# 2.

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#CryptoMarketVolatility
Gate Plaza | 3/20 Hot Topic Deep Marke
The crypto market has been under significant pressure for three consecutive days. Sentiment is fragile, headlines are mixed, and traders are caught between fear and opportunity. But if you have been in this market long enough, you know volatility is not the enemy, confusion is.
Let me break down all three hot topics in detail.
Position Strategy Holding Cash or Building Positions in Tranches?
This is the most important question right now and honestly, **neither extreme is right.**
The case for holding cash:
- Macro uncertainty is

DEEP-3,96%

IN-3,53%

LONG-9,66%

NOT-2,48%

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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

TAO-3,59%

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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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