Bittensor Surges 20% Following Launch of Staked TAO ETP in Europe
Bittensor (TAO) Price Surge
- Bittensor (TAO) price increased by 20% on October 31, from $414 to $490.
- The surge followed the launch of Europe's first staked TAO exchange-traded product (ETP), "Safello Bittensor Staked TAO ETP" (ticker: STAO).
- The ETP is listed on major European platforms like the SIX Swiss Exchange, offering institutional-grade exposure to TAO.
- Investors benefit from staking rewards and TAO’s price appreciation, with a 1.49% management fee.
- Bittensor's valuation nears $5 billion, placing it in the top 30 cryptocurrencies.
- An upcoming halving event is expected to cut TAO mining rewards by 50% in December 2025, driving speculation.
- Daily trading volume rose by 59% due to interest in both the ETP listing and halving event.
Technical Analysis
- TAO shows upward potential despite minor setbacks, forming higher lows since October 10.
- Keltner Channel bands are widening, indicating potential volatility; RSI is near 65.7 with a bullish MACD crossover.
- Resistance is at $540, with a breakout above $510 needed for a bullish continuation.
- Support lies at $460, with a stronger zone around $430. Falling below $430 could lead to a correction toward $380.
