Headline: Morgan Stanley’s MSBT inches toward launch as Schwab data shows Bitcoin behaving more like a blue‑chip
Morgan Stanley is one step closer to launching what would be the first spot Bitcoin ETF issued by a major U.S. bank. The firm recently received an official NYSE listing notice for its fund, MSBT — a procedural green light that analysts often view as a signal a debut is imminent.
That milestone lands amid fresh volatility data from Charles Schwab showing Bitcoin has become materially less wild than in its early years. Schwab’s analysis finds Bitcoin’s historical volatility fell to 42% in 2025 — roughly half of what it recorded in 2021 — and lower than several headline tech names that year (Tesla at 63%, Nvidia at 50%). Daily-movement metrics likewise show Bitcoin behaving more like major equities than the fringe, ultra-volatile asset it once resembled.
Schwab attributes much of the change to Bitcoin’s deeper integration into mainstream finance: wider trading on major exchanges, growth in regulated products and ETF wrappers, and greater institutional participation. “Volatility has calmed down,” the report concludes — but the calm is relative.
Bitcoin still saw acute pain in recent years. In 2025 it plunged as much as 30%, with losses extending into early 2026; across a three-year window the asset fell roughly 50% from peak to trough. Those drawdowns, while large, aren’t unprecedented for high-growth markets: Tesla’s worst three-year drawdown was about 54%, and Nvidia’s about 37%. During the broader 2022 sell-off Bitcoin’s peak-to-trough loss hit roughly 77% (Tesla 74%, Nvidia 66%), underscoring that extreme moves can hit both crypto and tech equities.
Comparisons with commodities add nuance. Silver futures often showed more erratic daily moves despite smaller cumulative declines, while gold delivered steadier gains with much lower volatility — a reminder that Bitcoin remains a different risk class from traditional safe havens.
Within crypto, Bitcoin’s relative stability stands out: Ethereum continues to trade with higher volatility and deeper drawdowns, and the gap between the two assets has widened since 2021. As Schwab’s report arrives, market participants are increasingly measuring Bitcoin against blue‑chip equities rather than solely as a speculative or fringe asset. Whether that framing sticks will depend on how Bitcoin weathers the next major market stress test — something no historical dataset can predict with certainty.
Image credits: Unsplash; chart: TradingView.
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