# Bitcoin Hashpoint, page 6

> Structural analysis of Bitcoin: the power law, the flows, and the balance sheets. Written by Dennis W. Davis.

## Editions

- [Inside the STRC Par Defense: Why $99.30 Matters More Than $77,000](https://bitcoinhashpoint.com/inside-the-strc-par-defense-why-99-30-matters-more-than-77-000/), May 23, 2026: Strategy's preferred-stock funding instrument has become the single most consequential mechanism in 2026's Bitcoin supply-demand balance. Here's why it's flashing yellow.
- [The Hashpoint](https://bitcoinhashpoint.com/the-hashpoint/), May 22, 2026: Where Bitcoin sits in its long-run structural envelope. The simplest version of what the data says.

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