Crypto expert Arthur Hayes, co-founder of BitMEX, believes the so-called “altcoin season” — a period when alternative cryptocurrencies outperform major coins like Bitcoin — is already happening. While many investors are still waiting for a big rally in altcoins, Hayes says they might be missing the action by focusing too much on past market cycles.

**Stop Living in the Past**

In a recent podcast, Hayes explained that there’s no official start date for altcoin season. He says it’s always happening in some form, but only for those who are paying attention. According to him, people who say there’s no altcoin season usually don’t hold any rising altcoins — which is why they’re not seeing the gains.

He warns that relying too much on what worked in the past can lead investors astray. Many traders assume that the same coins or trends that performed well before will do so again. Hayes says this mindset is risky because the crypto space changes fast. What worked last year might not work now.

Instead of looking backward, Hayes encourages investors to watch for new opportunities. This means tracking emerging projects, new technology, and fresh narratives in the crypto market.

**What’s Hot Right Now?**

Hayes points to a few examples of current altcoin success stories. One of them is Hyperliquid, a project that quickly jumped from just a few dollars to $60. Another is Solana (SOL), which surged from around $7 in late 2022 to as high as $300 — showing that some altcoins are already booming, even if many investors don’t realize it.

This suggests we’re already in an altcoin season, just not the one most people expected.

**Not Everyone Agrees**

However, not all experts see things the same way. CoinQuant CEO Maen Ftoui believes future gains will focus on big-name cryptocurrencies that have or are expected to get ETF (Exchange-Traded Fund) approval. These ETFs give mainstream investors easier access to crypto, which could bring in more money — but mostly to well-known coins like Bitcoin and Ethereum.

Bitfinex analysts also say that without more ETF approvals for other altcoins, we probably won’t see a full-scale altcoin rally anytime soon. They suggest that overall market uncertainty could continue to hold altcoins back.

Adding to the debate, Bitwise executives recently said they expect the real “bull run” — a strong upward trend in crypto prices — to happen in 2026. They think wider adoption by institutions and new financial products will push the market higher in the next couple of years.

**Key Takeaway**

Hayes believes altcoin season is already here, but many investors are missing out because they’re looking at the wrong signals. Instead of waiting for history to repeat itself, he advises focusing on new trends and rising projects. On the other hand, some experts think regulatory approval and ETF-related interest will determine which coins take off next.

Whether you believe we’re already in altcoin season or still waiting for it, one thing is clear: staying informed and flexible is key in today’s fast-moving crypto world.

**Keywords**: crypto market trends, altcoin season, Arthur Hayes, BitMEX, Hyperliquid, Solana, ETF approval, institutional adoption, cryptocurrency investing, market cycles