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The bull case for Bitcoin is gaining momentum as the leading crypto nears its all-time high (ATH) and the US dollar index plunges to its lower level in three years.
The BTC price is up over 2% in the last week after a small gain in the past 24 hours to trade at $107,252.66 as of 7:43 a.m. EST, data from CoinMarketCap shows. This has brought the crypto market leader to just over 4% below its ATH of $111,970.17 that it set on May 22.
Analyst Says “Fiat Is Fading” As US Dollar Index Plunges
Meanwhile, the US dollar index, which tracks the greenback against a basket of other major fiat currencies, has slid to its lowest level since February 2022 to reach 97.27 earlier today, according to TradingView data.
That’s amid Donald Trump’s calls for the US Federal Reserve to cut interest rates, as well as disappointing data on housing and consumer confidence.
“The dollar index is dabbling in new cycle lows today,” said macroeconomist Lyn Alden in a June 25 X post. “Barely got any flight-to-safety bid in the past couple weeks, either.”
Real Vision analyst Jamie Coutts echoed a similar sentiment on X.
“If you remember 2002–2008, the last major dollar depreciation lit a fire under EM equities and commodities,” Coutts said. “Crypto is today’s EM. Capital is moving where the energy is. Fiat is fading.”
If you remember 2002–2008, the last major dollar depreciation lit a fire under EM equities and commodities. EM outperformed DM by 3x as capital chased high-growth, young economies — giving rise to BRICS.
Crypto is today’s EM. Capital is moving where the energy is. Fiat is… pic.twitter.com/6eI4CZZaIm
— Jamie Coutts CMT (@Jamie1Coutts) June 25, 2025
Bitcoin ETF Inflow Streak Strengthens BTC Bull Case
US spot Bitcoin ETFs (exchange-traded funds) are adding to BTC’s bull case. Data from Farside Investors shows the funds pushed their net daily inflows streak to 12 days yesterday. During this period, a total of $3.9 billion flowed into these investment products as well.
BlackRock’s IBIT continued to lead the charge, with another $340.3 million entering its reserves yesterday. This has boosted the fund’s cumulative net inflows to $51.992 billion.
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