The cryptocurrency market extended its downward trajectory for another day, highlighting the cautious stance taken by investors in the space. Over the last 24 hours, the total market capitalization of cryptocurrencies decreased by 0.37%. Leading the decline was Bitcoin, which experienced a marginal drop of 0.23%. Meanwhile, Raydium emerged as the biggest loser in the market over the past day.

In recent developments, trading activities across the broader crypto landscape have continued to reflect a consolidating trend, with the total market capitalization experiencing a minor decline of 0.37% within the last 24 hours. This shift follows a backdrop of mixed investor confidence and persistent macroeconomic uncertainties.

Currently, the overall market capitalization stands at approximately $2.89 trillion, representing a loss of $10.63 billion from its previous value during this timeframe.

Looking at the performance of specific assets, TOTAL is currently positioned at a significant support level. Although the price has breached this level several times recently, it has managed to recover each time since April 23, providing substantial resistance against substantial downward movements. However, with diminishing buying momentum, TOTAL might be nearing a point where it could fall below this crucial support threshold. Should this occur, the total market capitalization could contract further, potentially reaching $2.86 trillion.

Conversely, a resurgence in buying interest could reverse this bearish outlook. In such a scenario, TOTAL might regain its footing and rise back to $2.93 trillion.

Bitcoin (BTC) has followed the general trend, registering a slight decline of 0.23% over the same period. Despite the current price weakness, BTC spot exchange-traded funds (ETFs) in the U.S. witnessed net inflows for another day on Monday, indicating sustained institutional participation even amidst short-term fluctuations.

Data from SoSoValue reveals that Bitcoin spot ETFs accumulated a total net inflow of $425.45 million on Monday, marking three consecutive days of positive inflows.

Among all BTC ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) recorded the highest inflow. On Monday, the fund garnered $531.18 million in fresh investments, increasing its cumulative net inflows to $44.21 billion.

The largest net outflow was observed in Fidelity’s ETF FBTC, which experienced $57.82 million in withdrawals.

At the time of reporting, BTC is trading at $94,460. If traders continue to adopt a观望attitude, the price of BTC might remain range-bound in the near term. A breakout to the upside could propel BTC to $96,187.

Alternatively, a break to the downside might push BTC's price to $92,048.

Raydium (RAY), on the other hand, has seen a sharp decline of 14% over the past day, currently trading at $2.35 under intense bearish pressure.

During this period, RAY's daily trading volume surged by 121%, indicative of heightened selling activity among holders. When prices fall alongside increased trading volumes, it typically signifies strong selling pressure, with more participants actively liquidating their holdings. This combination reflects bearish sentiment in the RAY market and suggests potential further declines.

In this situation, RAY’s price might fall to $1.38.

Conversely, should demand increase, the token’s value could rally to $3.11.

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