The cryptocurrency market is experiencing a downturn, with major players like Bitcoin (BTC), Ethereum (ETH), Ethena (ENA), Avalanche (AVAX), and Internet Computer (ICP) all seeing significant losses in the past week. This bearish trend has resulted in a nearly 1% decline in overall crypto market capitalization over the past day, with an outflow of approximately $100 million.

Bitcoin, the largest cryptocurrency by market capitalization, has seen a mixed performance over the past 24 hours, trading both above and below $61,000. Despite a slight increase of 0.2% in the past day, BTC is still down nearly 6% in the past week and 17.4% from its all-time high in March. The asset's chart suggests a potential temporary surge from the current demand level before continuing its downward trend.

Ethereum, currently trading at $3,382, has also experienced a sluggish price movement, with a notable decline in trading volume from $11 billion to below $7 billion over the past day. This decrease in market activity and interest may lead to consolidation or a potential reversal. Despite a slight increase of 0.2% in the past day, ETH is still down 3.5% in the past week and roughly 30.7% from its all-time high of $4,878 in 2021.

Other cryptocurrencies like Ethena, Avalanche, and Internet Computer have also seen significant losses, with ENA experiencing a 15.6% plunge over the past week, AVAX shedding 1% in the past day, and ICP extending its week-long decline of nearly 5%. The technical charts for these assets suggest a continuation of their downtrends, with potential short-term surges to gather liquidity before further declines.

In conclusion, the cryptocurrency market is currently dominated by bears, with major players experiencing significant losses. While temporary surges may occur, the overall trend suggests a continuation of the downtrend. As the market continues to evolve, it is essential to stay informed about the latest developments and trends to make informed investment decisions.