Brew, 12 Aug 2026.

BTC $63,734

1. Sovereign reserves76/100tailwind

   6 states hold ~630,180 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

   179 public companies hold ~1,282,501 BTC (top: Strategy, 840,447 BTC). Corporate treasury accumulation is structural institutional demand; the trend strengthens as history accrues. Strategy (MSTR) trades at an observable ~0.627x mNAV — its equity value vs the value of its 840,447 BTC (quote 2026-08-11); reported as a number only, not a valuation judgement.

3. Hiring velocity50/100neutral

   Tracked Bitcoin/crypto-infra firms have 335 open roles, +2 vs 30 days ago (+0.6%). 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 ~817.5 EH/s, -10.2% over 30 days. Rising hashrate reflects growing miner commitment and network security; sustained trends can precede price (not yet backtested).