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An index tracking the top 200 cryptocurrencies by market capitalization has risen just 5% since October 2021, Jamie Coutts, a crypto analyst at financial research firm Real Vision, said on X.
Coutts said the crypto market has effectively moved sideways for five years. While the index had been on a long-term trend of rising about 35% annually since 2017, it is now sitting 35% below that trendline, Coutts said. Coutts added that the issue was not a lack of demand, but that newly issued coin supply had offset demand. Annual new supply growth has fallen to 3.3% from 26.5%, payouts to coin holders have increased fivefold, and demand is also showing signs of rebounding, according to Coutts, who described the current period as crypto’s “payback” era.