Altcoin supply overhang eases, Real Vision analyst says

The oversupply issue that had weighed on the altcoin market has eased, according to Jamie Coutts, a crypto analyst at financial research firm Real Vision. Coutts said the ratio of rewards paid to token holders relative to market value, minus dilution from new supply, improved to -2.9% in 2026 from an annual -17% in 2021-2022. The share of tokens offering holders rewards that exceed dilution from new issuance also rose to 17% from 4% previously. Coutts said the shift suggests token unlocks are being managed more precisely, protocols are maturing, and token buybacks funded by protocol revenue are expanding. On the demand side, Coutts added tokenization is driving early demand, while AI agent-based commerce could create additional demand over time.