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Jamie Coutts, a crypto analyst at financial research firm Real Vision, said the ongoing slowdown in new cryptocurrency supply growth could support higher prices.
According to a chart Coutts shared on X, the ratio of new supply over the past 12 months to the circulating supply of existing cryptocurrencies fell to 3.3% at the end of September, the lowest level since records began this year, from 26.5% in December 2021. Coutts said the sharp slowdown in new supply growth has not yet been reflected in prices. He added that disinflation, or a slowdown in the pace of inflation, generally accompanies productivity gains and economic growth and tends to support asset prices. As an example, he pointed to the S&P 500, which moved sideways for two years after U.S. inflation peaked in 1980 before rising 13-fold, while noting the comparison is not exact but still worth watching.