Crypto trading firm GSR has rebalanced its Core3 model portfolio, making Solana its largest position at 43.6% while cutting Bitcoin's weight to just 16.9%. Ethereum's allocation moved to 39.5%, giving it the second-largest weighting even as it too was trimmed from prior levels.
GSR's own published rationale for the shift centers on relative alpha signals favoring Solana, driven specifically by its stronger near-term price momentum relative to the other two assets. The firm notes a caveat, however: Solana's trading volume has actually softened over both the 7-day and 30-day windows, even as its price momentum has outpaced peers — a divergence between price strength and participation that the model is nonetheless treating as a bullish signal for now.
Why Bitcoin Landed Last
Bitcoin's reduced weighting reflects the opposite dynamic: GSR cites BTC's recent performance lagging both Ether and Solana, compounded by longer-term trading activity that has remained subdued. That assessment lines up with separate on-chain research from Glassnode showing Bitcoin's spot trading volume has fallen to its lowest level since 2019, reinforcing the picture of a market where capital has been rotating toward higher-momentum alternatives rather than sitting in BTC.
Related: Bitcoin Spot Volume Hits Lowest Level Since 2019, Glassnode Says
Ethereum Holds the Middle Ground
Ethereum kept the second-largest slot in the model despite losing some allocation, with GSR crediting it for continuing to post the strongest 30-day return of the three assets. The firm characterized overall market conditions as unusually subdued across Bitcoin, Ethereum and Solana alike, suggesting the reallocation is being driven more by relative momentum differences within a quiet market than by any single dramatic catalyst.
Model-driven portfolios like GSR's Core3 are watched closely as a signal of how quantitative trading desks are positioning across major crypto assets, and a shift of this magnitude — moving Solana from a secondary holding to the largest single position — marks a notable change in how at least one systematic strategy is reading the current market.
