Four signals, one glance.
Updated 2026-10-25.
Sovereign reserves
Tailwind
630,180 BTC
held by 6 states · 2 in the pipeline
6 states hold ~630,180 BTC as reserves; 2 more have announced or proposed legislation. Sovereign demand is structural and policy-led, so it tends to precede flows.
as of 2026-08-10 · 76 days old · current · validated
Network hashrate
Tailwind
1,006.3 EH/s
+5.9% over 30 days
Network hashrate, derived from difficulty (expected, 2016-block epoch), is ~1006.3 EH/s, +5.9% over 30 days. Rising hashrate reflects growing miner commitment and network security; sustained trends can precede price (not yet backtested).
as of 2026-10-25 · same day as this update · current · not yet backtested
Corporate treasuries
Tailwind
1,303,574 BTC
held by 181 public companies
181 public companies hold ~1,303,574 BTC (top: Strategy, 848,517 BTC). Corporate treasury accumulation is structural institutional demand; the trend strengthens as history accrues. Strategy (MSTR) trades at an observable ~0.747x mNAV — its equity value vs the value of its 848,517 BTC (quote 2026-10-23); reported as a number only, not a valuation judgement.
as of 2026-10-25 · same day as this update · current · validated
Hiring velocity
Headwind
322 open roles
−12% over 30 days
Tracked Bitcoin/crypto-infra firms have 322 open roles, -44 vs 30 days ago (-12.0%). Teams staff up before they ship and grow; rising hiring may be an early demand tell (predictive value not yet backtested).
as of 2026-10-25 · same day as this update · current · not yet backtested