[Grayscale Analyst Expects Bittensor's First Halving and Increased Institutional Capital to Drive TAO Price Higher] Grayscale Research Analyst Will Ogden Moore pointed out that, based on Bitcoin's historical trends, a reduction in supply can enhance network value. Bittensor's first halving marks a significant milestone toward its 21 million token supply cap. Moore believes the network is experiencing strong adoption momentum and rising institutional interest, with the dTAO mechanism driving substantial expansion in the total market value of subnets. He stated that the success of subnet applications, increased institutional capital, and the upcoming supply halving could serve as positive catalysts for price growth. Bittensor's first halving is scheduled for December 14, at which point TAO's daily issuance will decrease to 3,600 tokens.