Arthur Hayes says altcoin season never ends; index at 35 on December 20, 2025

On December 20, 2025, BitMex co-founder Arthur Hayes argued that altcoin season is continuous and that many traders overlook the true winners. He cited Hyperliquid's move from $2–$3 to $60 and Solana's rebound from about $7 in 2022 to nearly $300 early this year. The Altcoin Season Index stood at 35, indicating conditions not yet consistent with an altcoin season.