over one year, down 54.89%, while the wider Core3 portfolio has lost 57.78% during that period.
Solana did record the strongest weekly performance, however, rising 1.86%. Bitcoin increased by 1.19%, while Ether fell 0.54%. The contrasting results are consistent with GSR’s view that the market currently lacks a strong short-term trend.
Solana’s recent measured volatility has also eased considerably. Its 30-day volatility was 37.39%, below Ether’s 41.69% but above Bitcoin’s 29.89%. Over 60 days, Solana’s volatility remained higher at 54.92%, indicating that its calmer recent trading followed a more unstable period.
The token had previously moved towards support near $60 after whale selling, weaker decentralised finance activity and market liquidations put pressure on the asset. Planned upgrades to the Solana network continued to provide a longer-term development argument, but had not stopped sharp losses in the token.
Weakness has also spread beyond Solana. The cryptocurrency market excluding Bitcoin and Ether lost almost 23% during the first half of 2026, as previously reported, despite some blockchain networks continuing to record strong usage.
The Core3 portfolio is down 37.86% year to date and 57.78% over one year. By comparison, a portfolio holding equal amounts of Bitcoin, Ether and Solana has fallen 33.99% in 2026 and 49.84% over the past year.
Core3 has therefore underperformed the equally weighted basket by 3.87 percentage points this year and 7.94 points over 12 months. Its greater exposure to Ether and Solana increased losses when both assets declined more sharply than Bitcoin.
The comparison illustrates the difference between an actively changing allocation model and a passive basket. Core3 adjusts its exposure in response to GSR’s signals, whereas an equally weighted portfolio keeps broadly similar proportions in each asset.
Earlier allocations show how quickly those signals can change. On 8 July, GSR assigned 46.7% to Ether, 40.1% to Solana and 13.1% to Bitcoin after Ether led weekly performance and volatility declined.
Ether has struggled against Bitcoin in 2026, with the ETH-to-BTC ratio reaching multi-year lows. Institutional demand has been concentrated in Bitcoin, while competition from Solana and questions about Ether’s ability to capture value have also weighed on its relative performance.
GSR’s next weekly allocation will indicate whether the model continues to increase Bitcoin exposure or reverses its latest move. Trading volume, relative momentum and changes in volatility are expected to remain central to the decision.
Core3’s 30-day volatility was 38%, compared with 35.87% for the equally weighted portfolio. Over 60 days, its volatility was slightly lower than that of the comparison portfolio, at 42.64% against 43.69%.
GSR cautions that the model figures should not be confused with returns available from a live investment strategy. Its results 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, hold positions that differ from its published commentary and sponsor products based on related methods.
Those disclosures are significant because the allocations are not neutral forecasts of the market. They reflect a proprietary framework, and neither its current positions nor its past performance can guarantee future results.
