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The move, the first by a major corporation, raised expectations that other corporate treasurers would follow suit and adoption of crypto as a medium of exchange would take hold. Goldman Sachs Group Inc. and Morgan Stanley also announced plans to offer their clients exposure to crypto.

With hordes of new retail and institutional investors piling in, prices shot up from $29,000 in January and reached $60,000 last month. After the pullback, the token now trades around $43,000 and some analysts say the market still looks precarious, especially as the fate of Bitcoin becomes tied to Musk’s Twitter outbursts.

“I would definitely expect reduced appetite going forward,” said Felix Dian, founder of crypto-focused MVPQ Capital in London, which counts 70% of its investors as institutions. “First, because of the loss of momentum from a technical perspective, but also because of the extreme sensitivity on environmental issues.”

Because Bitcoin has no underlying fundamentals, such as profit streams or interest payments that help anchor the value of stocks and bonds, it’s inherently a speculative bet on market trends in the years ahead.

“It’s the ultimate momentum trade,” said Wayne Wicker, chief investment officer at Vantagepoint Investment Advisers. “The mainstream adoption will come from institutional investors over time and regardless of Elon Musk.”

Still, for all the eye-watering moves lately, Bitcoin is far less volatile than it used to be. Benson Durham of Cornerstone Macro LLC says Bitcoin’s correlation to other assets, therefore its impact on overall portfolio swings, is a more relevant metric for investors.

By that measure, there’s “not much change to write home about during the recent pullback,“ he wrote.

Meanwhile, crypto insiders say the Musk-driven volatility is just a temporary blip and will soon blow over.

“We take a longer view, and investors would be right to do the same,“ said Greg King, chief executive officer of Osprey Funds, which offers crypto trust funds. “The key question is whether we think this asset is going to last? The answer is yes.”