Arthur Hayes Claims Altcoin Season Never Ended — Here’s Why ⋆ ZyCrypto

BitMEX co-founder Arthur Hayes has shared his thoughts on the altcoin season, arguing that small- to mid-cap cryptocurrencies are constantly surging in price despite broader market sentiment.

While opinion remains split, several analysts are eyeing January as the start of a strong rally for altcoins.

“There Is Always Altcoin Season Happening,” Says Hayes

According to Arthur Hayes, altcoins are always on the upswing, urging traders to keep an eye on the ecosystem for the next big project. On a podcast, the BitMEX co-founder argued that the theory that the altcoin season has thawed is flawed, noting that it is always underway.

Hayes noted that certain altcoins have braved the broader market sentiment to post impressive yearly returns. The analyst highlighted Hyperliquid’s meteoric run, reaching an all-time high of $58 in September after starting the year at lows under $5.

Christening Hyperliquid’s blistering year-long performance as “the best story” of the cycle, Hayes also pointed to Solana’s impressive rally at the start of 2025. Data from CoinMarketCap indicate that Solana surged to a near-$300 all-time high in January, reclaiming most of its 2022 gains.

“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,” said Hayes.

Furthermore, Hayes warned traders that attempting to follow strategies from previous cycles will not be the best way to maximize profits. He urged investors to look at new projects, noting that the market has entered a new season and “new things pump.” 

“We are rotating out of ETH and into high-quality DeFi names, which we believe can outperform as fiat liquidity improves,” said Hayes in an X post.

Opinion Divided Over Altcoins

While Hayes is backing newer projects to reap impressive rallies, one pundit is backing established altcoins to lead the way. The pundit hinged his claims on the idea that ETF approvals will send legacy altcoins to new highs in the coming months, leaving new projects behind.

Meanwhile, several analysts are arguing that a true altcoin season may start in January amid an imminent shift in liquidity conditions. They theorize that Bitcoin (BTC) must reach new peaks before capital rotates to Ethereum, effectively triggering altcoin season. However, on-chain data reveals that several altcoins are entering a consolidation despite Bitcoin’s price crash, veering from traditional market cycles.