Bittensor jumps 9% on hopes for spot ETF launch
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Summary
- Bittensor (TAO) rose 8.81% on expectations for the launch of a spot exchange-traded fund (ETF).
- Grayscale said it increased investor accessibility by launching the Bittensor Trust (GTAO).
- The Bittensor network completed its first halving, reducing daily TAO issuance by about 50%.
Bittensor (TAO) is showing strength amid expectations for the launch of a spot exchange-traded fund (ETF).
On the 6th (local time), on the Binance Tether (USDT) market, Bittensor is trading at 292.80 dollars, up 8.81% from the previous day. Its 24-hour trading volume also surpassed 230 million dollars.
The key driver of this rally is Grayscale's move. Grayscale launched the Grayscale Bittensor Trust (GTAO) in October, opening a route for investors to invest in Bittensor without the hassle of creating wallets or directly holding the asset.
GTAO tracks Coin Metrics' real-time Bittensor reference rate and reflects the price excluding fees and expenses. As of the 5th, the trust's total expense ratio was 2.5%, and the net asset value (NAV) per share was 7.96 dollars.
In addition, the Bittensor network completed its first halving in mid-December. This reduced daily TAO issuance by about 50%, significantly lowering inflationary pressure and apparently contributing to the price increase.
