BitMEX co-founder Arthur Hayes has stated that the altcoin season never truly ended, but many investors missed out on the winning assets. Speaking on a podcast, Hayes explained that the market's perception of a dormant altcoin season stems from expectations of repeating past narratives and assets. He emphasized that the current cycle is characterized by new narratives and rising new assets. Hayes cited examples such as Hyperliquid HYPE, which surged from a few dollars to several tens, and Solana's rebound to near all-time highs, as evidence of this trend. He advised traders to abandon the "last season's template" and focus on where the real capital and stories are in the current market.