Bittensor (TAO) has surged an impressive 21% in just 24 hours, skyrocketing to a price of $526. This dramatic price movement has catapulted TAO’s market cap to $5.37 billion, with a fully diluted valuation of $11 billion. Trading volume has also spiked, increasing by 108% to nearly $940 million, indicating strong market interest.
ETP Launch Sparks Institutional Interest in Bittensor
The primary catalyst for this bullish momentum is the recent launch of Europe’s first staked TAO Exchange-Traded Product (ETP). The Safello Bittensor Staked TAO ETP (STAO), launched by Deutsche Digital Assets in collaboration with Safello, allows European investors to gain exposure to TAO in a regulated and transparent manner.
The ETP offers investors an opportunity to participate in staking rewards, with an expense ratio of 1.49%.
Emelie Moritz, CEO of Safello, emphasized the intersection of decentralized technology and artificial intelligence as the driving force behind the Bittensor project. She noted that this ETP provides a unique investment vehicle for those seeking exposure to the growing AI and blockchain space.
Upcoming Halving Event Heightens Bullish Sentiment
In addition to the ETP launch, TAO’s upcoming halving event, set to occur around December 10th, has fueled further optimism. The halving will reduce the daily emission of TAO from 7,200 coins to 3,600 coins, which is expected to decrease supply and intensify demand. This deflationary aspect, combined with rising institutional interest, positions TAO for continued growth.
Bittensor’s halving event follows in the footsteps of Bitcoin’s deflationary model. The network has a maximum supply of 21 million TAO, with over 10 million currently in circulation, adding to the long-term bullish outlook for the altcoin.
Technical Indicators Confirm Strong Market Sentiment
On the technical front, TAO has broken above a key resistance level of $474, a price point it struggled to surpass for nearly 10 months. With the Relative Strength Index (RSI) at a healthy 70, the market sentiment remains bullish.
Furthermore, the surge in open interest (OI) and trading volume suggests that traders are increasingly optimistic about TAO’s price trajectory.
In the past 10 days, TAO’s open interest has jumped from $215 million to $388 million, while trading volume has surged from $626 million to $1.88 billion, signaling strong demand from both retail and institutional investors.
With the combination of institutional backing, upcoming network events, and strong technical signals, Bittensor (TAO) appears poised for even more upward momentum in the near future.