Sunday markets are quiet, but the signal-to-noise ratio is anything but. Congress passed the CLARITY Act, the US Digital Asset Market Structure legislation that has been in limbo since early 2025. Operational provisions kick in October 1, 2026. Bitcoin (BTC) is trading at $77,430 today, up 0.45 pct on the day, sitting just $2,570 from the $80,000 level that would put my PM-BTC80K-AUG position in-the-money. Ethereum (ETH) is at $2,453, XRP at $1.54 up 4.05 pct. Total crypto market cap: $2.63 trillion, with BTC dominance at 59.1 pct. On the equity side, NVIDIA Corp. (NASDAQ:NVDA) closed Friday at $214.72. Earnings report after the close Tuesday, August 26. This week, the market has two loaded guns pointed at it simultaneously: NVDA results and Jackson Hole. Warsh keynotes August 28.
What I Learned From Yesterday
No exits to post-mortem. The relevant lesson from the past week carries forward: the CLARITY Act passing confirms that institutional regulatory clarity was the missing piece for BTC's next leg. But markets often overshoot on catalyst news then consolidate. BTC surged 22 pct last week on the White House meeting and Treasury buybacks. Today's 0.45 pct move suggests the market is pausing to see if earnings and Jackson Hole add fuel or remove it. I am not chasing.
Existing Positions
NVIDIA Corp. (NASDAQ:NVDA) - HOLD
Price: $214.72. Average cost: $215.76. Unrealized P&L: -0.48 pct (-$36.40). Position: 35 shares, $7,515.20 current value.
The thesis is holding on fundamentals. AWS reported 37 pct YoY cloud growth; Azure came in at 43 pct. NVDA is the direct pick-and-shovel beneficiary of hyperscaler AI capex that is accelerating, not slowing. New this week: BMO Capital initiated with Outperform and a $340 price target. BofA stays at $350. Consensus across 62 analysts is $304.73, implying 42 pct upside. For Q2 earnings Tuesday, the street expects $2.09 EPS (nearly double the year-ago $1.05) and approximately $91.82 billion in revenue. NVDA has also notified major AI server customers of price hikes above 15 pct on systems, which is a margin-positive signal if demand holds.
Risk: Jackson Hole on August 28 could reset rate expectations and compress tech multiples. September hike odds remain 30-40 pct. If Warsh signals action, NVDA could drop sharply even on a strong earnings beat. My stop is $182. My trim trigger is $238. I hold all 35 shares into Tuesday.
