TAO Down 70% From High, but Bittensor Subnet Revenue Doubled to $70M in Two Months
bittingthembits · x · 2026-11-05
Bittensor ($TAO) is down 70% from its $757 high, yet SubConnect's Bittensor Revenue Index shows annualized revenue across revenue-generating subnets grew from $35M (Sep 1) to $50M (Oct 1) to $70M (Nov 1) — +100% in two months, with $100M+ expected by year end.
The author draws a parallel to Amazon in 2000 (stock -80% while sales grew 68%) and compares TAO's drawdown to Amazon (-94%), Nvidia (-90%), and Bitcoin's worst case (-85%). Supply-side: 21M hard cap, 3,600 new TAO/day ($302M/year at $230), meaning current subnet revenue covers 23% of issuance, rising to 33% at $100M. The point isn't that TAO is the next Amazon, but that improving fundamentals against a marked-down price is the right question to ask.
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