The altcoin season never ends: most traders miss out on the winners, according to Hayes
Saturday, December 20, 2025 ▪ 5-minute read
While many traders await the next altcoin season, Arthur Hayes, co-founder of BitMEX, offers a different perspective. He argues that the altcoin season is not a future event that can be anticipated, but rather a continuous cycle that never truly ends. The real challenge, according to Hayes, lies in identifying the assets that are already performing well, as many investors fail to recognize the winners while the momentum is still developing.
In brief
Arthur Hayes believes that the altcoin season is a continuous cycle and that many traders have missed opportunities by holding onto their investments.
Hayes highlighted past cycles, especially 2017, 2020, and the recent activity with Hyperliquid as examples of achievable gains.
Analysts point out that the altcoin market continues to form higher lows and shows signs of an upward trend despite recent corrections.
Missed opportunities and the reality of altcoin cycles
During a conversation with cryptocurrency influencer Kyle Chassé, Hayes noted that many traders complain about missing out on altcoin seasons, but often delay investment when opportunities arise. He cited the previous cycles of 2017 and 2020, as well as the recent activity surrounding Hyperliquid (HYPE) in 2024 and 2025, as examples of achievable gains. Hyperliquid, he noted, entered the market around $2-$3 and rose to nearly $60. Similarly, Solana experienced a sharp drop to around $7 in 2022 but gradually recovered, reaching nearly $300 earlier this year. Currently, HYPE is trading at $24.69, while Solana is at $126.
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