Brew, 4 Oct 2026.
Top signal today: Sovereign Bitcoin adoption (76/100, tailwind).
BTC $84,931
- 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.
- 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 ~0.778x 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.
- Hiring velocity43/100headwind
Tracked Bitcoin/crypto-infra firms have 339 open roles, -16 vs 30 days ago (-4.5%). Teams staff up before they ship and grow; rising hiring may be an early demand tell (predictive value not yet backtested).
- Network hashrate21/100headwind
Network hashrate is ~884.1 EH/s, -11.6% over 30 days. Rising hashrate reflects growing miner commitment and network security; sustained trends can precede price (not yet backtested).