Brew, 23 Jul 2026.

BTC $65,575

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 ~0.632x mNAV — its equity value vs the value of its 843,775 BTC (quote 2026-07-22); reported as a number only, not a valuation judgement.

3. Hiring velocity54/100neutral

   Tracked Bitcoin/crypto-infra firms have 353 open roles, +10 vs 30 days ago (+2.9%). Teams staff up before they ship and grow; rising hiring may be an early demand tell (predictive value not yet backtested).

4. Network hashrate0/100headwind

   Network hashrate is ~727.0 EH/s, -25.0% over 30 days. Rising hashrate reflects growing miner commitment and network security; sustained trends can precede price (not yet backtested).