$TAO Price Plunges Below $200 as Futures Outflows Exceed Inflows

Bittensor ($TAO) has been struggling in the market, dropping below its $200 support level to a monthly low of $193. Despite a slight rebound in the broader crypto market, $TAO's bearish structure remains intact.

The altcoin traded at $197 as of writing, down 2.13% over the past 24 hours and with a 16% decline in trading volume. This indicates weaker market participation and reduced exposure from derivatives traders.

Derivatives data from CoinGlass shows that Futures Outflows exceeded Futures Inflows by $90.81 million to $78.64 million, pushing Futures Netflow down 45% to negative $12.17 million. Open Interest also fell 1.26% to $229 million, suggesting reduced speculative activity.

However, Spot market data from CryptoQuant suggests that whales remained active despite the decline in price. The Spot Average Order Size recorded large whale orders below $200, and the Spot Taker CVD metric remained positive for five days, indicating that market buyers held the advantage.