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Arthur Hayes Urges Crypto Traders to Rethink Altcoin Season Expectations
Arthur Hayes – While much of the crypto market continues to wait for the next altcoin season, BitMEX co-founder Arthur Hayes believes it has already been unfolding in plain sight. Speaking during a recent podcast interview published on YouTube, Hayes argued that altcoin rallies are constantly happening — but only for those positioned in the right assets.
“There is always an altcoin season happening,” Hayes said, adding that traders who feel left out likely “didn’t own what went up.”
Breaking Free From Old Altcoin Narratives
According to Hayes, many market participants are stuck expecting altcoin season to mirror previous cycles. Traders, he explained, often assume the same cryptocurrencies and narratives will repeat, creating a false sense of familiarity and comfort.
“You wanted it to be like last altcoin season, because then you felt like you knew what you had to do,” Hayes said. He warned that relying on historical patterns can cause traders to overlook new market opportunities.
A New Cycle, New Winners
Hayes emphasized that each market cycle brings different standout projects and price dynamics. “This is a new season, new things pump,” he said, urging traders to adjust their thinking and focus on emerging trends rather than past winners.
As an example, Hayes highlighted Hyperliquid (HYPE), calling it the “best story” of the current crypto cycle. He noted that the token launched at around $2–$3 before surging as high as $60.
He also pointed to Solana (SOL), which fell to nearly $7 during the 2022 downturn before rallying to almost $300 earlier this year. According to Hayes, these moves are clear evidence that an altcoin season has already taken place — just not for everyone.
Debate Grows Over What Comes Next
Not all industry leaders agree with Hayes’ perspective. CoinQuant CEO Maen Ftoui recently suggested that established cryptocurrencies — particularly those with ETF approvals or expectations — could absorb much of the capital during the next altcoin phase.
Meanwhile, some traders continue to anticipate a more traditional rotation, starting with Bitcoin (BTC) reaching new highs, followed by Ether (ETH) and then smaller altcoins. Bitfinex analysts have also noted that a broad altcoin rally may remain limited until ETFs expand beyond the largest cryptocurrencies.
As the debate continues, one thing is clear: the definition of altcoin season may be evolving.
