Bitcoin Smashes All-Time High Against USD—Again
Digital gold just left fiat currency in the dust.
Bitcoin's latest surge isn't just another rally—it's a full-blown monetary revolution. The cryptocurrency just obliterated its previous record against the US Dollar Index (DXY), proving once again that decentralized assets play by their own rules.
No Fed meetings required.
While traditional markets obsess over interest rate whispers, BTC's price action screams one thing: institutional adoption meets scarcity. The math was always simple—21 million coins versus infinite money printing.
Wall Street's 'inflation hedges'? Try keeping up with an asset that operates 24/7, ignores borders, and laughs at bank holidays. (Gold bugs might want to check their spreadsheets.)
This isn't speculation—it's arithmetic. And as of July 2025, the numbers don't lie: Bitcoin isn't just winning. It's rewriting the rulebook.
The orange line is BTC/USD, the purple line is BTC/USD adjusted for DXY’s volatility starting one year ago, and the blue line is DXY.
As you can see, this quickly gets messy. Bitcoin is up almost 12% in the past six months, while the DXY is down by almost the same percentage. Does that mean bitcoin is about even?
Well, whether it’s over five years, three or one, BTC/USD is vastly outperforming major assets and benchmarks.
Bitcoin (priced in US dollars) is beating crude oil, gold, the S&P 500 and the Nasdaq 100.
Let’s instead see the price of bitcoin, denominated in each of those majors. It’s similar to how we’d measure the price of ETH in BTC terms with the ETH/BTC ratio.
Bitcoin’s ratio with the S&P 500, Nasdaq 100 and crude oil topped out in late May, and we’re still just shy of all three.
That’s in line with bitcoin’s current standing against the US dollar (in raw dollar terms, not DXY), only 2% short of a new price record.
The gold/bitcoin ratio, however, is almost 20% below its all-time high from a week before Christmas 2024.
But what WOULD this newsletter be without something to celebrate?
When bitcoin hit $110,500 earlier this morning, on Coinbase, that was actually an all-time high against DXY — 1139.58 — around 2% higher than the previous peak in late May.
A minor victory, considering the DXY’s flaws. But a win is a win.
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