🔥 Why Bittensor Is Pumping While Bitcoin Falls - TAO Crypto Analysis
1 extracted signal · 1 resolved · 0 still active
Gerhard - Bitcoin StrategyIndependent analyst profile- Source published
- 07 Sept 2026, 21:34 UTC
- Recorded by Tahlil Plus
- 08 Sept 2026, 00:28 UTC
AI-generated source summary
The analysis focuses on the TAOUSDT cryptocurrency, highlighting its recent performance and underlying economic factors. TAO has seen a significant increase of 15% in 24 hours and 38% in a month, reaching a current price of $270. This growth is occurring while Bitcoin experienced a downtrend. The video delves into the structure of the TAO network, explaining that miners and validators are paid in TAO tokens for their work on AI tasks. The network has 128 subnets, each functioning as a marketplace for jobs. Miners perform the job, validators grade it, and both are paid in TAO. The total supply is capped at 21 million TAO, with a halving mechanism similar to Bitcoin, reducing the daily payout by half. The current funding rate is positive, with longs paying, indicating a bullish sentiment from futures traders rather than spot buyers. The video also discusses the network's revenue, with the flagship product 'Chutes' generating $1.3-2.4 million annually, and the whole network measuring $5.6 million per year. However, the token output ($355 million annually) significantly outpaces customer revenue ($5.6 million annually), suggesting a potential inflationary pressure where $63 of new tokens are issued for every $1 paid by a customer. The analysis points out that such high inflation often leads to underperformance in the long run. A significant event occurred on April 9th when Covenant AI, a major operator of subnets, walked out due to governance issues, causing a 25% drop in TAO's market cap within hours. Despite this, the promoter's claim of a 15x market cap to revenue ratio is contrasted with the current measured ratio of 462x. The potential upside is linked to a Grayscale ETF approval and a halving event, which could create spot demand against a reduced payout. The speaker suggests that buying TAO at current levels might not be sensible given the high market cap to revenue ratio, but a potential future narrative could be driven by customer adoption, especially if an ETF is approved.
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Gerhard - Bitcoin Strategy
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