Arthur Hayes has announced the arrival of a new altcoin season, highlighting HYPE and SOL as key indicators of this trend. According to Hayes, the traditional pattern where Bitcoin leads and altcoins follow is outdated in 2025. Instead, institutional investors are focusing on projects with tangible cash flow, robust technology, or significant liquidity. HYPE reached $60 in September, while SOL has surged from $7 in 2023 to nearly $300. Hayes emphasizes that the fear and greed index no longer dictates altcoin rallies, urging investors to carefully select promising projects.