Estimated liquidation levels across exchanges, built from open-interest changes, price action and taker flow on our own data — brighter cells mark price zones where more leveraged positions would be liquidated. These are model estimates (leverage cohorts at 10x/25x/50x/100x), not exchange-published figures; dollar values are estimated notional at risk, anchored to open interest. Updates every minute.
The heatmap maps estimated TAO liquidation levels around the current price of $201.20, built from open-interest changes and price action across exchanges and anchored to open interest. Cluster sizes are model estimates — upper bounds, not exchange-published figures.
TAO combines a four-digit unit price, a small float and a fiercely committed holder base — a recipe for some of the widest liquidation spacing in crypto. Bittensor's books are thin relative to its valuation, so individual large positions leave visible fingerprints on the heatmap in a way that disappears into the crowd on more liquid markets.
As the flagship of the decentralized-AI narrative, TAO attracts conviction leverage: positions sized for a thesis, not a scalp. Those tend to use lower leverage but larger notional, printing broad, durable zones rather than the fine-grained bands of scalper-dominated maps. When one of these wide zones finally clears, the resulting move is rarely small.
Bittensor positioning skews toward lower-leverage, larger-notional conviction trades, and its high unit price spreads levels across wide dollar ranges. Both stretch the visible zone structure.
More than on liquid majors — TAO's open interest is modest, so one large position can register as a noticeable zone. That is a property of the market itself, not an artifact.
Arguably more so: on thin books, knowing where forced flow would trigger matters most, because the same liquidation notional moves price further than it would on a deep market.