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Jamie Coutts highlights that altcoin open interest, excluding BTC and ETH, has surged to the 98th percentile following a strong two-month rally.
Coutts adds that the ratio of altcoin to BTC open interest is also at the 97th percentile, levels not seen since the 2024 and 2025 altcoin peaks. In contrast, leverage for BTC and ETH remains relatively subdued.
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In a recent note, Jamie Coutts identified NEAR Protocol as the standout Layer 1 for its current supply and demand dynamics. Coutts also reported that the ETH/NDX ratio broke above 0.087 for the first time since 2022. These observations come as Coutts continues to track shifts in digital asset markets.