Jamie Coutts, Chief Crypto Analyst at Real Vision, says investors may need to look beyond Bitcoin, Ethereum, and Solana to find the strongest opportunities in crypto. While the major assets continue to dominate attention, Coutts argues that capital is increasingly flowing toward projects showing real growth, rising on-chain activity, and stronger fundamentals.
Why Coutts Is Cautious On Bitcoin, Ethereum And Solana
Speaking in a recent interview, Coutts explained that he still views crypto as being in a broader bear market despite several rallies this year.
According to him, Bitcoin needed to break above the mid-$80,000 range to confirm a trend reversal. That level represented a major resistance zone where significant trading volume and distribution had previously occurred. Since Bitcoin failed to move above it, Coutts says the market has yet to confirm that the downtrend is over.
Looking beyond Bitcoin, he noted that activity across major blockchain networks has continued to weaken. While stablecoin transfers remain relatively strong, most other forms of on-chain activity have slowed, leaving many of the largest networks in negative growth territory.
“That is the fundamental rationale for why the price is going down,” Coutts said.
Coutts said crypto has been in a downtrend since January based on Real Vision’s trend indicators and weekly chart analysis.
He pointed to the major market sell-off in early February, when several capitulation signals flashed across both on-chain and derivatives data. While those indicators suggested a significant low had formed, Coutts said major market flushes often lead to another leg lower before a true recovery begins.
According to him, the recent 25% to 30% rally was more consistent with a typical bear market bounce than the start of a new bull run.
His Top Altcoin Picks
The main point of Coutts’ thesis is not that crypto is dead. Rather, he argues that investors are becoming more selective about where they allocate capital.
Instead of focusing on the largest assets, he highlighted projects such as NEAR, Venice, Hyperliquid, and Zcash, where activity and usage continue to improve.
Coutts pointed to NEAR’s work in AI infrastructure and interoperability as one example. He said the protocol has made meaningful progress in solving blockchain’s long-standing interoperability challenges while positioning itself for future AI-driven applications.
Meanwhile, Zcash stands out because growing AI adoption could increase demand for privacy and security-focused networks.
As a result, Coutts expects investors to pay closer attention to fundamentals and on-chain activity going forward. In his view, the next generation of crypto winners may come from projects demonstrating real adoption rather than simply benefiting from their size or market recognition.
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