Solana tops GSR Core3 at 43.6% as Bitcoin drops to 16.9%

GSR raised Solana to 43.6% of its Core3 model on Aug. 12, making SOL the top holding while cutting Bitcoin to 16.9%. Ether fell to 39.5%, leaving Bitcoin with the smallest weight among the three assets.

The latest allocation reflected proprietary relative signals rather than a simple ranking of recent returns, GSR said in its Aug. 12 Core3 commentary. The firm's written note lists the Solana weight at 43.7%, while the accompanying allocation table shows 43.6%.

The move 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 gained 7.1 percentage points in the model within seven days, while Ether lost 4.6 points and Bitcoin lost 2.4 points.

The shift comes as U.S. investors gain more exchange-traded routes to Solana exposure. Morgan Stanley Investment Management launched the Morgan Stanley Solana Trust (MSOL) on NYSE Arca on July 28 with a 0.14% expense ratio, while 21Shares said it would waive TSOL's 0.21% sponsor fee for one year starting July 28.

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

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.

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 remain useful measures to watch alongside the next model update. GSR has 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.

This article is for informational purposes only and does not constitute investment advice.