Bitcoin Volatility Falls, But Still Well Above Euro-Dollar
The 90-day realized volatility has fallen, but BTC is still well above gold, the S&P 500, and EUR/USD. Spot Bitcoin ETPs are attracting more institutional players.
Key Takeaways
- Bitcoin’s 90-day realized volatility was around 38% on Thursday, well above gold, the S&P 500, and EUR/USD.
- Bitcoin is about eight times as volatile as the euro-dollar and a little more than three times as volatile as the S&P 500.
- Bitcoin’s volatility has fallen over the longer term, from more than 180% in 2013 to about 35% in 2024.
Bitcoin has clearly become calmer in recent years, but the biggest crypto is still much more volatile than traditional markets. The 90-day realized volatility was around 38% on Thursday, compared with about 23.5% for gold, 11% for the S&P 500, and 4.6% for EUR/USD.
Still Far Above Traditional Markets
The comparison shows that Bitcoin has become calmer, but it is still nowhere near the stability of major currency and stock markets. EUR/USD, the most liquid currency pair in the world, stayed notably calm even during a period of uncertainty around French government finances.
That leaves Bitcoin about eight times as volatile as the euro-dollar and a little more than three times as volatile as the S&P 500. The gap is still large compared with gold too, even though it has narrowed from previous years.
Volatility Has Eased
The longer-term trend is clear. Since January 2020, Bitcoin’s 90-day volatility has averaged around 58%, with a peak of 134% in June 2020. In September 2025, the reading fell to 27.5%, when the price climbed above $100,000 (€89,200).
The moves have also become less extreme over the longer term. According to broader market data, Bitcoin’s annual volatility has dropped from more than 180% in 2013 to about 35% in 2024, showing that the coin has gradually matured.
Why This Matters for Investors
For professional investors, this matters because volatility plays a role in whether Bitcoin can really serve as a diversification tool in a portfolio. The arrival of spot Bitcoin exchange-traded products in early 2024 has also brought more institutional players into the market, which fits that broader shift toward a calmer trading profile.
That does not mean Bitcoin is suddenly on the same level as gold or a major currency. But it does show that the crypto market around BTC is less wild than it was a few years ago, even though the price still moves much more sharply than traditional assets.
