Bloomberg reported, citing CoinGecko data, that the global cryptocurrency market capitalization has recovered $3 trillion for the first time since January. Bitcoin (BTC) price also surpassed the average purchase price of US spot ETFs, entering an unrealized profit zone for all ETFs combined. Chris Weston, Head of Research at brokerage Pepperstone, estimated the average purchase price of BTC held by US spot BTC ETFs to be approximately $82,000. Paul Howard, Senior Director at trading firm Wincent, also stated, "ETF inflows are supporting the $80,000-$85,000 range, making this rally appear increasingly sustainable," adding that a year-end target of $100,000 is also within sight.
