New Delhi: Global digital-asset market maker GSR has significantly increased its allocation to Solana in its latest Core3 model, making SOL the largest allocation in the portfolio. The shift comes as Solana has shown stronger short-term relative momentum than Bitcoin and Ether, although GSR has clarified that its model is a framework for professional investors and not a direct investment recommendation.

In the August 12 update, GSR raised Solana’s weight to 43.6%, up from 36.5% a week earlier. At the same time, Ether’s allocation was reduced to 39.5% from 44.1%, while Bitcoin’s share fell to 16.9% from 19.3%. The changes represent a sharp shift towards Solana within just one week.

The latest positioning is notable because Bitcoin, the largest cryptocurrency by market value, now has the smallest allocation among the three assets in GSR’s Core3 model.

Solana gains 7.1 percentage points

The biggest change in the latest portfolio was the increase in Solana’s allocation. GSR raised SOL by 7.1 percentage points, from 36.5% on August 5 to 43.6% on August 12.

During the same period, Ether’s allocation declined by 4.6 percentage points, while Bitcoin’s fell by 2.4 percentage points.

GSR said the adjustment reflected its proprietary relative-alpha signals rather than simply ranking cryptocurrencies according to their recent returns. The firm’s model therefore attempts to capture changes in relative market conditions and momentum across the three major digital assets.

The shift also demonstrates how quickly the Core3 allocations can change. Bitcoin’s weighting, for instance, rose from 9.2% on July 15 to 19.3% on August 5 before falling back to 16.9% in the latest update.

Solana outperformed Bitcoin and Ether over seven days

Recent price performance appears to have supported GSR’s increased exposure to Solana.

According to the firm’s latest comparison, Solana gained 2.98% over seven days. Bitcoin declined 1.02% during the same period, while Ether slipped 0.20%.

However, the picture changes when the timeframe is extended to 30 days. Ether remained the strongest performer over the month, gaining 7.88%. Bitcoin rose 3.19%, while Solana gained 2.44%.

This distinction is important because the increased SOL allocation does not necessarily mean GSR expects Solana to outperform the other two assets over every timeframe.

Instead, the latest allocation appears to reflect the signals used by the firm’s model at a particular point in the market cycle.

Core3 gains 5.30% in one month

GSR’s Core3 model itself recorded a 0.85% return over one week and gained 5.30% over one month. During those periods, the model outperformed an equal-weight basket of Bitcoin, Ether and Solana, which returned 0.59% and 4.68%, respectively.

However, the longer-term numbers are considerably weaker.

The Core3 model was down 35.58% year-to-date and 70.28% over one year. The equal-weight basket performed somewhat better, with losses of 32.22% year-to-date and 63.44% over one year.

These figures underline the volatility of cryptocurrency markets and also show why the latest increase in Solana’s allocation should not be interpreted as a guarantee of future returns.

GSR itself warns that the Core3 figures are hypothetical and do not represent returns from a live investment strategy. The published results are also gross of transaction and management fees and exclude staking rewards.

Ether still leads on 30-day performance

Although Ether’s allocation was reduced, the cryptocurrency continues to lead the three assets on a 30-day performance basis.

Ether’s 7.88% gain over 30 days compares with Bitcoin’s 3.19% increase and Solana’s 2.44% rise. This means the reduction in ETH’s model weighting should not be interpreted simply as a reaction to poor monthly performance.

GSR’s approach is based on relative signals, which can change as market momentum, volatility and other factors evolve.

The latest data also showed that 30-day volatility remained highest for Ether among the three assets at 39.75%. Solana’s volatility was 35.26%, while Bitcoin’s was 26.82%.

US access to Solana is expanding

GSR’s increased allocation to Solana comes at a time when US investors are gaining more regulated exchange-traded routes to SOL exposure.

Morgan Stanley Investment Management announced on July 28 that it had launched the Morgan Stanley Solana Trust, known as MSOL, on NYSE Arca. The product carries a 0.14% expense ratio and is designed to track Solana while staking a portion of its holdings.

Other investment firms are also competing in the Solana exchange-traded product market. A July 27 filing from 21Shares said the company would waive the sponsor fee on its TSOL product for one year beginning July 28.

The expansion of regulated investment products does not necessarily mean that institutional investors broadly share GSR’s preference for Solana. However, it does indicate that access to SOL through traditional investment structures is becoming more established.

For investors, greater access could make it easier to gain exposure to Solana without directly holding the cryptocurrency through a traditional crypto exchange.

What could happen next?

The next GSR Core3 update will be closely watched because the firm’s weekly allocations can change considerably in a short period.

The key question is whether Solana’s 43.6% allocation remains in place or whether the model begins shifting back towards Bitcoin or Ether. GSR has indicated that market conditions can cause its views and estimates to change without notice.

Trading volume will also be an important factor. Despite Solana’s stronger seven-day performance, GSR noted that SOL trading volume had softened over both seven-day and 30-day periods. This means the larger allocation has not been accompanied by stronger trading volume across those windows.

For the wider cryptocurrency market, the development highlights the increasingly dynamic relationship between Bitcoin, Ether and Solana. Rather than moving uniformly, the three assets can experience different momentum and volatility patterns, prompting portfolio models to adjust exposure rapidly.

Solana takes centre stage, but risks remain

GSR’s latest Core3 allocation represents a clear vote of confidence in Solana’s near-term relative strength, with SOL now accounting for 43.6% of the model compared with 16.9% for Bitcoin and 39.5% for Ether.

But the figures should be viewed in context. GSR’s own data shows that its Core3 model has suffered substantial losses over longer periods, while Solana’s recent seven-day outperformance has not translated into the strongest 30-day performance.

The latest move therefore signals a change in GSR’s model positioning rather than a prediction that Solana will inevitably outperform Bitcoin or Ether.

For cryptocurrency investors, the development is another reminder that digital-asset markets remain highly volatile and that short-term momentum can lead to rapid changes in portfolio strategies. The next weekly allocation from GSR could provide an early indication of whether its latest Solana overweight is the beginning of a sustained trend or simply another short-term shift.