While numerous cryptocurrency traders are still anticipating the start of the next altcoin season, BitMEX co-founder Arthur Hayes mentioned that it has actually been happening all along.
“An altcoin season is always taking place… and if you’re saying there isn’t one, it’s probably because you didn’t own the assets that increased in value,” Hayes stated during a podcast interview released on YouTube on Thursday.
Hayes pointed out that many traders are still expecting altcoin season to mirror the patterns of previous years, believing the same cryptocurrencies and narratives will emerge again. “You wish it would resemble the last altcoin season, as it would give you a sense of certainty in your actions,” Hayes remarked.
Hayes cautions traders to “adapt” and not dwell on the past
“Oh, I need to acquire these assets because that’s what surged in the previous season,” he added.
He emphasized that crypto traders should reassess their strategies and focus on emerging trends in the market rather than relying solely on historical patterns. “This is a new season; fresh opportunities arise,” he asserted.
Hayes highlighted Hyperliquid (HYPE) as the standout narrative of this crypto cycle thus far, indicating its launch at “two or three dollars” before skyrocketing to $60.
He also mentioned Solana (SOL), which saw a significant drop, nearly reaching “seven dollars” after losing most of its gains in 2022, before climbing to almost $300 early this year.
“Once more, an altcoin season has occurred; you may have just missed out on it,” he stated.
However, not everyone shares Hayes’ perspective. CoinQuant CEO Maen Ftoui recently told Cointelegraph that established cryptocurrencies, particularly those with anticipated exchange-traded funds (ETFs), are likely to absorb much of the capital once the next altcoin season arrives.
Industry discussions on the nature of the upcoming altcoin season
There are varied opinions within the industry regarding how and when the next altcoin season will take shape.
Related: Bitwise executive predicts 2026 will be crypto’s genuine bull year; learn why
Some traders are still on the lookout for the typical rotation, starting with Bitcoin (BTC) reaching new peaks before capital shifts towards Ether (ETH) and subsequently into smaller altcoins.
Meanwhile, Bitfinex analysts expressed in August that a significant rally for altcoins is unlikely until ETFs that offer exposure beyond the largest cryptocurrencies are approved.
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