According to the source, Grayscale has submitted a Form 10 to register shares of its Bittensor Trust (TAO) with the U.S. Securities and Exchange Commission, which starts a standard 60-day effectiveness clock under the Exchange Act for Form 10 registrations. source: U.S. SEC If the registration becomes effective, the trust becomes an SEC reporting company required to file 10-K, 10-Q, and 8-K reports, increasing transparency for monitoring TAO-related trust activity and potential flow dynamics. source: U.S. SEC Form 10 registration does not create an ETF and does not itself secure an exchange listing; any secondary trading typically occurs on OTC venues subject to DTC eligibility and market-maker filings. source: OTC Markets; U.S. SEC Action for traders: verify the Form 10 on SEC EDGAR, monitor for DTC eligibility and any OTC ticker assignment, and track TAO spot-liquidity and basis across exchanges to gauge potential secondary-market liquidity impacts if the registration becomes effective. source: SEC EDGAR; OTC Markets

According to Michaël van de Poppe, the available supply of Bitcoin (BTC) on Over-the-Counter (OTC) markets is continuously decreasing. This trend, coupled with significantly high investor interest and an expanding M2 money supply, is creating upward pressure on BTC's price. The diminishing OTC inventory suggests that large-scale accumulation is taking place, which could lead to a supply squeeze and further price appreciation for traders to watch.