The cryptocurrency market is currently undergoing a bearish phase, marked by substantial declines in major coins such as Bitcoin (BTC), Ethereum (ETH), Ethena (ENA), Avalanche (AVAX), and Internet Computer (ICP) over the past week. This downturn has led to an overall decrease of nearly 1% in the crypto market capitalization, accompanied by an outflow of approximately $100 million in the past 24 hours.

Bitcoin, the leading cryptocurrency, has shown mixed performance in the last day, fluctuating around $61,000 and currently settling at $60,905, reflecting a modest increase of 0.2%. Despite this short-term uptick, BTC remains down 6% over the past week and has declined by 17.4% from its peak in March earlier this year.

Ethereum, the second-largest cryptocurrency, is currently trading at $3,382, showing a slight daily increase of 0.2%. However, its trading volume has notably decreased from $11 billion to under $7 billion, indicating reduced market activity and investor interest. ETH has faced a 3.5% decline over the past week and remains approximately 30.7% below its all-time high of $4,878 reached in 2021.

Other major cryptocurrencies have also recorded losses during this period. Ethena (ENA) saw a decline of 1.7% in the past day, while Avalanche (AVAX) and Internet Computer (ICP) experienced drops of 1% and 1.5%, respectively. Technical analysis charts for these assets are signaling downtrends, with some indicators suggesting oversold conditions.

In summary, the current bearish trend in the cryptocurrency market is evident across BTC, ETH, ENA, AVAX, and ICP, all of which have seen significant price declines. The reduction in trading volume and market activity points towards waning investor enthusiasm, potentially paving the way for further consolidation or a potential market reversal. As market dynamics evolve, investors are advised to stay informed and adjust their investment strategies accordingly to navigate these volatile conditions effectively.