Solana is now GSR’s largest allocation.
GSR said its Core3 model portfolio increased its allocation to Solana to 43.7%, while cutting its Ether holdings to 39.5% and Bitcoin slightly to 16.9%.
The change came as crypto markets stayed “constructive” over the past week, according to the trading firm.
GSR Leans Toward Solana
In its update, GSR noted that trading remained relatively calm, and that the move aligns with Solana’s stronger near-term price momentum. However, the asset’s trading volume has weakened over both the seven-day and 30-day periods. Ether still posted the strongest 30-day return of 6.4%, even after its portfolio weight was reduced. Meanwhile, Bitcoin remains the smallest allocation.
Longer-term trading activity for the world’s largest crypto has also stayed subdued.
For the uninitiated, GSR launched its first exchange-traded fund in April this year. The Crypto Core3 ETF trades under the ticker BESO on Nasdaq. The fund has a 1% management fee. It also offers active portfolio management and staking rewards on eligible assets. GSR had earlier said the fund actively shifts its allocation across the three assets. It rebalances every week based on research-driven signals designed to pursue additional returns.
One user on X speculated whether the move could signal the start of an altcoin rotation.
Solana is currently hovering above $76. As CryptoPotato recently reported, several technical signals have been pointing to additional upside. Analyst Ali Martinez said SOL is trading inside a parallel channel, and the $78 level has become important. A break above the mid-range could open the way toward the upper boundary near $100. A buy signal from the TD Sequential on its daily chart further supported the bullish thesis. The MACD has also formed a golden cross.
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A Bottom, But Not Yet?
Glassnode, in its latest analysis, stated that the asset is stuck in a tight range as buyers remain largely absent. The price is sitting between the Median Realized Price at $63,000 and the Short-Term Holder Cost Basis at $68,700. Spot trading volume has also fallen to its lowest level since 2019.
The firm explained that sellers are showing signs of exhaustion, while several indicators are moving closer to levels seen during previous bear-market bottoms. At the same time, leverage has built up on the long side. If Bitcoin climbs back above $68,700 on stronger volume and ETF inflows pick up, it would be a positive sign. But if it fails to rally or falls below $58,500, the bottom could still be in doubt.