Bitcoin’s Santa Claus rally appears to be coming to an end.

The largest cryptocurrency briefly erased all the gains registered since the start of the year, with investors remaining on the defensive following only the third year of negative annual returns posted over the past decade. In equities, a Santa Claus rally is a market pattern where prices tend to rise following the holiday and into the new year amid a renewal of optimism. At one point last week, Bitcoin was up as much as 12% for the year.