Key Takeaways

What triggered Bittensor’s latest rally?

Grayscale’s SEC filing and strong inflows fueled a 32% jump, lifting TAO toward its $403 resistance.

What could decide TAO’s next move?

A confirmed close above $403, with Open Interest near $250 million, could open room toward $489–$500.

Institutional interest in Bittensor [TAO] continued to drive strong momentum. Grayscale filed a Form 10 with the U.S. Securities and Exchange Commission (SEC) to convert its TAO Trust into an exchange-traded product (ETP).

If approved, institutional capital inflows could rise and attract retail investors seeking early exposure before the altcoin’s valuation increases with institutional entry.

This anticipation has already driven a 32% gain for TAO in the past 24 hours.

Michael Sonnenshein, CEO of Grayscale Investments, said

“We believe that converting the Bittensor Trust into an Exchange-Traded Product reflects our commitment to increasing accessibility and regulatory alignment for institutional investors.”

A run to $500 for TAO?

TAO’s latest rally showed clear bullish intent. Price action broke out of a long-term consolidation pattern bounded by descending resistance and horizontal support.

Chart analysis identified three short-term targets: $443, $489, and $500. However, for confirmation, TAO must close above its resistance level—a typical bullish indicator—near $403.

That level has repeatedly rejected rallies, showing strong sell orders around it.