Bitcoin experienced a slight rise following the launch of PayPal's stablecoin, PYUSD, which is fully backed by U.S. dollar deposits. However, other top 10 non-stablecoin cryptocurrencies remained flat or decreased, with Dogecoin being the biggest loser. The Forkast 500 NFT index increased as NFT trading volume picked up. Digital asset investment products experienced outflows totaling US$107 million in the week ending August 4, with Bitcoin-related products seeing the largest weekly outflows since March. However, outflows into Bitcoin short positions stopped for the first time in the past 14 weeks, suggesting institutional investors may be adjusting their Bitcoin strategies.

A research analyst at Fineqia International stated that the summer months typically have low levels of trading activity, which aligns with historical metrics for 2023. Nevertheless, the overall outlook for 2023 remains positive due to strong interest from institutional and service providers, as evidenced by multiple ETF applications in the US and crypto exchange licenses granted in Hong Kong. The total crypto market capitalization slightly increased by 0.11% in the past 24 hours to reach US$1.16 trillion, while trading volume increased by 59.07% to US$32.76 billion.