(Bloomberg) — Bitcoin extended its slide from this week’s record high to almost 15% 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 dropped as much as 5% to $92,600 on Friday morning in New York after setting an all-time high just above $108,000 earlier in the week. The downturn weighed heavier on smaller tokens ranging from Ether to Dogecoin, and came as equities in Asia and Europe also traded lower.

A group of US exchange-traded funds investing directly in Bitcoin on Thursday snapped a 15-day streak of continuous inflows to post a record outflow of $680 million, according to data compiled by Bloomberg, underscoring the shift in sentiment.

The heightened volatility comes after cryptoassets staged a rally following Donald Trump’s victory in the US presidential election on Nov. 5. Positioning had become “overly bullish,” according to QCP Capital, leaving digital assets vulnerable to a change in tone from the Fed, which is sharpening its focus on bringing inflation back down to target.

Uncertainty in crypto markets looks poised to continue over the holidays as Trump prepares to take office, leveling threats of tariffs against US allies as well as adversaries. With the Fed likely to slow down the pace of easing, the focus is turning to how quickly traditional financial firms adopt the asset class.

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

Open interest for Bitcoin futures at CME Group Inc. approached a record high on Tuesday but has since tapered off.

“Technically, caution is warranted in the short term,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “This doesn’t mean we’re due to see a collapse in price anytime soon, but the momentum has clearly come out of the move and the buyers have lost dominance and control of the tape.”

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