Bitcoin surged to a new all-time high against the US dollar on July 10, reaching $111,683 on Binance before closing the day at $115,244. Breakout marked another milestone for dollar-based investors in Bitcoin’s 2025 Bull Cycle.
But while the headline celebrated fresh records, BTC told a different story when it was priced in euros and pounds. The BTC-EUR pair finished the day at 95,720 euros, but is 1.8% below its March peak. The BTC-GBP shyly inched the best ever set of April before, barely inching to £82,148. The strong euro and stable pound erased Bitcoin’s nominal profits when translated into foreign currency.
Over the past 30 days, the US Dollar Index (DXY) has dropped by 1.5%, the Euro Index (EXY) has reached 2.6%, and the Pound Index (BXY) has risen by 0.3%. These shifts in currency valuation mean that Bitcoin prices are different prices in Fiat pairs, and appear to break out in one currency and stagnate in another.
However, Bitcoin saw a massive spike of 5.7% on Friday morning until late Thursday, marking its new highest high of $118,400. Prices in dollars are above record $6,000 and above pounds and dollars, but have yet to see a new record high.
Why did USD Ass come first?
Bitcoin’s USD-controlled rallies were driven in part by a macro shift in favour of the non-dollar currency. U.S. interest rate expectations softened, with money market prices being cut by half points by September. Meanwhile, the European Central Bank has shown little tendency to make it even easier after the June rate suspension. Eurozone PMI data was also shocked, increasing the cyclical demand for the euro.
These trends have significantly weakened the dollar, pushing DXY to its lowest level since January. Bitcoin is usually cited in USD, so weakening the dollar will cause the BTC-USD rate to swell even if BTC’s purchasing power in other currencies does not change.
Currency Mathematics explains the rest. BTC-USD rates are simply BTC-EUR and EUR-USD, or BTC-GBP and GBP-USD products. When the EUR-USD or GBP-USD rises, the BTC-USD will climb even if the BTC-EUR and BTC-GBP stay flat. That’s exactly what happened. At its peak, the EUR-USD rose to 1.173 and the GBP-USD was pushed above 1.363, enough to drive the dollar estimate to record levels, even when euro and pound citations are stagnant.
This may seem like expertise, but it really does have a meaning. First, non-US investors are not seeing the same returns. For euro-based investors who bought the March high of nearly 97,500 euros, Bitcoin remains slightly underwater, with Americans declaring a new record.
Second, FX risks currently play a greater role in crypto investments. The US spot Bitcoin ETF price is sold in dollars, but products on the European list track BTC-EUR. As the euro strengthens, these funds will be slower to NAV growth and flow. Since early July, the Euro-Religious ETPS AUM has grown more slowly than the US ETF despite similar BTC performance.
Third, it is important for the Ministry of Finance’s recruitment. Corporate Treasury, which is trying to hold Bitcoin, should evaluate it from the standpoint of its own reporting currency. UK or European companies may have seen the US dollar ATH in July and concluded that Bitcoin has yet to break new ground, limiting appeals as an appeal until local Fiat’s rating catches up.
The Euro’s strength explains why BTC-Eur was hit hardest. Exy has risen 2.6% over the past month, far surpassing the 0.9% increase in BTC-USD, dominating the momentum of its code-borne figures. The BTC-EUR ended lower than where it began its 1.7% decline, despite Bitcoin’s global rally.
Sterling is more stable. BXY rose just 0.3%, almost coinciding with a 0.3% increase in BTC-GBP. As a result, BTC-GBP was within 4% of previous records when the traditional UK market was closed. UK investors may soon win local ATHs. Bitcoin is currently £2,100 off the new records. In the euro, Bitcoin is even further apart at the time of press time, increasing by 5% to reach its peak hit in January.
When the dollar stabilizes or rebounds, the Bitcoin USD pair stalls and allows you to unlock the upsides of BTC-EUR and BTC-GBP. Reversing the strength of the euro and pound will help Bitcoin value in other currencies catch up with the USD rally.
Three macro scenarios could fill this gap. First, the Fed can cut the fees only once, not twice the forecast, slowing the dollar outflow. Second, the ECB can suggest new risks of a recession, weaken the euro and bring new strength to the BTC-EUR. Finally, British political unrest can slip Sterling.
In either case, the relative value of foreign currency will decrease, and even when Bitcoin itself is turned sideways, it will lift BTC-EUR and BTC-GBP.
Post Bitcoin has not reached new history highs for the euro and pound as the $118,000 breakout first appeared on Cryptoslate.
