(Bloomberg) -- After a strong start to the new year that saw Bitcoin retake the $100,000 level, the original digital asset is struggling to maintain momentum.

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Bitcoin fell as much 1.8% to $92,741 on Thursday, down sharply from a high of $102,733 on two days earlier and about 14% below its all-time record of $108,315 set in mid-December.

Investors withdrew a net $583 million from US Bitcoin exchange-traded funds on Wednesday, the second highest outflow from the group since they debuted a year ago.

The success of those ETFs coupled with President-elect Donald Trump’s outspoken support for the digital-assets industry lifted Bitcoin to new heights in 2024, but the rally has stalled since the start of the year. US economic data released on Tuesday further tempered expectations for imminent Federal Reserve rate cuts, putting pressure on risky assets.

Nick Forster, founder of crypto trading platform Derive.xyz, said downside protection in the form of put options are currently in demand among traders, with the market expecting heightened volatility, “possibly due to concerns about potential corrections.”

Bitcoin was trading at $93,529 as of 9:51 a.m. on Thursday in London.

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