Bitcoin was in sight of $38,000, a level last seen in May 2022, amid an ongoing rally spurred by expectations of fresh demand for the token from exchange-traded funds.

The largest digital asset has added about 6% in the past 24 hours and was trading at $37,843 as of 8:53 a.m. Thursday in Singapore, extending its year-to-date rebound from a 2022 rout to 129%. A range of smaller virtual currencies, such as second-ranked Ether, also pushed higher.