Key Highlights
- TAO token has rallied more than 15% this week, currently hovering between $289 and $298
- Jensen Huang, CEO of NVIDIA, alongside investor Chamath Palihapitiya, endorsed Bittensor’s distributed AI training approach during the All-In Podcast
- Covenant-72B, featuring 72 billion parameters, represents the largest decentralized LLM pre-training effort ever recorded
- Daily trading volume surged to $677 million while open interest climbed to $361 million, marking multi-month peaks
- Institutional appetite grows as Grayscale submits filing to transform Bittensor Trust into a spot ETF
Bittensor’s native token TAO has experienced a notable upswing this week, currently changing hands in the $289–$298 range after posting gains exceeding 15% over the past seven days. The price momentum followed a significant discussion on the All-In Podcast featuring NVIDIA’s CEO Jensen Huang and prominent investor Chamath Palihapitiya, who highlighted a breakthrough achievement in distributed artificial intelligence.
During the podcast, Palihapitiya outlined an ambitious project involving a large language model developed entirely through distributed computing infrastructure powered by independent participants. “They succeeded in training a 4 billion parameter LLaMA model, completely distributed, with numerous people contributing spare compute resources,” he explained, characterizing it as “an extraordinary technical achievement.”
https://twitter.com/opentensor/status/2034761897044558139?s=20
Subsequent verification revealed the actual model discussed was Covenant-72B, not the 4 billion parameter version mentioned in the conversation. The Opentensor Foundation provided clarification that Covenant-72B represents a 72-billion-parameter language model pre-trained across more than 70 worldwide contributors utilizing conventional internet-connected hardware. The model scored 67.1 on MMLU benchmarks and received documentation through a March 2026 arXiv publication. This achievement stands as the most extensive decentralized LLM pre-training initiative ever completed.
Huang offered an enthusiastic endorsement of the distributed AI concept. “These approaches aren’t mutually exclusive; they’re complementary,” Huang stated. “That much is certain.” He positioned proprietary and open-source development methodologies as synergistic rather than antagonistic.
TAO experienced an approximately 5% increase within hours of the podcast airing, accompanied by trading volume that nearly doubled overnight.
Market Activity Reaches Multi-Month Peaks
Blockchain analytics from Santiment indicate Bittensor’s daily trading volume peaked at $677.06 million on Sunday — representing the strongest activity since November 7. As of Friday, volume remained robust at $521.92 million.
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Derivatives data monitored by CoinGlass shows futures open interest climbing to $361.15 million on Monday, a substantial increase from $131.94 million recorded on March 4. Friday’s reading of $331.95 million likewise approached multi-month highs.
Growing Appeal Among Institutional Players
Grayscale has submitted regulatory paperwork to restructure its Bittensor Trust into a spot exchange-traded fund. Market observers note the trust currently commands a premium, suggesting heightened institutional demand.
Bittensor has implemented Covenant-72B to stimulate utilization of its decentralized computing infrastructure, while ongoing modular subnet innovations continue attracting both individual and institutional participants.
From a technical perspective, TAO maintains positioning 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 $305.30, with subsequent upside targets at $341.10 should that threshold be breached.
$TAO ready to attempt another breakout of the right-angled broadening descending wedge at ~$302.
Chart put in a local higher-low and rebounded to the top boundary on strong volume. Now needs to look for a close above resistance to start pushing to $360-370 overhead.
5-month… https://t.co/G38JCfMA7B pic.twitter.com/jMCiY4BgIa
— Ardi (@ArdiNSC) March 20, 2026
Technical analyst Ardi identified a right-angled broadening descending wedge formation developing since October, noting a confirmed breakout necessitates a daily settlement above $302. Under that scenario, projected targets extend to the $360–$370 zone.
TAO has appreciated 37% during the previous week and 55.66% over the trailing month, though it continues trading 61.13% beneath its April 2024 all-time high of $767.68.
