(BTC() continued to lose ground during December which could indicate that traders are locking in gains for next year. Due to uncertainties regarding the spreading of COVID-19 omicron in many parts of the globe, there has been no Santa rally in U.S. equity market.

Even after the sharp drop in Bitcoin’s price, the demand from institutional investors remains tepid, and data shows that the largest institutional Bitcoin product, the Grayscale Bitcoin Trust (GBTC), is Trade at a Discount of More Than 20%.