Jamie Coutts CMT(@Jamie1Coutts):The supply overhang that crushed alts has dissipated and is, for the first time in the asset class's history, manageable. Payouts to holders minus new supply, as a share of market value: 2021-22: -17% a year 2026: -2.9% Tokens paying holders more than they dilute them: 4% then, 17% now. Part of this is capital discipline. Better unlock management, maturing protocols, and revenue-funded buybacks. Tokens are starting to take on equity-like properties. The other part is demand. It's showing up. Tokenisation first, and eventually AI agentic commerce. Less drag, more demand. Structurally, crypto has never been in better shape. @RealVision

2026.10.12 05:42

The supply overhang that crushed alts has dissipated and is, for the first time in the asset class's history, manageable. Payouts to holders minus new supply, as a share of market value: 2021-22: -17% a year 2026: -2.9% Tokens paying holders more than they dilute them: 4% then, 17% now. Part of this is capital discipline. Better unlock management, maturing protocols, and revenue-funded buybacks. Tokens are starting to take on equity-like properties. The other part is demand. It's showing up. Tokenisation first, and eventually AI agentic commerce. Less drag, more demand. Structurally, crypto has never been in better shape. @RealVision