Arthur Hayes has a sobering message for those waiting for the 2025 Altcoin Season’s start: The race began months ago, and you’re looking in the wrong direction.

The Maelstrom CIO and crypto veteran questioned market anxiety in late December 2025 interviews and social media posts. Retail traders have complained about “boring” price action and a lack of broad market pumps, but Hayes claims that the real altcoin season has been underway just not in the way veterans of 2017 or 2021 remember it.

“If you keep saying the altcoin season hasn’t arrived yet, it’s because you’re not holding those rising coins,” Hayes said on a podcast. His commentary indicates a shift in market structure, with “everything goes up” gone and replaced by a ruthless, sector-specific meritocracy.

Hayes says nostalgia makes traders feel left behind. Bitcoin, Ethereum, high-caps, and low-caps pumped sequentially in previous cycles. This wave lifted all assets, regardless of quality.

The market is different now.

Chart made by CoinYec.

Hayes sees “rotational surges” rather than a market lift. While “dino-coins” (older, established cryptocurrencies) stagnated, he highlights specific assets that have delivered life-changing returns.

• Hyperliquid (HYPE): Hayes pointed to this decentralized exchange token as the “most exciting story” of the current cycle. He noted its meteoric rise from an initial valuation of a few dollars to trading near $60, a massive multiple that effectively is an entire bull market in a single asset.
• Solana (SOL): Despite recent volatility, he reminded listeners of Solana’s recovery from its FTX-crash lows of ~$8 to nearly $300, a performance that dwarfs traditional stock market returns.

By focusing on these “new narratives,” investors could have captured massive upside. Those stuck holding assets from 2021 hoping for a revival, however, are the ones claiming the season hasn’t started.

This goes beyond talk. Hayes said his family office, Maelstrom, is backing him.

Mid-December reports say Maelstrom is “aggressively buying up high-quality altcoins.” The fund believes the market is a “stock picker’s market.” Winners should be chosen based on active usage, revenue, and new technological paradigms like high-performance L1s and decentralized derivatives, not a crypto index.

Hayes also discussed the macro environment, saying fear has kept retail investors away. He said liquidity is returning, but smarter and more selective.

Legal Notice: This news is written for informational purposes only and should not be considered investment advice.