Your daily bitcoin and macro intelligence briefing. AI-generated audio from the TFTC Bitcoin Brief newsletter, written and curated by Marty Bent. • Housing inflation is policy all the way down: open-border policy added an artificial demand shock on top of money printing, rate suppression, zoning restrictions, and constrained housing supply. • Philadelphia Fed research from Albert Saiz found immigration inflows equal to 1% of city population were associated with roughly 1% higher rents and housing values. • PJM's July 4 heat-wave stress test forced emergency DOE orders that let the grid lean on emissions-limited generation and backup power to preserve reliability. • The real grid lesson is generation abundance: more dispatchable capacity, faster interconnection, better transmission, and flexible load where it helps. • Reserve Bank of Australia staff rejected a 9.5% pay rise, another lived-inflation signal from inside the central banking machine. • Michael Howell's Capital Wars framing points to the next macro fight: collateral, gold, Treasuries, China's paper yuan ambitions, and bitcoin outside the paper-claim hierarchy. • James Check's bitcoin market read looks prescient after price recovered above $63,000 from late-June lows near $58,000. • Bitcoin Optech had a quiet week, which is often a good thing: consensus discussions, post-quantum signature aggregation work, and infrastructure updates continue in the background. Get the full written brief with all links, sources, and on-chain data, subscribe free at tftc.io/bitcoin-brief