Foreign media reported that market maker and crypto investment firm GSR updated its Core3 portfolio on August 12, increasing Solana's weight to 43.6%, making it the largest asset in the portfolio. During the same period, Ethereum's weight decreased to 39.5%, and Bitcoin's weight fell to 16.9%.
Increased by 7.1 percentage points within a week.
This adjustment is the opposite of the previous week’s direction. The prior model favored Bitcoin due to weakening trading activity and declining volatility. The latest update shows that GSR’s relative signal has shifted back toward Solana.
The article noted that GSR's written comments stated a SOL weight of 43.7%, but the accompanying table showed 43.6%. The report used the figure from the table. GSR explained that this rebalancing was not based simply on short-term price movements, but rather on its internal relative alpha signals.
- SOL has a weight of 43.6%
- ETH weight reduced to 39.5%
- BTC weight reduced to 16.9%
Outperformed the equally weighted portfolio in the short term
In terms of returns, the Core3 model has delivered a 0.85% return over the past week and a 5.30% return over the past month, outperforming the equally weighted basket’s 0.59% and 4.68%, respectively. However, over longer time horizons, the model’s performance remains weaker than the equally weighted allocation.
Since the beginning of this year, Core3 has declined by 35.58%, and over the past year by 70.28%; the corresponding equal-weighted basket has declined by 32.22% and 63.44%, respectively. Among the three assets, Ethereum remains the strongest performer over the past 30 days, with a gain of 7.88%, but its model weight was still reduced this week.
In terms of volatility, GSR's 30-day data shows: Bitcoin at 26.82%, Ethereum at 39.75%, and Solana at 35.26%. The article also notes that Solana’s trading volume has slowed over both the 7-day and 30-day periods, indicating that its increased weight is not being driven by a corresponding rise in trading volume.
Expanded Solana investment options in the U.S. market
The report notes that this shift in model also occurs against the backdrop of expanded access for U.S. investors to Solana exposure. Morgan Stanley Investment Management previously announced on July 28 the launch of the Morgan Stanley Solana Trust, ticker MSOL, on NYSE Arca, alongside a corresponding Ethereum product.
According to disclosures, the MSOL fee rate is 0.14%, with the goal of tracking SOL’s performance while staking a portion of the holdings. SEC filing documents indicate that, under normal market conditions, up to 100% of SOL holdings may be staked, though liquidity requirements and legal and regulatory factors must still be considered.
The market is watching to see if the overweight position will continue next week.
Since GSR releases the Core3 model on a weekly basis, the next update will be closely watched. The market will focus on whether Solana’s overweight position continues or declines again.
Recent changes indicate a rapid adjustment in model weights. Bitcoin's weight rose from 9.2% on July 15 to 19.3% on August 5, then declined to 16.9% on August 12. The article suggests that volume, relative momentum, and volatility should continue to be closely monitored.