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TAO Halving Milestone: What's Next?
The TAO halving is officially complete, and the supply shock narrative is shaping up. Here's what traders should track:
**The ETF Catalyst**: Bitwise and Grayscale have both filed for spot TAO ETFs, with the SEC expected to rule around March 2026. Approval would be a major unlock for institutional inflows—or a headwind if regulators drag their feet.
**Supply Squeeze in Focus**: Post-halving, TAO's circulating supply drops 50%. Classic scarcity play, though the real question is whether demand matches the tightened supply.
**The Utility Question**: 128+ AI subnets are live and generating genuine on-chain activity. Not pure hype—but validator concentration remains a real concern. The network's decentralization story still has some gaps to close.
**Key Risk**: SEC delays or outright rejection of the ETF applications could deflate the current momentum fast. Keep an eye on regulatory signals heading into 2026.