Crypto market cap tops $3T for first time since January as BTC clears ETF cost basis

The global cryptocurrency market capitalization has climbed back above $3 trillion for the first time since January, Bloomberg reported, citing CoinGecko data. Bitcoin has also moved above the average purchase price of U.S. spot ETFs, pushing the group as a whole into unrealized profit. Chris Weston, head of research at brokerage Pepperstone, estimated the average purchase price of BTC held by U.S. spot Bitcoin ETFs at about $82,000. Paul Howard, senior director at trading firm Wincent, said ETF inflows are supporting the $80,000-$85,000 range, making the current rally look increasingly sustainable, and added that a $100,000 year-end target is now coming into view.