TAO (Bittensor) down 7.46% in the past 24 hours

Gate News Bot Message, December 16th, according to CoinMarketCap data, TAO (Bittensor) is currently priced at $261.69, down 7.46% in the past 24 hours, with a high of $314.54 and a low of $260.28. The 24-hour trading volume reached $145 million. The current market capitalization is approximately $2.748 billion, a decrease of $222 million from yesterday.

Recent important news about TAO:

1️⃣ The first halving event was completed as scheduled, significantly releasing supply inflation pressure

Bittensor completed its first-ever halving on December 15th, reducing the daily token issuance from 7200 to 3600 tokens, with block rewards cut to 0.5 TAO per block. This halving directly changed the network’s token economics expectations, significantly reducing long-term supply pressure. Based on Bitcoin’s past halving experiences, a reduction in supply is generally seen as a structural positive for increasing token scarcity and supporting value. However, the market showed a downward trend after the halving, indicating concerns among investors that the “good news has been fully priced in,” and the positive effects of reduced supply have not yet fully manifested in the short term.

2️⃣ Institutional-grade investment products officially launched, expanding traditional capital entry channels

Grayscale Bittensor Trust, under Grayscale, has begun trading on the OTCQX secondary market operated by OTC Markets Group, with stock code GTAO. The initial assets under management are approximately $10.81 million, with a management fee rate of 2.5%. Since its establishment in August, this trust has opened to the public market for the first time, providing institutional and traditional financial investors with a formal channel to participate in the TAO ecosystem. This move marks recognition of TAO assets at an institutional level and helps attract broader capital inflows.

3️⃣ Ecosystem participants continue to increase holdings, market confidence reflected through actions

TAO ecosystem development continues to advance. TaoWeave (Bittensor Treasury Company) increased its holdings by 2439 TAO over the past month, with a total holding of 24,382 TAO. The current mNAV is 1.19, reflecting ongoing confidence among institutions in TAO’s long-term value. Meanwhile, Gate’s Yu Coin Bao has launched TAO fixed-term financial products, offering lock-up periods of 7, 14, and 30 days, further expanding ways for users to participate in the TAO ecosystem, indirectly indicating the exchange’s optimism about TAO assets.

This message is not investment advice; please be aware of market volatility risks.