Today Bitcoin dropped to $66,000, the Fear and Greed Index is 13, extreme fear.

My TAO position has a floating profit of 57%.

I haven't sold, I'm considering increasing my position.

I'll tell you why.

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【Let me tell you what happened today】

Day 28 of the US-Iran war, Iran refuses to ceasefire, $19.3 billion in long positions forcibly liquidated, the entire market is in despair.

TAO dropped 3% today.

Compare: SOL dropped 4.5%, NEAR dropped 9%, LINK dropped 5%.

On a day of systemic market crash, TAO only dropped 3%.

This is not a coincidence, it is the difference in chip structure—70% of TAO is staked and locked, very few are actually circulating in the market, so the selling pressure is naturally smaller than other coins.

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[Five real things happened in the past month]

First, Covenant-72B—720 billion parameter large model running directly on a decentralized network, the largest scale of decentralized pre-training in history, not an experiment, but a production environment.

Second, Jensen Huang referred to Bittensor as "the folding@home of our era"—public recognition at the level of Nvidia's CEO, not an advertisement, but his own technical judgment.

Third, Grayscale submitted a TAO spot ETF application to the SEC, opening up compliant entry channels for pension and institutional funds.

Fourth, the TargonCompute subnet purchased over 300 TAO in one day, covering 1500 H200 GPUs, processing over 20 billion paid AI inference requests daily. Enterprise-level AI demand has appeared on-chain for the first time.

Fifth, the subnet capacity expanded from 128 to 256, with institutional VC directly investing in specific subnets, shifting the ecosystem from retail-driven to institutional-driven.

These five things have not disappeared due to today's crash.

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[The reasons for the market drop are completely unrelated to TAO's logic]

The Iran-US war is a geopolitical event.

What does it have to do with the decentralized AI market? Nothing.

What does it have to do with Grayscale's ETF application? Nothing.

What does it have to do with Jensen Huang's judgment? Nothing.

The price has dropped, but the logic hasn't broken.

This is a signal to increase positions, not a signal to run away.

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[What price am I waiting for]

$290-$310 is my buying range.

This is the 0.382 Fibonacci retracement level, with a large number of limit buy orders waiting, strong technical support.

Analysts' target price: conservative $500, neutral $700, aggressive $1000.

Buying in at $300, to $500 is a 67% return. To $1000 is 233%.

Do you think this odds value is worth betting on?

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[Risks must be clarified]

CEO Jacob Steeves has low transparency and has been reclusive for a long time. Real network income is still relatively thin. If BTC continues to fall to $60,000, TAO cannot remain completely unaffected.

This is not a risk-free investment, it is a high-risk bet with clear logic, dense catalysts, and a healthy economic model.

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In a market of extreme fear, everyone is asking "Will it continue to fall?"

The real money makers are asking another question: "Has the logic broken?"

TAO's logic has not broken.

I am waiting for $290-$310.

What about you?

The above is personal research and does not constitute investment advice, $BTC $TAO #Bittensor #Aİ

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