Bitcoin’s volatility has continued to ease in 2025, with Bitwise pointing to smaller price swings than Nvidia as evidence that bitcoin’s investor base is broadening.
Volatility comparison
Bitwise said bitcoin should remain less volatile than Nvidia in 2026, arguing that bitcoin’s volatility “has steadily declined over the past ten years.”
The firm said the change reflects a “derisking” driven by traditional investment access.
Bitwise stated:
“This shift reflects the fundamental derisking of Bitcoin as an investment and the diversification of its investor base thanks to traditional investment vehicles like ETFs.”
2025 price swings
Bitcoin saw a 68% move from its 2025 low near $75,000 in April to its all-time high around $126,000 in early October.
Nvidia saw a larger 120% swing, rising from about $94 in early April to a 2025 high near $207 in late October.
Nvidia shares were up 27% year-to-date, while bitcoin was down 8% on the year, according to the report.
ETFs and institutions
Bitwise tied the shift to increased participation through exchange-traded products, as US spot bitcoin ETFs continue to shape market structure and flows.
Bitwise also predicted a new bitcoin all-time high and a break from the four-year cycle, saying the influence of the halving, interest-rate cycles, and leverage-driven booms and busts is weaker than in past cycles.
