The price of Bitcoin swings appear to be easing, with its movements in 2025 proving calmer than those of Nvidia (NVDA), a shift that Bitwise says reflects a broader and more diversified investor base. In a report published Wednesday, Bitwise noted that Bitcoin’s volatility has trended steadily lower over the past decade and is expected to remain below Nvidia’s volatility again in 2026.

The firm attributed this change to a gradual “derisking” of Bitcoin as an asset, driven in part by the growing presence of institutional investors and the rise of traditional investment vehicles such as exchange-traded funds. “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.”

Nvidia swings wider as Bitcoin stabilizes

So far this year, Bitcoin has moved roughly 68% between its April low near $75,000 and its early-October all-time high around $126,000. Nvidia, by contrast, has experienced significantly larger price fluctuations, with a swing of about 120% from a low of $94 in early April to a 2025 high of $207 reached in late October.

Nvidia shares have also outperformed Bitcoin on a year-to-date basis, rising 27%, while Bitcoin is down about 8% since the start of the year as cryptocurrency markets have increasingly decoupled from equities.

Bitwise sees structural shifts ahead

Alongside its volatility outlook, Bitwise outlined several expectations for the coming year, including a fresh all-time high for Bitcoin and a potential breakdown of the traditional four-year crypto cycle. According to the firm, factors that once drove extreme boom-and-bust dynamics — such as the halving cycle, interest rate shifts, and leverage-fueled speculation — are now less influential than in previous periods.

Bitwise also expects deeper participation from major financial institutions including Citigroup, Morgan Stanley, Wells Fargo, and Merrill Lynch, alongside increased allocations to spot crypto ETFs and faster onchain development in 2026.

The firm added that a more supportive regulatory environment could further accelerate crypto adoption and said it anticipates crypto-related equities to outperform technology stocks. “Tech stocks have done well, up 140% over the past three years, but crypto equities are doing even better.”

Sources:

https://cointelegraph.com/news/bitcoin-less-volatile-nvidia-in-2025-as-its-investor-base-diversified-bitwise

https://x.com/BitwiseInvest/status/2001307117249016148