"The easy part of the rally is over. Jackson Hole starts now."

Bitcoin just ran to nearly $80K on pure liquidity mechanics. Treasury buybacks pushed yields and the dollar lower. Over $4 billion in shorts were liquidated. Talk of the Treasury’s massive cash account added more fuel. Greed jumped to 74 — the highest in almost a year. Now the rally sits in front of the real test. PCE and GDP land Wednesday. Friday, Fed Chair Kevin Warsh delivers his first Jackson Hole keynote. The August move was driven by positioning and liquidity. The next leg will be decided by policy tone. Dovish = continuation. Hawkish = a fast reset of that 74 greed reading. Billions are now waiting on one speech.