Markets are absorbing conflicting signals from the top of the risk stack, as new Fed Chair Kevin Warsh named inflation the "predominant focus" and declared forward guidance had "overstayed its welcome," stripping away a familiar rationale for rate cuts even as futures still fully price a December move. Yet the dovish withdrawal has done little to cool risk appetite: Bitcoin pushed above $80,000 on an eighth straight day of spot-ETF inflows worth $2.8 billion, while Nvidia's $108 billion guidance reaffirmed the demand engine behind the AI buildout. The tension between a hardening central bank and surging institutional and AI-driven flows defines the week, with rate-sensitive assets caught in the middle. The question now is whether momentum can outrun a Fed that has withheld the confirmation markets wanted. Warsh at Jackson Hole: Inflation Is the Predominant Focus, Forward Guidance Has "Overstayed Its Welcome"Key Takeaways:PCE inflation at 3.7%Financial conditions deemed non-restrictiveForward guidance sharply curtailedSummary:In his first Jackson Hole keynote, Fed Chair Kevin Warsh named price stability the central bank's predominant focus, citing 12-month PCE inflation of 3.7% and hotter recent trends, while dismissing softer summer prints as unconvincing. He argued forward guidance has "overstayed its welcome" and should be reserved for genuine crises, and characterized broad financial conditions as not restrictive despite housing and agriculture strains. The hawkish-leaning framing removes a common rationale for holding rates and withholds the dovish confirmation markets had partly priced. With futures still fully pricing a December move, the address adds to uncertainty for rate-sensitive assets, including a rallying Bitcoin. Crypto News: SEC Sends Crypto Custody Rule Proposal to White House for OMB ReviewKey Takeaways:Custody proposal at OMBTargets investment advisersRemoves outdated requirementsSummary:The SEC submitted a crypto custody proposal to the White House Office of Management and Budget for review, covering investment advisers and firms holding digital assets for clients. The rule aims to clarify how institutions can custody digital assets without breaching existing regulations and would eliminate certain requirements rendered outdated by market developments. Custody ambiguity has long pushed advisers toward ETF wrappers rather than direct holdings, a structural reason flows have concentrated there. A defined custody framework marks a step toward broadening institutional access beyond ETFs, though the proposal still faces the standard rulemaking process. Bitcoin News: Bitcoin Tops $80,000 as ETF Inflows Reach Eight Straight Days and $2.8 BillionKey Takeaways:Eight-day ETF inflow streak$2.8B cumulative inflowsIBIT dominates flowsSummary:Bitcoin climbed above $80,000 as US spot Bitcoin ETFs extended net inflows to an eighth consecutive session, taking in roughly $2.8 billion over the run and pushing August flows past $3 billion, the strongest month of 2026. Ether ETFs matched the eight-day count, while smaller XRP, HYPE and Solana products drew modest interest. BlackRock's IBIT absorbed the bulk of demand, mirroring its concentration across other funds. The data reinforces institutional access through regulated wrappers, though much of the recent gain in net assets reflected price appreciation rather than fresh money. CZ at Bitcoin Asia 2026: Crypto Diversification Makes Bitcoin Bigger, Not SmallerKey Takeaways:Non-zero-sum industry framingRWA and AI momentumTokenization issuance outpacing usageSummary:Speaking at Bitcoin Asia 2026, Binance founder Changpeng Zhao argued that competing blockchains such as Ethereum and BNB Chain expand rather than diminish Bitcoin, casting the industry as non-zero-sum with faster chains serving as a research layer Bitcoin can later adopt. He declined to name the next bull market's dominant narrative, citing his own failure to anticipate ICOs, NFTs, and RWAs, and instead listed RWA, AI, stablecoins, and DeFi as broadly growing. His RWA optimism carried a caveat that tokenization issuance is outrunning actual usage. The remarks reinforce a diversity-oriented view of crypto's structure while placing the next catalyst with builders rather than any single sector. Market News: Nvidia Beats Estimates and Guides to $108 Billion as Gross Margin Slips to 74%Key Takeaways:Q3 guidance of $108 billionFirst sequential margin declineNeocloud miner read-throughSummary:Nvidia beat second-quarter expectations across revenue, data center sales, and earnings, and guided third-quarter revenue to $108 billion, well above the $103.9 billion consensus, sending shares up about 4% after hours. Gross margin guidance of 74%, down from 75%, marks the first sequential decline of the current cycle, driven by rising memory, financing, and infrastructure costs. The result shifts the AI debate from whether demand exists toward whether the buildout can translate into sustainable margins and returns. For crypto, the guidance reinforces demand assumptions underpinning miners pivoting to AI compute, though a Q1 price increase highlights rising input costs for GPU cloud providers.