If you've been anywhere near the Crypto × AI sector lately, you already know it's been brutal.

Most people are sitting on heavy bags, watching their favorite narrative tokens bleed out week after week.

But yesterday @Defi0xJeff dropped a cold, hard truth after reviewing more than 100 Crypto AI assets:

95%+ are down bad (70-90% down in the last 90d)
Only 6-7 tokens are performing, most with inorganic price action
The only category that's widely outperforming is Bittensor Subnets

Yes — while almost everything else in the sector is getting destroyed, several Bittensor subnets have quietly done 40-100%+ in the same time frame, and they did it during a period when $TAO itself was barely moving.

The full thread is here.

The timing couldn't be more perfect (or savage).

Bittensor halving is now less than two weeks away.

Once the emission rate gets cut in half, the competition between subnets for TAO flow, miners, validators, and mindshare is going to turn absolutely nuclear.

Jeff calls it an even stronger Pareto effect — a handful of subnets will capture the vast majority of emissions, while the rest fight over scraps.

We've already seen this dynamic play out in the current cycle: the strong subnets keep getting stronger, weak ones fade into irrelevance, and their tokens follow the same path.

So if you're still hunting for alpha in the DeAI / Crypto AI space right now, the message is crystal clear.

General Crypto AI baskets? Mostly dead money (or worse).

Standalone AI agent tokens? Mostly rekt.

Bittensor subnets — specifically the ones already showing real traction and emission capture — are the only corner of the sector that's actually working.

The halving is about to pour rocket fuel on that fire.

The subnet wars we’ve seen so far were just the warm-up.

Round two starts mid-December.

Choose your fighters wisely.