GSR Crypto Portfolio Down 57.78% in a Year: Bitcoin Outperforms Ethereum and Solana
GSR, a major crypto market maker, reported on August 5 that its Core3 model portfolio—which holds Bitcoin, Ethereum, and Solana—has fallen 57.78% over the past year. That performance lagged an equal-weight benchmark of the same three assets, which dropped 49.84% during the same period, according to the firm’s latest portfolio update.
As of August 5, the Core3 portfolio holds Ethereum at 44.1%, Solana at 36.5%, and Bitcoin at 19.3%. The latest rebalance increased Bitcoin exposure while trimming Ethereum, a shift GSR attributed to slowing trading activity and easing market volatility.
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Bitcoin Leads, But All Three Assets Are Deep in the Red
Bitcoin has been the strongest performer of the trio this year, though that is relative in a brutal market. BTC is down 24.82% year-to-date and 47.08% over the past 12 months. Over the last 30 days, it gained 1.26%, and its 30-day volatility stood at 29.89%—the lowest among the three assets.
Ethereum remains the portfolio’s largest holding despite the rebalance. ETH is down 35.49% year-to-date and 44.73% over the past year. However, it posted the strongest monthly gain, rising 5.16% in the last 30 days, with 30-day volatility at 41.69%.
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Solana has fared the worst. SOL is down 40.21% year-to-date and 54.89% over the past year, and it dropped 9.64% in the last 30 days. GSR said Solana’s lower volatility and stable price movement supported its relatively large allocation, but the asset is trading around $73 after hitting a July high of $83, according to market data.
What the Downturn Means for Crypto Investors
The GSR report underscores how deeply the 2026 bear market has cut into even professionally managed portfolios. The Core3 model’s 57.78% loss is not just a reflection of poor stock-picking—it mirrors the broader collapse in digital asset prices over the past year. For retail investors, the key takeaway is that diversification across the top cryptocurrencies has not provided shelter from the selloff; all three assets are down significantly, and even a balanced approach has lost more than half its value.
Bitcoin’s relative outperformance suggests that in this cycle, investors have favored the largest, most established asset as a store of value during uncertainty. Its lower volatility and smaller drawdown compared to Ethereum and Solana reinforce that narrative. But the fact that Bitcoin is still down nearly 25% year-to-date highlights the severity of the market’s decline.
For those holding Solana, the immediate focus is on key technical levels. Market analyst IamDegenLabs noted that $75 is the critical resistance. A move above it could push SOL toward $78–$80, while a drop below $70.70 could send the price to the $66–$68 range. The analyst also pointed to several developments that could improve Solana’s outlook, including governance proposals to increase token burns and reduce inflation, BlackRock’s filing to launch tokenized fund shares on Solana, more than 1 billion weekly network transactions, and continued ETF inflows.
GSR’s response to the current conditions has been to adopt a more balanced allocation while modestly increasing Bitcoin exposure. The firm said crypto markets remained subdued over the past week, with lower trading volumes and smaller price swings. Whether this marks a bottom or a pause before further declines remains uncertain, but the data shows that all three major assets are still well below their levels from a year ago.
For investors, the report is a reminder that even the most sophisticated models are not immune to market-wide downturns. The focus now shifts to whether Bitcoin can maintain its relative strength and whether Solana’s potential catalysts can reverse its steep slide.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile and uncertain. Always conduct your own research before making investment decisions.
