Brew, 13 Jul 2026.

BTC $62,588

1. 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.

2. 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 ~0.626x 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.

3. Hiring velocity40/100headwind

   Tracked Bitcoin/crypto-infra firms have 333 open roles, -23 vs 30 days ago (-6.5%). Teams staff up before they ship and grow; rising hiring may be an early demand tell (predictive value not yet backtested).

4. Network hashrate24/100headwind

   Network hashrate is ~910.3 EH/s, -10.3% over 30 days. Rising hashrate reflects growing miner commitment and network security; sustained trends can precede price (not yet backtested).