(Bloomberg) — Bitcoin’s (BTC-USD) decline from a record high earlier this week widened to more than 10% as reduced scope for looser U.S. monetary policy dampened speculative fervor.

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The original cryptocurrency’s price fell as low as $95,234 at 9 a.m. in London on Friday, after hitting an all-time high of just over $108,000 earlier in the week. The downturn took a greater toll on smaller tokens such as Ether and Dogecoin.

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.

It is “quite typical” to see such corrections in crypto bull markets, said Strahinja Savic, head of data and analytics at FRNT Financial, while QCP Capital said in a note that the main cause of the sell-off was the “overly bullish” positioning of the market.

The Federal Reserve’s restrictive policy change on Wednesday weighed on most risk assets. Bitcoin is still up nearly 50% since crypto proponent Donald Trump won the US presidential election on November 5th.

“It looks like year-end profit-taking,” said Edward Chin of Parataxis. “There was nothing fundamental that triggered the selloff.”

With fewer Fed rate cuts now expected in 2025, some investors may choose to reduce their exposure and take profits.

“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.”

—With support from Olga Kharif.

(Updates prices.)

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