Bitcoin’s volatility appears to be easing, with its price movements in 2025 proving more subdued than those of Nvidia (NVDA), a trend that Bitwise says reflects a broadening investor base.
In a statement on Wednesday, Bitwise said it expects Bitcoin to remain less volatile than Nvidia in 2026, noting that “Bitcoin’s volatility has steadily declined over the past ten years.”
The firm added that this trend points to a gradual “derisking” of the asset, driven by a more diversified investor base following the introduction and growth of institutional investment products.
“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 expected to be more volatile than Bitcoin in 2026
Bitcoin has recorded a 68% price swing in 2025, rising from its yearly low of around $75,000 in April to an all-time high of $126,000 in early October.
By comparison, Nvidia has experienced significantly greater volatility, posting a 120% price move from a low of $94 in early April to a 2025 high of $207 in late October.
Shares of the chipmaker have also outperformed Bitcoin this year, rising 27% year to date. By contrast, Bitcoin is down 8% since the start of the year, as crypto markets have increasingly decoupled from equities.
Bitwise bets on a new all-time high
Bitwise also outlined several bullish forecasts for the year ahead, including a new all-time high for Bitcoin and a break from the traditional four-year market cycle.
The firm said that historical drivers such as the Bitcoin halving, interest-rate cycles, and leverage-fueled crypto booms and busts are exerting less influence than in previous cycles.
Looking ahead, Bitwise expects more traditional financial institutions — including Citigroup, Morgan Stanley, Wells Fargo, and Merrill Lynch — to expand into crypto services. It also forecasts increased allocations to spot crypto exchange-traded funds and faster growth in onchain development in 2026.
Finally, Bitwise said a continued pro-crypto regulatory shift would enable companies to adopt digital assets more rapidly, and predicted that crypto-related equities will outperform traditional technology stocks.
“Tech stocks have done well, up 140% over the past three years, but crypto equities are doing even better.”
