Bitcoin hits $35,000 for first time since 2022 on ETF optimism

Bitcoin retreated from the more than one-year highs that were fueled by expectations of fresh demand from exchange-traded funds.

The largest digital asset rose as much as 11.5% to top $35,000 before paring some of the gain to trade at $33,517 as of 11:43 a.m. in New York on Tuesday, taking its year-to-date rebound from 2022’s digital-asset rout to 102%.

The possible approval in coming weeks of the first US spot Bitcoin ETFs is stoking speculative ardor for the token.