Brew, 21 Jul 2026.

BTC $65,471

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 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 ~0.619x mNAV — its equity value vs the value of its 843,775 BTC (quote 2026-07-20); reported as a number only, not a valuation judgement.

3. Hiring velocity46/100neutral

   Tracked Bitcoin/crypto-infra firms have 334 open roles, -9 vs 30 days ago (-2.6%). Teams staff up before they ship and grow; rising hiring may be an early demand tell (predictive value not yet backtested).

4. Network hashrate39/100headwind

   Network hashrate is ~923.0 EH/s, -4.1% over 30 days. Rising hashrate reflects growing miner commitment and network security; sustained trends can precede price (not yet backtested).