Key Highlights
- TAO token has climbed over 15% in the past seven days, currently trading between $289 and $298
- Jensen Huang, CEO of NVIDIA, and investor Chamath Palihapitiya endorsed Bittensor’s distributed AI training approach during the All-In Podcast
- Covenant-72B, a 72-billion-parameter language model, represents the largest decentralized pre-training effort ever recorded
- Daily trading volume surged to $677 million with open interest climbing to $361 million, marking multi-month peaks
- Grayscale’s application to transform the Bittensor Trust into a spot ETF signals rising institutional appetite
Bittensor (TAO) has experienced a significant price movement this week, hovering between $289 and $298—a gain exceeding 15% over the seven-day period. This upward momentum followed a discussion on the All-In Podcast featuring NVIDIA’s CEO Jensen Huang and prominent investor Chamath Palihapitiya, who highlighted a groundbreaking achievement in distributed artificial intelligence.
During the podcast, Palihapitiya highlighted a large-scale language model developed entirely through distributed computing resources provided by independent participants. “They successfully trained a 4 billion parameter LLaMA model in a completely decentralized manner, with numerous people donating their spare computational power,” he explained, characterizing it as “an incredibly impressive technical achievement.”
Subsequent verification revealed that the model referenced is actually Covenant-72B, rather than the 4-billion-parameter version mentioned in the discussion. The Opentensor Foundation confirmed that Covenant-72B is a 72-billion-parameter large language model trained across more than 70 global participants utilizing conventional internet-connected hardware. The model posted a 67.1 MMLU benchmark score and its development is detailed in a March 2026 arXiv publication. This represents the most extensive decentralized LLM pre-training operation ever documented.
Huang expressed strong support for the decentralized AI approach overall. “These two options aren’t mutually exclusive; you need both,” Huang emphasized. “That’s beyond dispute.” He positioned proprietary and open-source AI models as synergistic rather than adversarial.
TAO’s value increased approximately 5% in the immediate aftermath of the podcast episode, with trading volume nearly doubling within 24 hours.
Market Activity Reaches Multi-Month Peaks
Blockchain analytics platform Santiment reports that Bittensor’s daily trading volume peaked at $677.06 million on Sunday—the highest figure recorded since November 7. As of Friday, volume remained robust at $521.92 million.
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Futures market data from CoinGlass indicates that open interest climbed to $361.15 million on Monday, representing a substantial increase from the $131.94 million recorded on March 4. By Friday, open interest stood at $331.95 million, maintaining near-record levels.
Growing Institutional Participation
Grayscale has submitted regulatory filings to transition the Bittensor Trust into a spot exchange-traded fund. The trust currently trades at a premium to net asset value, which market observers interpret as evidence of strengthening institutional demand.
Bittensor has recently implemented Covenant-72B to stimulate usage of its decentralized computing infrastructure, while ongoing development of modular subnets continues to capture interest from both individual and institutional participants.
From a technical perspective, TAO is currently positioned above its 50-day, 100-day, and 200-day exponential moving averages. The Relative Strength Index registers at 77, indicating overbought conditions. Immediate resistance appears near the $305.30 level, with a secondary target at $341.10 should that threshold be breached.
Crypto analyst Ardi identified a right-angled broadening descending wedge pattern developing since October, noting that a confirmed breakout would require a daily closing price above $302. Under this technical scenario, the subsequent price target sits between $360 and $370.
TAO has appreciated 37% over the trailing seven-day period and 55.66% across the past 30 days, though it remains 61.13% below its April 2024 all-time high of $767.68.
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