Brew, 12 Jul 2026.
Top signal today: Sovereign Bitcoin adoption (76/100, tailwind).
BTC $63,890
- Sovereign reserves76/100tailwind
6 states hold ~630,006 BTC as reserves; 2 more have announced or proposed legislation. Sovereign demand is structural and policy-led, so it tends to precede flows.
- Corporate treasuries55/100neutral
175 public companies hold ~1,279,883 BTC (top: Strategy, 843,775 BTC). Corporate treasury accumulation is structural institutional demand; the trend strengthens as history accrues. Strategy (MSTR) trades at an observable ~0.614x mNAV — its equity value vs the value of its 843,775 BTC (quote 2026-07-10); reported as a number only, not a valuation judgement.
- Network hashrate45/100neutral
Network hashrate is ~914.7 EH/s, -1.9% over 30 days. Rising hashrate reflects growing miner commitment and network security; sustained trends can precede price (not yet backtested).
- Hiring velocity36/100headwind
Tracked Bitcoin/crypto-infra firms have 333 open roles, -32 vs 30 days ago (-8.8%). Teams staff up before they ship and grow; rising hiring may be an early demand tell (predictive value not yet backtested).