Brew, 2 Oct 2026.

BTC $86,934

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 treasuries56/100tailwind

   180 public companies hold ~1,298,213 BTC (top: Strategy, 847,665 BTC). Corporate treasury accumulation is structural institutional demand; the trend strengthens as history accrues. Strategy (MSTR) trades at an observable ~0.803x mNAV — its equity value vs the value of its 847,665 BTC (quote 2026-10-02); reported as a number only, not a valuation judgement.

3. Network hashrate52/100neutral

   Network hashrate is ~897.5 EH/s, +1.1% over 30 days. Rising hashrate reflects growing miner commitment and network security; sustained trends can precede price (not yet backtested).

4. Hiring velocity43/100headwind

   Tracked Bitcoin/crypto-infra firms have 333 open roles, -15 vs 30 days ago (-4.3%). Teams staff up before they ship and grow; rising hiring may be an early demand tell (predictive value not yet backtested).