# Bitcoin was “only” down ~6% in 2025… but down ~17% in euros

> FX can add (or subtract) 10+ percentage points from your returns—why measuring and deciding in your base currency changes everything

**Published by:** [Jesus Crypto Plaza 🌳](https://paragraph.com/@cryptoplaza/)
**Published on:** 2026-01-20
**Categories:** bitcoin, euro, dollar
**URL:** https://paragraph.com/@cryptoplaza/bitcoin-was-only-down-6percent-in-2025-but-down-17percent-in-euros

## Content

Here is Bitcoin’s return in 2025 measured in USD and in EUR, and why the currency can change (a lot) how you read your performance.BTC 2025 return: USD vs EURUsing closes from Dec 31, 2024 to Dec 31, 2025:BTC in USDDec 31, 2024: $93,460.42Dec 31, 2025: $87,501.952025 return (USD): (87,501.95/93,460.42)−1(87,501.95 / 93,460.42) - 1(87,501.95/93,460.42)−1 ≈ -6.37% (Consistent with external estimates around ~-6.33% / -6.34%)BTC in EURDec 31, 2024: €90,074.43Dec 31, 2025: €74,500.962025 return (EUR): (74,500.96/90,074.43)−1(74,500.96 / 90,074.43) - 1(74,500.96/90,074.43)−1 ≈ -17.29%Numeric takeaway: in 2025, BTC fell ~-6.4% in USD, but ~-17.3% in EUR. That gap (about -10.9 percentage points) is huge for “the same asset”.What does this tell us about the impact of the currency?Think of your “real” return in your base currency (EUR if you live/spend in euros) as:Return (BTC in EUR) ≈ Return (BTC in USD) + Return (USD/EUR) (approximate, but very useful intuition)Since BTC in EUR did ~10.9 pp worse than in USD, that suggests that in 2025 the USD weakened versus the EUR (or, equivalently, the EUR strengthened). In other words: even if Bitcoin only fell “a little” in dollars, once you convert to euros the hit was much larger.Practical reflection (for investing)Your “correct benchmark” depends on your spending currency. If your expenses, taxes, and lifestyle are in EUR, your truth is EUR. Measuring in USD can give you a false sense of safety (or euphoria).FX is an additional risk factor, even if you didn’t explicitly “buy it.” Investing in USD-priced assets (US stocks, BTC on USD-based venues, etc.) already introduces USD risk. Sometimes it boosts returns; other times it drags them down.In crypto, FX can feel secondary… until a year like 2025 makes it obvious. -6% vs -17% changes decisions: acceptable drawdown, position sizing, rebalancing, and even investor psychology.Hedging: not always, but worth thinking about. I’m not saying “always hedge” (it has costs and depends on your horizon), but:If your goal is preserving purchasing power in EUR, measure, report, and decide in EUR.If you report to investors in different currencies, clearly separate:asset return (BTC)FX return (USD/EUR)Clean decomposition in English, splitting the -17.3% in EUR into:BTC move in USD (the “asset” component)EUR/USD move (the FX translation effect when you measure in EUR)Inputs (prices + ECB FX)BTC (close)Dec 31, 2024: BTC-USD = 93,460.42Dec 31, 2025: BTC-USD = 87,501.95Dec 31, 2024: BTC-EUR = 90,074.43Dec 31, 2025: BTC-EUR = 74,500.96ECB EUR/USD (1 EUR = X USD)Dec 31, 2024: you provided 1 EUR = 1.0389 USD (I use it as given)Dec 31, 2025: 1 EUR = 1.1750 USDStep 1) BTC return in USD (asset component)(That matches the ~-6.4% figure.)Step 2) FX effect (EUR/USD translation)To translate USD prices into EUR:So the FX factor from 2024→2025 is:Interpretation: the euro strengthened versus the dollar in 2025 (EUR/USD rose), which subtracts ~11.6% from USD-denominated performance when viewed in EUR.Paso 3) Resultado combinado en EUR (activo + FX)That’s essentially the same as the -17.29% you get directly from BTC-EUR closes (tiny gap = rounding + different data sources/close conventions).Final decomposition (percentage points)BTC (in USD): -6.37%FX (EUR/USD): -11.58%Combined (multiplicative): -17.23% (vs -17.29% observed)Quick takeaway: for a EUR-based investor in 2025, FX explained roughly two-thirds of the drawdown (about 11.6 out of 17.2 points), and the rest came from BTC itself.

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