The Bittensor network today: 128 subnets, $985.78M in alpha market cap

By Wren Okada, Decentralized AI Correspondent. Filed Tuesday 28 July 2026. Decentralized AI

Bittensor's 128 subnets carried a combined issued-alpha market capitalization of $985.78M on July 28, down from $1.05B the prior day . The decline caps a week of sustained selling. Total alpha market capitalization fell 6.4% over the previous seven days, dropping from $1.05B on July 22 . The network now holds 30,152 registered neurons across all subnets .

The drawdown exposes real capital exits and supply pressure. Twenty-three subnet owners materially unwound Conviction locks, a supply-overhang signal that puts additional sell pressure on alpha tokens . Subnet liquidity pools held 2,010,173 TAO in total . The largest subnets by market cap absorbed the week's losses alongside smaller venues. Chutes (netuid 64) led at $89.84M, followed by lium.io (netuid 51) at $63.77M and Targon (netuid 4) at $60.64M .

The steepest declines hit smaller subnets. wgmi (netuid 92) dropped 32.4%, ninja (netuid 66) fell 27.9%, and Djinn (netuid 103) declined 25.1% . The daily drop of 6.5% from $1.05B compounds the weekly losses . Owner unwinding of Conviction locks adds a direct supply overhang to the market: 23 subnet owners released previously locked tokens . That behavior signals reduced long-term conviction from operators who control subnet emissions and direction.

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