Arthur Hayes: Altcoin Season Never Ended—Traders Missed It
BitMEX co-founder Arthur Hayes said the market is already in an altcoin cycle, countering speculation among traders about when the next one will begin. Speaking on a podcast published on YouTube on Thursday, Hayes argued that altcoin outperformance has been ongoing, and that investors waiting for a repeat of previous patterns may be overlooking current leaders.
Hayes said some participants expect the same assets and narratives from prior cycles to drive returns again, which can lead to missed opportunities. He added that claims of no altcoin season often reflect not holding the tokens that appreciated.
Hayes urges traders to focus on current cycle dynamics
Hayes cautioned against relying on what rallied last time and encouraged monitoring new themes and assets. He said this market phase differs from past episodes and that different tokens are moving.
He highlighted Hyperliquid (HYPE) as a standout story of the current cycle, noting it launched around “two or three bucks” before climbing to $60. He also pointed to Solana (SOL), which fell to roughly “seven bucks” in 2022 and later advanced to nearly $300 at the start of this year.
Hayes reiterated that altcoin season has occurred, suggesting that some market participants simply did not capture it.
Debate continues over the shape of the next altcoin phase
Not all analysts agree. CoinQuant CEO Maen Ftoui recently said that older cryptocurrencies with an exchange-traded fund (ETF), or those expected to obtain one, could attract a significant portion of capital in the next altcoin cycle.
Other traders continue to look for the traditional rotation pattern: Bitcoin (BTC) posting new highs, followed by a shift into Ether (ETH), and then into smaller-cap altcoins.
In August, Bitfinex analysts said a broad, outsized rally across altcoins may be unlikely until ETFs offering exposure beyond the largest cryptocurrencies receive approval.
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