GSR lifts Bitcoin Core3 weight as Solana drops 40% in 2026

GSR lifted Bitcoin's Core3 weight to 19.3% on Aug. 5, cutting Ether by nine points as Solana led 2026 losses at 40.21%. The latest allocation assigns 44.1% to Ether, 36.5% to Solana and 19.3% to Bitcoin, with weights totaling 99.9% because GSR rounds each position.

GSR attributed the shift to proprietary quantitative signals rather than recent price performance alone, saying market conditions remained subdued with trading activity and volatility declining across Bitcoin, Ether and Solana. The firm described the environment as a quieter market without a strong directional trend.

The rebalancing compares with GSR's July 15 allocation of 53.1% Ether, 37.6% Solana and 9.2% Bitcoin. Bitcoin's weight rose 10.1 percentage points while Ether's fell nine. Despite receiving the smallest allocation, Bitcoin remained the strongest of the three assets in 2026, down 24.82% year to date versus 35.49% for Ether and 40.21% for Solana.

The Core3 portfolio lost 37.86% year to date, trailing an equally weighted BTC-ETH-SOL basket by 3.87 percentage points. GSR's next weekly allocation will show whether the model continues toward Bitcoin or reverses the shift.

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.

Solana leads losses despite easing volatility

Solana's 40.21% year-to-date decline was the largest among the Core3 assets, and it lost 54.89% over one year. However, SOL produced the best weekly result, rising 1.86% compared with Bitcoin's 1.19% gain and Ether's 0.54% decline. 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% but above Bitcoin's 29.89%. The 60-day reading remained higher at 54.92%, showing that 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 broader weakness extended beyond SOL — the crypto market excluding Bitcoin and Ether lost almost 23% during the first half of 2026, even as some blockchain networks recorded strong usage.

Core3 trails an equally weighted basket

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. Earlier allocations show that GSR's signals can change rapidly — on July 8, the model 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.

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.

Investors should 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.

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