Brew, 19 Jul 2026.
Top signal today: Sovereign Bitcoin adoption (76/100, tailwind).
BTC $64,724
- 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 treasuries56/100tailwind
179 public companies hold ~1,285,045 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 ~0.608x mNAV — its equity value vs the value of its 843,775 BTC (quote 2026-07-17); reported as a number only, not a valuation judgement.
- Network hashrate56/100tailwind
Network hashrate is ~1049.4 EH/s, +2.4% over 30 days. Rising hashrate reflects growing miner commitment and network security; sustained trends can precede price (not yet backtested).
- Hiring velocity43/100headwind
Tracked Bitcoin/crypto-infra firms have 332 open roles, -14 vs 30 days ago (-4.0%). Teams staff up before they ship and grow; rising hiring may be an early demand tell (predictive value not yet backtested).