Bittensor (TAO) continued its bearish trend, falling below the $200 support level to a monthly low of $193. The altcoin traded at $197, down 2.13% in 24 hours, with trading volume declining 16%. Derivatives traders reduced exposure as futures outflows exceeded inflows, pushing netflow down 45% to negative $12.17 million. Open interest fell 1.26% to $229 million. However, spot market data showed persistent buying pressure. Spot taker cumulative volume delta remained positive for five days, while spot netflow stayed negative for four days, suggesting potential accumulation. The Directional Movement Index indicated bearish momentum strengthening, with the RSI at 37.
Bittensor (TAO) breached the $200 support level and dropped to a monthly low of $193, maintaining its bearish structure. As of writing, TAO traded at $197 after declining 2.13% over 24 hours. Trading volume also fell 16%, indicating weaker market participation.
Derivatives traders reduced their exposure as futures outflows exceeded inflows over the past 24 hours. The altcoin recorded $90.81 million in futures outflows and $78.64 million in futures inflows. This pushed futures netflow down 45% to negative $12.17 million, extending a three-day trend. At the same time, open interest fell 1.26% to $229 million. Together, these readings suggested that traders closed positions as TAO weakened, keeping short-term pressure on its price.
Even as TAO declined, spot market data suggested that whales remained active. The spot average order size recorded large whale orders below $200. However, this metric alone could not confirm their direction.
Spot taker cumulative volume delta provided clearer evidence. The metric remained positive for five days, suggesting that market buyers held the advantage. On top of that, Bittensor’s spot netflow remained negative for four consecutive days. Spot netflow stood at negative $1.68 million, compared with negative $2.5 million one day earlier. Persistent negative spot netflow indicated that more TAO left exchanges than entered them, reflecting accumulation or transfers into private custody. Combined with positive spot taker CVD, the data strengthened the accumulation argument but did not prove that whales caused every outflow.
Bittensor remained caught between bearish momentum and renewed spot demand. The Directional Movement Index showed the positive directional indicator fell to 9, while the negative directional indicator rose to 22, and the average directional index reached 23. This setup suggested that bearish momentum was gaining strength. The Relative Strength Index also dropped to 37. If selling continues, TAO could fall below $190 and test the $186 support. However, stronger spot demand could help TAO reclaim $200.
