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 9/23/2026
All three majors gained last week, with Solana up 20.3% ahead of Ether at 13.7% and Bitcoin at 13.1%, and Solana continues to lead over the past month at 23.1% versus roughly 9% for the other two. Volatility kept compressing at the top of the market, with Bitcoin's 30-day trailing measure down 7.5% to 43.9% and Ether's down 31.3% to 47.8%, while Solana held near 74.1% and remains the highest-risk asset of the three. Traded volumes tell a more cautious story: activity is down over the past 30 days across all three, at -7% for Bitcoin, -27% for Ether and -1% for Solana, so the rally has come on thinner participation, with only Solana seeing a meaningful weekly pickup at +28%. The model portfolio tilted further toward that leadership, raising Solana 22.7% to 45.7% and Ether 13.5% to 31.5%, funded by a 36.2% reduction in Bitcoin to 22.8%. Signals are favouring assets where price momentum and turnover are still improving, which leaves Bitcoin at the smallest weight even though it carries the steadiest volatility profile.
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.