Bittensor (TAO) drew attention over the past 24 hours, with gains supported by revenue growth across its subnets. SubConnect estimates the network is generating about $70 million in annualized revenue, up from $35 million when it began tracking two months ago and close to $50 million last month. That implies roughly 40% month-over-month growth and a doubling from the initial level, keeping open the possibility of surpassing $100 million by late 2026. Subnet activity remains brisk: 18 subnets shipped new products or updates in the final week of October alone. Targon (SN4) bought back and burned 8,450 TAO, worth about $2.1 million, while Leadpoet (SN71) said its annual recurring revenue tripled in two months. The caveat is that annualized revenue is not guaranteed. Subnets rely on token emissions, and sustaining the current pace while improving margins will be difficult. TAO traded at $237.4 at the time of writing, after rising from near $218.5 earlier in the day, an 8.6% gain. The move peaked around $239.5 and later held mostly between $235 and $237. The short-term RSI reached 80 during the spike and eased to 59.5. CMF stood at 0.08, down from a peak near 0.45 but still positive at press time. Futures traders have not chased the move. Open interest fell from $155 million to $135 million in late October and has barely changed since, standing near $137.4 million with funding almost flat. That suggests spot buyers drove the rally, generally a healthier signal. The $235 level is now the one to watch. In summary, Bittensor subnets are generating about $70 million in annualized revenue, and TAO rose with spot buyers leading.