Altcoin season never ended, traders just missed the winners: Hayes

cointelegraphPublished on 2025-12-20Last updated on 2025-12-20

Abstract

Arthur Hayes, co-founder of BitMEX, argues that the altcoin season is already here and never truly stopped, contrary to traders who are still waiting for it to begin. He states that many are mistakenly expecting a repeat of previous cycles, hoping the same cryptocurrencies and narratives will surge again. Hayes warns traders to adjust their strategies and focus on new market developments instead of relying on past patterns. He cites Hyperliquid (HYPE) and Solana (SOL) as examples of assets that have already experienced massive rallies in this cycle. However, not everyone agrees; some industry experts, like CoinQuant CEO Maen Ftoui, believe the next altcoin season will be dominated by older cryptocurrencies with or expecting an ETF. The debate continues on how and when the next altcoin season will fully unfold.

While many crypto traders are still waiting for the next altcoin season to begin, BitMEX co-founder Arthur Hayes said it’s been underway all along.

“There is always an altcoin season happening... and [if you’re] always saying altcoin season isn’t there, [it’s] because you didn’t own what went up,” Hayes said during a podcast interview published to YouTube on Thursday.

Hayes said many traders are still expecting the altcoin season to play out the same way it did in previous years, assuming the same cryptocurrencies and narratives will repeat. “You wanted it to be like last altcoin season, because then you felt like you knew what you had to do,” Hayes said.

Hayes warns that traders should “adjust” and not look at the past

“Oh, I gotta buy these things because that is what pumped in the last season,” he added.

Arthur Hayes (right) spoke to Kyle Chasse (left) on his podcast on Thursday. Source: Kyle Chasse

Hayes said that crypto traders should rethink their approach and pay attention to what’s new in the market, rather than relying on history. “This is a new season, new things pump,” he emphasized.

Hayes pointed to Hyperliquid (HYPE) as being the “best story” of this crypto cycle so far, pointing to launching at “two or three bucks,” before “ripping all the way to $60.”

He also cited Solana (SOL), which shed most of its gains in 2022 down to almost “seven bucks,” before surging to nearly $300 at the beginning of this year.

Solana is down 6.27% over the past 30 days. Source: CoinMarketCap

“Again, there’s been altcoin season. You just didn’t participate in it,” he said.

Not everyone agrees with Hayes, however. CoinQuant CEO Maen Ftoui recently told Cointelegraph that older cryptocurrencies with an exchange-traded fund (ETF) or expected to receive an ETF will soak up much of the capital deployed during the next altcoin season.

Industry debates what the next altcoin season will look like

Many in the industry have differing views on how and when the next altcoin season will unfold.

Related: Bitwise exec says 2026 will be crypto’s real bull year; here’s why

Some traders are still waiting for the traditional rotation, starting with Bitcoin (BTC) reaching new highs before capital rotates into Ether (ETH) and then into smaller altcoins.

Meanwhile, Bitfinex analysts said in August that altcoins are unlikely to see a broad, outsized rally until ETFs offering exposure beyond the largest cryptocurrencies are approved.

Magazine: Big questions: Would Bitcoin survive a 10-year power outage?

Related Questions

QAccording to Arthur Hayes, why do some traders believe that altcoin season hasn't happened?

ABecause they didn't own the cryptocurrencies that actually went up in value.

QWhat does Arthur Hayes suggest traders should do instead of relying on past market patterns?

AHe suggests traders should adjust their approach and pay attention to what's new in the market.

QWhich two cryptocurrencies does Hayes specifically mention as examples of this cycle's winners?

AHyperliquid (HYPE) and Solana (SOL).

QWhat alternative view does CoinQuant CEO Maen Ftoui present regarding the next altcoin season?

AHe believes older cryptocurrencies with an ETF or expected to receive an ETF will soak up much of the capital deployed during the next altcoin season.

QAccording to Bitfinex analysts, what needs to happen before altcoins see a broad, outsized rally?

AETFs offering exposure beyond the largest cryptocurrencies need to be approved.

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