Raoul Pal: The Journey Man

Is Bitcoin Giving Way to Altcoin Season? ft. Jamie Coutts from Real Vision PRO

31 snips
Sep 18, 2025
In this discussion, Jamie Coutts, Chief Crypto Analyst at Real Vision, dives into the evolving crypto landscape. He explores the shift from Bitcoin dominance to high-quality altcoins, emphasizing the criteria for identifying strong tokens. The conversation highlights vital metrics such as settlement value and liquidity cycles. Jamie also discusses the rapid growth of on-chain activity, comparing crypto's settlement volumes to traditional finance and shedding light on emerging layer-1 chains. This analysis reveals the dynamics shaping the future of digital assets.
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INSIGHT

Emergent L1s Can Grow Fast

  • New L1s like Hyperliquid can show explosive application growth and outpace older chains on some metrics.
  • Coutts cautions on data undercounting (e.g., derivatives volumes) but sees real network effect formation on new chains.
INSIGHT

Platform Premiums Exceed App Multiples

  • Smart contract platforms trade at much higher network-effect multiples than DeFi apps priced on revenue.
  • Coutts shows platforms like Ethereum/Solana trade on large Metcalfe-style premiums while apps trade on low revenue multiples.
INSIGHT

Apps, Not Chains, Win Users

  • High-quality DeFi protocols may 'own the customer' via front-end experience, making chain choice less visible.
  • Coutts expects apps with product-market fit to capture user relationships regardless of underlying chain.
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