Arthur Hayes, co-founder of BitMEX, said on the 18th in a YouTube podcast interview that altcoin season is already in progress, challenging the widespread belief that the market is still waiting for its arrival.
Altcoin season is still ongoing, traders just missed the winners
this is what @CryptoHayes said in a podcast, basically saying that there has been altcoin seasons in various parts of the market.
for example, Hayes have so far backed many strong launches in the market, one of… pic.twitter.com/kVcBpKNLRS
— Tim Haldorsson (@TimHaldorsson) December 20, 2025
While many traders are watching for a clear signal of the next altcoin cycle, Hayes argued that this mindset is rooted in outdated market patterns. According to him, altcoin seasons happen continuously, but investors often fail to recognize them because they are focused on the wrong assets.
Breaking Away From Old Altcoin Market Patterns
Hayes said that investors who feel the altcoin season has not started simply did not hold the cryptocurreicnes that were rising. He criticized the tendency among traders to expect the same narratives and coins to repeat the performance of previous cycles.
“Many people assume the next cycle will look exactly like the last one,” Hayes said, warning that reliance on past success can lead to missed opportunities. He stressed that each market cycle brings new winners, and expecting identical price behavior is a mistake.
As an example, Hayes pointed to Hyperliquid (HYPE), which launched at around USD 2–3 before surging to USD 60, calling it a defining success story of the current cycle.
He also cited Solana (SOL) as another case in point. After collapsing to nearly USD 7 in 2022, Solana rebounded sharply, climbing to almost USD 300 earlier this year.
“These moves prove that altcoin season existed,” Hayes concluded. “You just weren’t in the right trades.”
Conflicting Views on What Comes Next
Despite Hayes’ confidence, not everyone in the industry shares his view.
Maen Fattouh, CEO of CoinQuant, recently suggested that capital will concentrate on older cryptocurrencies with existing or anticipated ETF approvals. According to him, these assets are likely to absorb the bulk of inflows during the next widely recognized altcoin season.
Other analysts continue to watch for the traditional rotation pattern, in which Bitcoin reaches new highs first, followed by Ethereum, and eventually smaller-cap altcoins.
Meanwhile, analysts at Bitfinex noted in August that a broad-based rally across altcoins may remain limited until ETFs offering exposure beyond major cryptocurrencies receive regulatory approval.
As market conditions evolve, debate continues over whether altcoin season has already begun or whether it still lies ahead.
