“They waited for the sign, while gains crossed the line.”
Many traders skipped the altcoin season without even realising it, according to Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX. Hayes claims that the cryptocurrency season has already arrived.
He claims that the issue is that investors were unable to recognise the true winners due to fear and outdated expectations.
Hayes clarified in a recent interview that the majority of cryptocurrency investors continued to wait for a clear signal, such as significant liquidity announcements or loud market noise.
There was never a signal. Rather, there were no significant headlines about quantitative easing (QE) as liquidity gradually returned to the market. As a result, the cycle appeared significantly different from previous cryptocurrency seasons.
Nearly all altcoins rose in concert during past bull runs. Traders can purchase tokens at random and still benefit.
According to Hayes, that tactic didn’t work this time. Only a few projects with compelling stories, practical applications, or increasing demand experienced significant improvements.
Another major factor was fear. Many investors remained on the sidelines following incidents such as the FTX collapse. Hayes noted that some assets were already rising even if sentiment remained negative. One such is Solana.
Following the FTX crisis, it dropped to single-digit prices before rising above $300, rewarding investors who made purchases during a period of low confidence.
Additionally, Hayes noted that new cryptocurrency use cases and privacy-focused coins did better than more well-known, established tokens. Traders missed these opportunities because they continued to search for “the perfect moment.”
According to Hayes, the lesson is straightforward: markets fluctuate. Every cryptocurrency season cycle is different now. One runs the risk of missing current happenings if one only relies on historical movements.
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