(Bloomberg) — Bitcoin is on track for its first seven-day decline in eight weeks as hawkish signals from the Federal Reserve prompted traders to sell an asset that has more than doubled this year.

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The original cryptocurrency fell as much as 5.3% to $92,149 on Friday after hitting an all-time high just above $108,000 earlier in the week. It has fallen about 5% since Sunday and was last trading at around $97,400 in New York. The downturn weighed more heavily on smaller tokens from Ether to Dogecoin and came even as stocks were trading higher in the US.

A group of U.S. exchange-traded funds that invest directly in Bitcoin broke a 15-day streak of steady inflows on Thursday and posted a record outflow of $680 million, according to data compiled by Bloomberg, underscoring the shift in sentiment.

The increased volatility comes after cryptoassets rallied following Donald Trump’s victory in the US presidential election on November 5. QCP Capital said positioning had become “overly optimistic,” making digital assets vulnerable to a change in Fed tone as it increased its focus on bringing inflation back to target.

Uncertainty in crypto markets is likely to continue over the holidays as Trump prepares to take office and makes threats of tariffs against both US allies and adversaries. With the Fed likely to slow the pace of easing, the focus turns to how quickly traditional financial firms adopt the asset class.

“The interplay of monetary policy, institutional acceptance and political developments suggests that Bitcoin will remain sensitive to both macroeconomic and crypto-specific catalysts through 2025,” said Hani Abuagla, senior market analyst at XTB, in a note on Friday.

Open interest in Bitcoin futures at CME Group Inc. neared a record high on Tuesday but has since declined.

“From a technical perspective, caution is warranted in the near term,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “That doesn’t mean we will see a price drop any time soon, but momentum has clearly emerged from the move and buyers have lost their dominance and control of the tape.”

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