Bitcoin Falls Nearly 30% From Its 2025 Peak

Bitcoin dropped below $90,000, deepening a month-long slide that has erased the cryptocurrency’s gains for 2025 and rocked sentiment across the digital-asset world.

The largest token fell as much as 2.8% on Tuesday, extending its decline from a record of more than $126,000 set in early October. Bitcoin last traded below $90,000 — eventually tumbling to as low as $74,400 in April — after President Donald Trump upended financial markets worldwide with his initial plan for trade tariffs.

Bloomberg Mike McGlone joins to discuss.

As digital-asset prices unravel, Morgan Stanley has drawn outsized demand from wealthy clients for a complex, new Bitcoin-linked product.

The bank this month sold $104 million of structured notes tied to BlackRock’s iShares Bitcoin Trust (IBIT), in a deal five times larger than the next most popular crypto-linked note currently outstanding in the US, according to data from Structured Products Intelligence, part of WSD.

The product offers clients exposure to the token’s swings — but within strict boundaries. The two-year notes, known as dual directional autocallable trigger plus, promises enhanced payouts if the ETF stays flat or rises at maturity, and modest gains if it falls less than 25%. If the ETF drops far enough, investors take losses in full, with no cushion, according to a regulatory filing.

It speaks to how Bitcoin is being recast. The cryptocurrency still trades like a speculative wager, but financial institutions are increasingly treating it like a fully fledged asset class — something that can be slotted into risk models, hedged with options, and packaged up for private-wealth clients. Firms including Goldman Sachs Group Inc. and JPMorgan Chase & Co. have issued structured notes in recent months, also using IBIT as the foundation for their crypto exposure.

“Structured products are becoming the safest way for mainstream investors to touch crypto-level volatility without taking crypto-level risk,” said Tiago Fernandes, head of data and platform at WSD. “Being issued in a US security that has some protection is extremely interesting for investors.”

A spokesperson for Morgan Stanley declined to comment on the issuance.

Bitcoin has plunged almost 30% from its recent peak — a reminder that even as traditional investors embrace it, the world’s largest cryptocurrency remains far from tame. Now Wall Street is doing what it knows best: building produ

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