TAO's Seven-Day Skid Has Whales Doing the Heavy Lifting — and Not the Buying Kind 🐋

Bittensor [TAO] remained under strong selling pressure after its rejection at $285, posting lower lows for seven consecutive days. The altcoin dropped to $222 during the decline, appearing close to erasing all gains made earlier this month.

The sustained sell-off pushed TAO below both its short- and long-term moving averages, signaling persistent bearish pressure. The Relative Strength Index (RSI) formed a bearish crossover and dropped to 44, with the move deeper into bearish territory reinforcing the weakening market structure.

According to AMBCrypto, TAO's recent weakness coincided with rising whale activity. Data from CryptoQuant's Spot Average Order Size showed large orders entering the market over the past week, a spike suggesting heightened whale participation in the Spot market. The metric alone did not determine whether whales were buying or selling.

Meanwhile, Spot Taker CVD remained negative throughout the same period, indicating sellers maintained control of market activity. Taken together, the two metrics suggested active whales were primarily selling, a dynamic identified as a key driver behind TAO's continued decline. The Spot Buy Sell Volume metric reinforced this trend: since 14 June, sell volume has consistently exceeded buy volume, leaving the Buy Sell Delta negative for seven straight days.

If current conditions persist, TAO could revisit $214, with a break below that level potentially exposing the key psychological support at $200. A loss of $200 could strengthen bearish momentum and open the door to a decline toward $185. To invalidate the bearish outlook, TAO would need to reclaim its short-term EMAs and close above $248, a move that could set up a retest of $280, where the previous rally stalled.