A new report from Charles Schwab suggests that bitcoin is shedding one of its defining characteristics: extreme volatility. That can be good news or bad news.
According to the company’s analysis, the price volatility of bitcoin has decreased significantly in recent years, and the stock now shows less volatility than some of the largest US technology stocks. The report found that BTC’s historical volatility (HV) fell to 42% in 2025 – roughly half of what it recorded in 2021 – marking a significant shift as the cryptocurrency matures into a widely traded financial asset.
Schwab’s data shows that bTC is now behaving in the same way as major stocks, and in some cases appears to be stable. Tesla shares posted a HV reading of 63% in 2025, while Nvidia registered 50%, both exceeding 42 BTC. Measures of daily price movement, such as the average true range as a percentage of the price, also show the same trend.
Despite the drop in volatility, bitcoin remains prone to sharp pullbacks. The report notes that bitcoin is down a whopping 32% in 2025, with losses extending into early 2026. Over a long window of three years, BTC recorded a peak-to-trough decline of 50%, emphasizing that the large swings—while rare—did not disappear.
However, that loss was not unusual. Tesla experienced a deep decline of 54% during the same period, while Nvidia fell 37% in the worst place. The data highlights a broader trend: high-growth technology stocks can show volatility levels on par with, or even surpassing, bitcoin.
Bitcoin’s long-term volatility is still high
To put it another way, bitcoin’s long-term volatility profile remains elevated compared to traditional assets. During the 2022 bear market, the cryptocurrency is down 77% from its high, compared to 74% for Tesla and 66% for Nvidia.
However, Schwab noted that Tesla’s overall volatility metrics over the five-year period still outperform BTC.
The report also compares BTC to commodities, showing that silver futures tend to show more volatile daily price movements despite minor drawdowns. Gold, in contrast, has maintained steady gains with low volatility.
Within the crypto markets, the relative stability of bitcoin has been very noticeable. Ethereum continues to trade in high volatility and deep bearishness, with the gap between the two assets widening since 2021.
Schwab concluded that BTC’s evolution reflects its growing integration into mainstream finance.
A clear example of Wall Street’s deep acceptance of bitcoin is Morgan Stanley’s Bitcoin ETF, MSBT, which is getting closer to launch after receiving notice of an official listing on the NYSE, a move analysts say usually indicates an imminent start.
If approved, the fund would be the first BTC ETF issued by a US central bank, setting it apart from existing products offered by asset managers such as BlackRock and Fidelity.
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