In 2025, according to analysis from Bitwise, Bitcoin is experiencing lower volatility than Nvidia stocks. It sounds hard to believe because up until now, mentioning BTC has been synonymous with strong volatility, while Nvidia is seen as a blue-chip stock of the AI wave.
If we look at the volatility data from the past year, the story is different. The fluctuation range of BTC has gradually decreased over time, while Nvidia has been more volatile due to growth expectations, the AI cycle, and pricing pressure. In other words, tech stocks are “hotter” than crypto.
Bitwise believes there are 3 main reasons behind this change. First, Bitcoin has matured significantly in terms of the market, with deeper liquidity and less manipulation by small players than before. Second, the proportion of institutional investors is increasingly large, from funds and banks to ETFs, leading to more stable price behavior. And finally, ETF money is continuously flowing in, providing clear support for the market.
For me, this is quite an important sign. Bitcoin is gradually shifting from the image of a 'highly volatile speculative asset' to a serious financial asset, even in some periods, it is much more stable than many high-growth stocks.
BTC may still have large fluctuations in cycles, but it is clear that the rules of the game are changing. And those who still view Bitcoin through the lens of 2017–2020 might want to update their perspective to fit the new context.