Bittensor (TAO) is trading near $289–$298 this week, up more than 15% over seven days. The rally was sparked by comments made on the All-In Podcast, where NVIDIA CEO Jensen Huang and venture capitalist Chamath Palihapitiya discussed a major milestone in decentralized AI.
Palihapitiya described a large language model trained entirely across distributed hardware by independent contributors. “They managed to train a 4 billion parameter LLaMA model, totally distributed, with a bunch of people contributing excess compute,” he said, calling it “a pretty crazy technical accomplishment.”
The largest decentralised LLM pre-training run in history.
SN3 @tplr_ai trained Covenant-72B across 70+ contributors on open internet infrastructure.
Now it’s being discussed by @chamath with @nvidia CEO Jensen Huang.
Distributed, open-weight model training on Bittensor is… pic.twitter.com/aZZcigIyFW
— Openτensor Foundaτion (@opentensor) March 19, 2026
The model in question has since been confirmed as Covenant-72B, not the 4 billion parameter figure cited during the broadcast. The Opentensor Foundation clarified that Covenant-72B is a 72-billion-parameter LLM pre-trained across 70+ global contributors using standard internet hardware. It achieved a 67.1 MMLU score and is documented in a March 2026 arXiv paper. It is the largest decentralized LLM pre-training run on record.
Jensen Huang responded positively to the broader concept of decentralized AI. “These two things are not A or B; it’s A and B,” Huang said. “There is no question about it.” He framed proprietary and open-source models as complementary rather than competing.
TAO climbed nearly 5% in the hours following the podcast, with volume nearly doubling overnight.
On-chain data from Santiment shows Bittensor’s trading volume reached $677.06 million on Sunday — the highest level since November 7. By Friday, it remained elevated at $521.92 million.
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Futures open interest tracked by CoinGlass rose to $361.15 million on Monday, up from $131.94 million on March 4. By Friday it sat at $331.95 million, also near multi-month highs.
Grayscale has filed to convert the Bittensor Trust into a spot ETF. The trust is currently trading at a premium, which analysts say reflects growing institutional demand.
Bittensor has also deployed Covenant-72B to drive demand for its decentralized compute network, while modular subnet development continues to attract both retail and institutional attention.
Technically, TAO is trading above its 50-day, 100-day, and 200-day EMAs. The RSI sits at 77, in overbought territory. Resistance is seen near $305.30, with the next target at $341.10 if that level is cleared.
$TAO ready to attempt another breakout of the right-angled broadening descending wedge at ~$302.
Chart put in a local higher-low and rebounded to the top boundary on strong volume. Now needs to look for a close above resistance to start pushing to $360-370 overhead.
5-month… https://t.co/G38JCfMA7B pic.twitter.com/jMCiY4BgIa
— Ardi (@ArdiNSC) March 20, 2026
Analyst Ardi flagged a right-angled broadening descending wedge pattern forming since October, with a confirmed breakout requiring a daily close above $302. The next target in that scenario is $360–$370.
TAO is up 37% over the past week and 55.66% over the past month, but remains 61.13% below its all-time high of $767.68 from April 2024.
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