Bitcoin hits $93,500 in London on Thursday morning

After a strong start to the new year that saw bitcoin once again approach $100,000, the largest digital asset is struggling to maintain momentum.

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

Investors pulled $583 million from U.S.-based bitcoin ETFs on Wednesday, the second-largest outflow from the group since its launch a year ago.

Bitcoin rally slows

The success of ETFs, coupled with U.S. President-elect Donald Trump’s outspoken support for the digital asset sector, has helped push bitcoin to new highs in 2024, but the rally has slowed since the start of the year.

US economic data released on Tuesday further reduced expectations that the US Federal Reserve would soon cut interest rates, putting pressure on riskier assets.