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.

Bitcoin's daily price changes have slowed down significantly over the past month, with only six days out of the previous 26 presenting a move higher or lower exceeding 1%. This sustained low level of volatility has not been seen since January. The futures basis, which measures the gap between monthly settled bitcoin futures on the CME and bitcoin's spot price, has also indicated dwindling confidence among sophisticated traders. This trend is attributed to rangebound trading, the inability to sustain momentum over $30,000, and a lack of an imminent catalyst during the seasonally slow summer months. Analysts have noted that the historically low levels of Bollinger Band Width (BBW) on a weekly timeframe could indicate a potentially large outsized move is imminent.

The SEC has reportedly shared a list of 48 cryptocurrencies that it considers to be securities, according to a tweet by Chinese journalist Colin Wu. Notably, Bitcoin and Ethereum are not on this list. The SEC has been cracking down on cryptocurrencies, claiming that most digital tokens are unregistered securities. Ripple Labs and its XRP token were the first target of the SEC's securities agency, with the company accused of selling XRP as unregistered securities to investors.

According to Glassnode, long-term Bitcoin holders now control a record 14.599 million BTC, which accounts for 75% of Bitcoin's circulating supply. These addresses are statistically unlikely to spend, hence the term "HODLing."Despite a 4.3% drop in the past month, Bitcoin is up 75% since the start of the year, outperforming leading stock indexes.

Adam Back, CEO of blockchain technology company Blockstream, has placed a bet of one million satoshis on Bitcoin reaching an all-time high of $100,000 per BTC before the halving event in April 2024. Back is confident that Bitcoin will scale new heights even before the event, and his optimism is not solely based on the halving. He previously predicted Bitcoin surging to the $100,000 milestone in August 2021, and also predicted the crypto asset to reach $10 million by the sixth halving in 2032. Back's bet is a testament to his commitment and faith in Bitcoin's trajectory.

According to Bloomberg analyst Jamie Coutts, major holders are rapidly accumulating Bitcoin, indicating that the bull run is just beginning. Long-term investors, or "residents," now hold 74.8% of the entire Bitcoin supply, with 30% of Bitcoin moved to cold storage since 2020. On-chain activity has also increased, with transactions averaging four times the 2021/22 average of 100,000 per day. Despite these positive trends, Bitcoin's volatility is currently at an all-time low, which may be a welcome respite for investors after the roller coaster ride that Bitcoin has often been associated with.

Several publicly traded companies in the crypto industry have reported increased revenue and profits in their quarterly earnings reports, thanks to the rise in crypto prices and a decline in bearish momentum. MicroStrategy, which holds 152,800 Bitcoin, reported $22.2 million in net income for Q2 2023, compared to a net loss of $1.1 billion in the same period last year. Block reported a 34% YoY increase in Bitcoin revenue, with $2.4 billion in sales and a gross profit of $44 million. Coinbase beat early estimates to post $663 million in net revenue, with non-trading revenue surpassing trading revenue for the first time. CoinShares saw a 33% YoY surge in revenue and reported profits of $5.3 million. Robinhood became profitable for the first time since going public, reporting a net income of $25 million.

A crypto analyst with a growing following has issued a warning that Bitcoin may experience a downturn this month. Rekt Capital, who has over 349,000 followers, notes that August has historically been a bearish month for Bitcoin prior to its halving. The analyst also highlights a potential bearish divergence on the weekly chart's relative strength index (RSI), indicating a decline in momentum for the cryptocurrency. If the bearish signal plays out, Bitcoin could drop to as low as $24,000, although the weekly bearish divergence does not necessarily guarantee a price drop.

Adam Back, CEO of Blockstream and an early pioneer of cryptocurrency, has bet one million satoshis (worth $290) that Bitcoin will reach an all-time high of over $100,000 before the halving in 2024. Back believes the price will reach this level sooner than the actual date of the halving, which is currently on track for April 26. Despite the small bet, it reflects a growing bullish trend on the price of Bitcoin among market commentators and analysts ahead of next year’s halving. Other Bitcoiners, such as Samson Mow, also expect a new all-time high for Bitcoin before the halving.

Bitcoin remained steady above the support level of US$29,000 on Monday, with its volatility rating hitting a record low. Ether also showed little movement, while other top 10 non-stablecoin cryptocurrencies had mixed results, with Solana leading the winners. The Forkast 500 NFT index decreased slightly, while U.S. stock futures rose after last week's losses. Investors are now waiting for another busy week of corporate earnings reports and U.S. inflation data.