According to foreign media reports, Jamie Coutts, chief crypto analyst at Real Vision, believes that despite multiple market rallies this year, the crypto asset market as a whole has not yet confirmed that it has escaped its downward trend. Instead of continuing to focus solely on Bitcoin, Ethereum, and Solana, funds may be more inclined to flow to projects with clearer on-chain growth and stronger fundamentals.
Bitcoin's rebound does not change our judgment.
In an interview, Coutts stated that Bitcoin needed to reach around $85,000 to confirm a clearer trend reversal. According to him, this range had seen significant trading volume and acted as strong resistance. Because the price failed to break through effectively, the market cannot yet confirm that the downtrend has ended.
He also mentioned that Real Vision's trend indicators and weekly charts show that the crypto market has been in a downtrend since January. During the sharp sell-off in early February, on-chain and derivatives data showed signs of near-clearing, but after such rapid declines, the market may still test lower levels rather than directly enter a new upward cycle.
The activity of leading public chains has slowed down.
In his view, the recent rebound of about 25% to 30% is more like a phase of recovery in a bear market than the start of a new bull market. The more direct reason behind the price pressure is that the activity of most leading blockchain networks is still weakening.
He pointed out that apart from stablecoin transfers remaining relatively stable, other on-chain activities have slowed down overall, with many large networks still experiencing negative growth. As a result, funds are beginning to re-evaluate assets, placing greater emphasis on real-world use, on-chain interaction, and sustainable growth capabilities.
Named several altcoin projects
Regarding specific projects, Coutts mentioned NEAR, Venice, Hyperliquid, and Zcash, believing that the activity and usage of these projects are still improving. His view is not to negate the crypto market itself, but rather that asset allocation is becoming more selective.
He cited NEAR's continuous advancements in AI infrastructure and cross-chain interoperability in recent years, which gives it a certain position in future AI-related application scenarios. As for Zcash, he believes that with the expansion of AI usage, market demand for privacy-preserving and secure networks may also increase.
