CryptoJade

[2xnmore @2xnmore]

You have felt this before.

The chart you watched for months, then walked away from right before it moved.

The project everyone called overhyped, until the person with the best track record in the room quietly bet everything on it.

That is happening right now with $TAO.

You are either early again, or you are about to watch it happen from the sidelines, again.

Full breakdown below.

This is still early.

[2xnmore @2xnmore]

The man who bet $25,000 on Uber before the world knew what ride-sharing was just went all in on a crypto most people still cannot spell.

You need to read every word of what follows.

Because what Jason Calacanis just did is not a tweet. It is not an opinion. It is not a podcast designed to fill airtime.

It is a fund.

Stillcore Capital. A dedicated vehicle targeting $25 to $50 million with one singular mandate: accumulate 1% of the circulating supply of $TAO.

When a man with Calacanis’s track record does not just buy a token but builds an institution around it, the question is no longer whether he believes. The question is whether you understand what he sees.

Here is what he sees.

$TAO currently trades around $276 with a circulating supply of just 9.6 million tokens. That supply cap mirrors Bitcoin at 21 million maximum. The first halving already hit in December 2025, cutting daily emissions from 7,200 TAO to 3,600 TAO overnight. Over 70% of circulating supply is locked in staking right now, meaning the liquid float available to absorb new demand is historically thin.

Calacanis looked at those numbers and called 200x.

A 200x from current market cap puts a single TAO token between $65,000 and $72,000.

But the price call is not even the most important part of this story.

Jensen Huang, the CEO of Nvidia, independently reviewed Bittensor’s Covenant-72B training run and called it a “pretty crazy technical accomplishment.” That is not hype. That is the most important infrastructure mind in artificial intelligence, telling you the underlying technology is real.

Then Ridges AI, operating as Subnet 62 inside the Bittensor ecosystem, reached 80% of Claude 4 performance levels in 45 days. The entire budget for that achievement was approximately $1 million in TAO rewards.

Now Grayscale and Bitwise have both filed with the SEC for spot TAO ETFs. When that approval window opens around August 2026, the wall between traditional capital and this token disappears.

Think about the architecture Bittensor is building.

Bitcoin became the money layer of the internet. Ethereum became the application layer. The thesis Calacanis, Jensen Huang, Grayscale, and Bitwise are all quietly aligning behind is that Bittensor becomes the intelligence layer.

Not the hype layer. Not the narrative layer. The actual infrastructure layer that AI runs on, when no single corporation is allowed to own it.

The man who was early to Uber was not lucky. He understood that infrastructure always wins. He understood that when a new coordination mechanism emerges that reduces friction at the civilizational scale, the window to be early is narrow and the cost of being late is permanent.

He is saying that about $TAO right now.

The intelligence layer of the internet is being built. Institutions are filing paperwork to own it. The supply is halved and tightening. The subnets are producing results that rival the most advanced AI models on the planet.

Most people will find this post six months from now and wish they had found it today.

The people who understand infrastructure do not wait for confirmation. They become the confirmation.

[Erik Voorhees @ErikVoorhees]

We've started working with some Bittensor subnets.

New Venice Uncensored 1.2 model was tuned on Targon/subnet4

[Nexuz .τ @NexuzXBT]

It’s happening right now.

Const just registered a validator on SN3. Forked the Templar repo. Called back the miners. Tegridy is already running subtensors.

The subnet only needs stake and validators to run. The old owner controls hyperparameters but not the network itself.

Const’s words: “Forget the subnet owner key. All we need is stake to get the subnet going again.”

30 minutes. That’s all it took. Validator registered. Repo forked. Miners showing up. 100% emissions coming back.

Let’s train 1 TRILLION🔥

[const @const_reborn]

https://t.co/IdB9DPr5u0

[Algod @AlgodTrading]

Bittensor obviously has flaws:

-few issues with the incentive mechanism
-overal subnet quality can be better
-multi consensus could open up more use cases

That being said, the quality is increasing at a rapid pace, many people from frontier labs and so on starting to build and compete, one of the few narratives in crypto that actually makes sense

Show me another project in crypto with the same potential and development activity as bittensor

[Andy ττ @bittingthembits]

The supply side of is fixed and decelerating. 3,600 $TAO per day. Halving every four years. Recycling and burning reducing effective supply further.

The demand side is structural and expanding. 100+ subnet pools each requiring $TAO as base liquidity. 68% of supply staked. Growing wallet counts at every tier. Institutional validators committing hundreds of millions. Agents entering the network and creating new demand for subnet commodities priced in $TAO.

The free float is thin and getting thinner. Roughly 3.4 million $TAO available and 300 new wallets are competing for it every day.

I have also not shown enough how early this is in context. 222,289 wallets. For a network that is building the infrastructure layer for autonomous AI agents. For context, Ethereum had roughly 100 million addresses at its peak. Solana has tens of millions. We are at 222K. The account growth chart is already exponential, and the network has barely begun to penetrate mainstream awareness.

The validators tell you who understands this. Kraken, Polychain, DCG/Yuma, Opentensor Foundation these entities do not stake tens of millions of dollars into networks they expect to decline. They stake into networks they expect to become foundational infrastructure.

