Bittensor (TAO) price climbed above $220 in the last 24 hours after Grayscale filed for the first U.S. Bittensor ETF. That move ignited a bullish market-wide move with traders aiming at the $300 level by early January 2026.
The crypto market overall rose by 1.04% in the same period, and total capitalization rose to $2.99 trillion. The weekly growth was still modest at 0.95%. Bitcoin was trading at a margin of over $88,000, with Ethereum trading at $2,900.
Altcoins such as BNB, XRP, SOL, DOGE, and ADA recorded a modest increase, which positively influenced the market landscape after the ETF creation. The TAO price remains appealing to investors as the institutions grow.
Grayscale Files S-1 to Launch First U.S. Bittensor ETF (GTAO)
Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for the Grayscale Bittensor Trust. The company will turn the trust into a spot exchange-traded fund (ETF) with a ticker symbol of $GTAO.
The suggested ETF will become the first American investment product to provide direct exposure to the Bittensor native token, TAO. The ETF will trade on the NYSE Arca if it is approved.
The underlying assets will have Coinbase Custody Trust Company and BitGo Trust Company as the custodians, as per the filing made on Tuesday.
This is after Bittensor had experienced the first-ever halving that happened in mid-December. The reduction in the number of tokens issued today to the network was by half, 7,200 TAO per day became 3,600 TAO per day.
The filing by Grayscale is only a few weeks following this adjustment in supply, and this could affect the long-term value of the TAO token.
The Grayscale Bittensor Trust has also been offered to accredited investors in the past in form of private placements. The company now aims to offer wider access to the product as it will be listed in a controlled market.
This action is just a continuation of Grayscale to dominate the market in providing institutional grade crypto investment products.
Grayscale has not announced the expense ratio and the launch date of the fund. The SEC approval is yet to be given.
TAO Price Holds Above $220: Can Bittensor Rebound Toward $300?
The Bittensor price climbed to $223, marking a slight 0.63% surge over the past day.
TAO is still consolidating towards the support zone of 220. The Relative Strength Index (RSI) is at 49.31, which is marginally below the neutral line, indicating that traders are uncertain.
The MACD indicator illustrates that the MACD and signal lines are moving in a flat direction. Bars of the histogram near zero.
For upside potential, the Bittensor long-range prediction must close above the $250 resistance. A move above this level could push targets to $280 and $300 by January.
In case bears assume in control and the TAO price drops below $220, the second major support may be formed around the $200 mark.
