# 1.

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Given that 8.8 million BTC are in unrealized losses and the market has retraced 47%, this is undoubtedly the most testing moment of faith in this cycle. Here is my analysis of the current "massive unrealized losses" situation:
## 1. Structural Mirror: Repeating 2022?
Glassnode's mention of "similar to Q2 2022" is a very critical warning.
• Inevitable Liquidation: Historical experience tells us that when the market is flooded with nearly $600 billion in unrealized losses, these "water-level" positions will create significant psychological resistance.
• Turnover is the Only Solution: Only throug

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GateUser-9ca8a9e7

03-25 00:47

Yes, your observation is quite astute. Currently, **Bittensor ((TAO))** economic model is indeed still in an early "subsidy-driven" phase, with external real revenue significantly below market valuation, and the valuation multiples appear quite high. Let me break down the actual situation based on the latest public data (March 2026) to avoid excessive optimism or pessimism.
### 1. External Real Revenue vs. Subsidies (Your Core Concern)
- **Largest Subnet (Subnet 3 / Templar)**: Receives approximately**$52M**of TAO emissions annually (subsidies/inflation rewards) from the protocol. However, the

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GateUser-9ca8a9e7

The ratio of Tao subnet actual revenue to mainnet subsidies is 1-25. In other words, the Tao mainnet provides 25U worth of Tao coin subsidies to subnet projects, but the subnet's actual external revenue only corresponds to 1U. The reality is not this way. Market makers are using them for speculation. That statement was brought up by the host, not initiated by Huang. Huang was only passively answering this matter, expressing that this is a good technical experiment.

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