Many cryptocurrency investors are awaiting the next altseason. However, Arthur Hayes, co-founder of BitMEX, says this cycle is unfolding differently from the past. He urged investors not to rely on the old playbook but to adapt to evolving market conditions. He stressed that the idea of buying coins that rose last season should be abandoned, as new names will emerge in the new cycle.
Hayes pointed to Hyperliquid (HYPE) as this cycle’s standout story. Hyperliquid was launched around $2–$3 and surged to $60, a rise he called the best story of the cycle. He also cited Solana (SOL), which had fallen to around $7 in 2022 and surged near $300 earlier this year, to show that an altseason had already existed.
Yet not everyone agrees with Hayes. Maen Ftoui, CEO of CoinQuant, argued that the next altseason could be led by older assets favored once live ETF approvals arrive, potentially concentrating funds. Bitfinex analysts warned that a broad altcoin rally would be hard to sustain until ETFs beyond the major tokens are approved. The industry remains divided over how and when the next altseason will unfold, with some expecting the traditional BTC → ETH flow and others looking to ETF-driven catalysts.
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