Arthur Hayes: The altcoin season has never ended

2025-12-20 12:39:25

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While many cryptocurrency traders remain patient waiting for the next altcoin season to start, BitMEX co-founder Arthur Hayes believes that the altcoin season is actually always ongoing.

“There’s always an altcoin season. If you keep saying there’s no altcoin season, then simply you don’t own the coins that are appreciating,” Hayes shared in a podcast interview uploaded on YouTube on Thursday.

Arthur Hayes (on the right) talked with Kyle Chasse (on the left) on his podcast on Thursday | Source: Kyle Chasse According to Hayes, most traders still expect the altcoin season to repeat like in previous years, assuming that old cryptocurrencies and trends will continue to recur. “You want it to happen like the last altcoin season because that makes you feel like you know what to do,” he said.

Hayes recommends traders to stay flexible and adaptable, and not rely too much on the past. “Many people think: ‘I have to buy these coins because they surged last season,’” he added.

He emphasized that cryptocurrency investors need to change their mindset, focusing on new market trends rather than just historical data. “This is a new season, and new coins will grow,” he affirmed.

Arthur Hayes cited Hyperliquid (HYPE) as “the most prominent success story” in the current crypto cycle, when this coin was launched at just “two or three dollars” and then “spiked up to $60.”

He also mentioned Solana (SOL), which dropped sharply in 2022 to nearly “seven dollars,” but recovered impressively to nearly $300 earlier this year.

“The altcoin season has already happened. It’s just that you didn’t participate in it,” he concluded.

However, not everyone agrees with Hayes’ view. CoinQuant CEO Maen Ftoui recently shared that established cryptocurrencies, those with ETF holdings or expected to have ETFs, will attract most of the capital in the next altcoin season.

The cryptocurrency industry is still debating the shape of the next altcoin season

Many experts in the field have different opinions on how and when the new altcoin season will begin.

Some traders still expect the traditional rotation cycle, starting when Bitcoin (BTC) hits a new high, then capital will shift to Ether (ETH), and finally to smaller altcoins.

Meanwhile, Bitfinex analysts stated in August that altcoins are unlikely to see a broad rally until ETF funds expand their access beyond the largest approved coins.

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