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Sign InGrayscale Investments has officially filed for a spot Bittensor (TAO) ETF, even as the network grapples with a severe liquidity crunch. Cross-exchange spreads for TAO widened to a staggering 34% on April 15, signaling extreme market fragmentation. This liquidity crisis has caused a breakdown in arbitrage mechanisms across major trading venues, complicating price discovery for the asset currently trading at $244. With the RSI at 41 and smart money sentiment divided, the technical outlook remains precarious. Market participants are closely watching whether these structural inefficiencies will trigger a breakdown toward $200 or if institutional support can restore stability to the AI-focused token.