Arthur Hayes, co-founder of BitMEX, has attributed investor fear as a key factor in obscuring the ongoing altcoin season. According to Hayes, this cycle has been unique, with only select altcoins such as Solana and Hyperliquid experiencing significant gains. He observed that many investors hesitated, waiting for external validation from media or social platforms before engaging. Hayes also noted a return of liquidity to the market, occurring independently of traditional quantitative easing measures. He emphasized the potential of privacy-focused projects, like Zcash, to play a significant role in the upcoming market phase, suggesting a shift in investor focus towards these technologies.