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(Bloomberg) -- A Bitcoin slide from a record high earlier this week extended to more than 10%, as reduced scope for looser US monetary policy dampened speculative zeal.

The price of the original cryptocurrency dropped as low as $95,234 on Friday at 9 a.m. in London after setting an all-time high just above $108,000 earlier in the week. The downturn weighed heavier on smaller tokens like Ether and Dogecoin.

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.

It’s “pretty 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 root cause of the selloff is the market’s “overly bullish” positioning.

The Federal Reserve’s hawkish pivot on Wednesday weighed on most risk assets. Bitcoin is still up almost 50% since pro-crypto Donald Trump’s victory in the US presidential election on Nov. 5.

“It looks like some year-end profit taking,” said Edward Chin of Parataxis. “There wasn’t anything fundamental that triggered the selloff.”

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

“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.”

--With assistance from Olga Kharif.

(Updates prices.)