Bitcoin has a reputation for being extremely volatile. But over the last five years, a single stock has out-swung it. Tesla's price has moved more, month to month. Let’s unpack the numbers – and explain why bitcoin's swings have calmed down over the years.
How bitcoin's volatility compares
The table below compares bitcoin's monthly volatility to Tesla and Nvidia over the past ten, five, and three years. Monthly volatility measures how far each asset's monthly returns stray from their average (in either direction). The higher the number, the bigger the swings.
Source: Leverage Shares calculations based on TradingView monthly closing price data, to 1 June, 2026.
Past performance is not a reliable indicator of future results.
Over the past ten years, bitcoin was clearly the most volatile of the three investments. But over five years, Tesla pulled ahead. And over three years, the two are almost level, with Tesla just in front. Bitcoin is still volatile, but it's calmed down relative to both stocks.
Why bitcoin has calmed down
Bitcoin has changed a lot since its early days. What began as a niche asset is now part of mainstream finance. CME futures arrived in 2017, corporate treasuries like MicroStrategy followed, and the first US spot ETFs launched in 2024. Each step pulled in bigger, more serious investors. There are now many ways for investors to get bitcoin exposure.
More institutional money brought deeper liquidity and a more efficient market. That tends to smooth out the violent swings of bitcoin's earlier, retail-driven days.
What it means for leveraged bitcoin exchange-traded products (ETPs)
The Leverage Shares 3X Long Bitcoin ETP aims to move three times as much as bitcoin each day. The 3X short version aims for the inverse, rising when bitcoin falls.
Bitcoin still moves about as much as Tesla and other volatile stocks, even after calming down. That's why a leveraged bitcoin ETP can still move a long way in a single day in either direction. These products reset daily, so they tend to suit short-term trades rather than long-term holds. We cover the maths behind that daily reset in our ETP guide.
Leverage Shares offers 3X long and short Bitcoin ETPs for traders who want amplified exposure to bitcoin's daily moves. Capital at risk.
Key takeaways
Over the past ten years, bitcoin was more volatile than both Tesla and Nvidia. But over the last five and three years, Tesla has been more volatile than bitcoin.
Bitcoin's volatility has dropped as the market matured. Institutional products like CME futures, corporate treasuries, and spot ETFs brought deeper liquidity and steadier prices.
Even after calming down, bitcoin still moves about as much as Tesla. That's why leveraged bitcoin ETPs can still make big moves in a single day (in either direction).
