The subnet market is still on the rise, but TAO is in a risk zone.
Market indexes are falling while the market is rising: what's going on?
Introducing one of the most bullish subnets of the moment: SN93 - Bitcast.
Let's dive in.
The Subnet Market is rising, TAO in a risky zone
The subnet market rose +3.97% over the last two weeks, continuing its uninterrupted climb since December 9, 2025.
(To invest in Sum of Subnets, you can use Mentat SoS by following this link)
TAO is at one of its most important historical levels.
Support was quickly rejected (bullish), but TAO remains in a risk zone: crossing below would be extremely bearish.
Tough times for indexes
We use Mentat Minds indexes. Details on calculation are on this page. Mentat 5 and Mentat 15 cover the leaders, while Mentat 70 gives a wider picture of the subnet market.
Over the last two weeks:
Mentat 5: -7.0%
Mentat 15: -6.4%
Mentat 70: -1.5%
As we saw befofe, the Sum Of Subnets has risen over the last two weeks.
We can therefore ask ourselves the question:
How can the market rise when all the indices are falling?
Ultra low caps have performed particularly well in recent weeks.
This explains the rise in the Sum of Subnets and the decline in the indexes.
A new trend around ultra low cap subnets may be emerging: to be continued.
Teams on fire
Over the last two weeks:
Covenant: +8.9%
Macrocosmos: +11.1%
These teams perform regardless of market movements and other subnets, which is clearly a strong signal.
Bitcast (SN93): The most bullish subnet at the moment
Explosion in progress
Bitcast has a very nice chart pattern:
After a slight downtrend, a double bottom pattern formed, with a pullback on resistance followed by a nice uptrend.
All the signs of a trend reversal are there.
What's more, this movement is allowing Bitcast to break above the second zone, which would be an extremely bullish sign.
Bittensor's marketing agency
Bitcast connects brands directly to Bittensor content creators. Miners (creators) produce content per brand briefs and earn based on performance stats.
The subnet currently ranks 22nd, with a market cap of $8.61 million, a volume of $349.97K in the last 24 hours, making it the 43rd most traded token.
The team wallet
The largest wallet holds more than 25% of the token supply. This is higher than the average we usually see on Bittensor.
This wallet belongs to the team. Some transfers are made outside of this wallet to fund their activities: 184 TAO, or $36,000 over the last 3 months.
Exponential growth
Bitcast is in a good position graphically and justifies this with strong actions and figures:
Bitcast boasts Bittensor's best Income Multiplier: 130% on X briefs, meaning they generate 30% more revenue than they pay miners. 110% (1.1x) on YouTube integrations.
They are preparing to launch version 2 of their X platform and seem confident that they will be able to improve its results even further.
The subnet generated over $32k in revenue last month and is already at over $16.5k this month.
Bitcast checks all boxes: bullish chart, real revenue, customer growth, and Bittensor's best income multiplier.
Everything aligns for a strong bullish outlook.
Thank you for reading this newsletter. If you are interested in the subnet market, please feel free to click on the following link.
Disclaimer: This newsletter does not constitute investment advice. It is a tool designed to help you understand the Bittensor subnet market. Always do your own research before investing.
