As part of our ongoing market commentary, we publish a weekly model portfolio that translates our views into a structured allocation across the Core3 crypto assets: BTC, ETH, and SOL.
This publication is intended to complement our existing qualitative commentary by presenting a consistent allocation framework informed by quantitative signals that can be tracked over time. It does not constitute a recommendation to allocate to any crypto asset or to implement any portfolio or strategy.
Market Commentary 11/4/2026
Crypto markets extended their decline this week, with Bitcoin down 2.7%, Ether down 0.6% and Solana down 7.9%, adding to 30-day losses of 8.5%, 14.2% and 22.2% respectively. Volatility rose across all three assets, with 30-day trailing volatility up between 2.2% and 3.3% on the week, although levels remain low by historical standards at 27.6% for Bitcoin, 36.8% for Ether and 37.6% for Solana. Trading activity was mixed: Solana volume rose 16% on the week alongside its sharp price drop, while 30-day volumes are down 15% to 21% across the board, pointing to thin participation in a falling market. The Core3 model portfolio responded by increasing its Bitcoin weight by 1.8 percentage points to 42.0% and reducing Solana by 2.1 percentage points to 21.0%, with Ether broadly unchanged at 37.0%. This shift toward the asset with the strongest relative performance and lowest volatility gives the model portfolio a more defensive position while momentum across the market remains negative.
The following important information should be considered in connection with this material.
The hypothetical returns shown herein are based on model portfolio calculations and are gross of transaction and management fees and do not include staking rewards.
This material is provided by GSR (the “Firm”) solely for informational purposes and is intended only for professional investors. It does not constitute an offer, commitment, solicitation, advice, or recommendation to enter into any transaction (whether on the terms described or otherwise), or to provide investment services in any jurisdiction where such activity would be unlawful. The Firm does not act as an adviser or fiduciary in connection with this material. The information contained herein is based on sources believed to be reliable, but its accuracy and completeness are not guaranteed. Any opinions or estimates reflect the judgement of the author(s) as at the date of publication and are subject to change without notice.
This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of its counterparties. The Firm is the sponsor of certain investment products that may reference or incorporate similar methodologies. Such products may differ from the model portfolio in composition, timing, and implementation. The Firm trades the assets discussed herein for its own account, may take positions contrary to the views expressed, and may hold positions in related instruments. Trading and investing in digital assets involves significant risks, including price volatility and illiquidity, and may not be suitable for all investors. The Firm accepts no liability for any direct or consequential loss arising from the use of this material. Copyright in this material is owned by the Firm. Neither this material nor any copy may be taken, reproduced, or redistributed, directly or indirectly, without the prior written consent of the Firm.