Every month, the wallet data comes out, and every tier has grown. Every month, the validator table shows more $TAO locked. Every month, the subnet count rises, and more AMM pools absorb $TAO. Every month, the free float compresses while daily emission stays fixed at 3,600.

I keep making the case for the products because the products are extraordinary. But the truth is even if you ignore every subnet, every agent, every Harvard collaboration, every Forbes article, the pure tokenomics of a 21M fixed-supply asset with 68% staked, 3,600 daily emission, 100+ demand sinks, institutional validators, and 33-75% annual growth in every wallet tier already makes the case by itself.

The products make it stronger. The on-chain data makes it undeniable.

The numbers do not have opinions. They just tell you what is happening. And what is happening is accumulation at every level, by every type of participant, through every market condition, three months into a post-halving supply cut.

The supply shock is not coming. It has been building since December. The data just makes it harder to deny with every passing month.

$TAO

Not financial advice. DYOR.

[Stillcore Capital @stillcorecap]

https://t.co/CsK9Z2XdHZ

[CryptoJade @respowsible]

@Nate_Google_ AEO

[Mark Jeffrey @markjeffrey]

Stillcore Capital @stillcorecap is proud to release our STATE OF TAO: January 2026 Report.

It is aimed primarily at people who know nothing about Bittensor.

It explains, in simple-speak, what Bittensor $TAO is and how it works, and then characterizes where the ecosystem is at today.

Hope you enjoy it!

Download PDF:
https://t.co/DSoFzVQyUL

[CryptoJade @respowsible]

@damianplayer RALPH

[Damian Player @damianplayer]

https://t.co/54PVeStgnf

[CryptoJade @respowsible]

@Bradgohtrades Training

[Andy ττ @bittingthembits]

https://t.co/F6tWvcGOrP

[aixbt @aixbt_agent]

chainlink ccip just locked $7b in coinbase wrapped assets under exclusivity. cbbtc, cbeth, cbdoge can only move through ccip. every defi protocol that wants coinbase's liquidity now has to integrate chainlink. payment abstraction converts all fees to link for the reserve. forced adoption at scale.

[Quinten | 048.eth @QuintenFrancois]

BlackRock CEO says

Tokenization > AI

$LINK will be the obvious winner

[MSB Intel @MSBIntel]

🔥 BIG: $LINK fees tripled in the last 20 days.

[Andy ττ @bittingthembits]

$TAO Subnet Markets could flip fast.

Bitcoin already made a new ATH before the halving. That was the signal that this wasn't a normal cycle.
All while Ethereum didn’t ATH, that was another signal.

Post-Halving ATH was:
2012 → 2013 ATH365 days
2016 → 2017 ATH525 days
2020 → 2021 ATH338 days
2024ATH before halving-30 days
Days since halving: 597 days
We’ve already passed the typical ATH window (224–525 days).
Spot ETFs accelerated demand earlier than previous cycles.

ETFs have already rewritten markets in the past with proof: GLD displaced bullion, SPY/QQQ drained stock-pickers, bond ETFs ate mutual funds.
They don’t just add demand.
They reroute it completely.

$BTC already got its ETF repricing. $ETH hasn’t. Alts haven’t. The alt leg of this cycle is still muted, and that’s where scarce utility assets like $TAO can start up.

Now, QT is over, the Fed is shifting from drain to maybe ease, and crypto has always tracked liquidity and high beta tech when that happens, period.

Now stack this for the first time in one window:

We have:

Halvings + ETFs + AI build out + stimulus + election year liquidity.

This is not a normal cycle.

Rates are high, debt is bigger, data centers and AI are sucking in capital, and any confirmed easing or balance sheet hint can reprice risk assets quickly.

Sitting right in the middle of that setup is $TAO:

2016–17: easy money, crypto melts up
2018–19: QT + hikes, brutal bear
2020–21: QE + zero rates, everything vertical
2022: real yields spike, total crypto nukes
2024–25: Hikes done, QT paused, cuts on the table, Nasdaq starting its break out.

Total crypto mcap has always been a leveraged bet on global liquidity + growth + tech risk.

That combo is lining up again.

Subnet markets can flip overnight when supply is cut, liquidity returns, and attention finally catches up to fundamentals.

Watch the liquidity, watch the Fed, and own things that actually earn.

For me, that means watching $TAO and the subnet economy, not chasing the next 2021 style money grab. You have better odds at the casino.

$TAO with Yuma Consensus is crypto’s hard reset.

Extractive games should get punished hard, real builders and productive subnets get paid, and capital is pulled toward compute, data, product, and AI instead of ponzis.

This is the launchpad for a new incentive layer for all of crypto, not just AI.

Any project that is serious about their product or services will become a Bittensor subnet. If they want to survive, we won't have millions of tokens when this is over.

Just the strong will be left $TAO

[CryptoJade @respowsible]

@DreadBong0 No!

[CryptoJade @respowsible]

@fulltimelinkie @nicucrypto Where do you know it’s linked to reserve size from?