The altcoin season has never stopped; you just haven't caught the coins with the biggest gains.

【Blockchain Rhythm】Regarding the age-old question of when the altcoin season will start, BitMEX co-founder Arthur Hayes recently offered an interesting perspective: the altcoin season has actually been ongoing all along; the question is whether you are participating.

According to Hayes, many traders are still relying on old experiences, waiting for the altcoin season to arrive, hoping for the same script to repeat year after year. But he believes this logic is outdated. The crypto market is entering a new phase, with new driving forces shaping new winners. Those who cling to traditional coins and trade with old strategies naturally cannot sense the presence of an altcoin rally.

Hayes provided two very illustrative examples. The HYPE project, which he describes as one of the strongest narratives in this crypto cycle—rising from two or three dollars at launch to $60. Another is SOL, which dipped close to $7 in 2022, then rebounded to nearly $300 earlier this year. These are real gains, as long as you choose the right direction.

From another perspective, the so-called “no altcoin season” ultimately boils down to a matter of choice. Opportunities are always present in the market, just distributed across different coins and sectors. If you keep waiting for history to repeat itself, you are very likely to miss the real market moves.