Arthur Hayes weighs in on a hot debate: altseason isn't actually over. The real story? Most traders simply missed the actual winners during the cycle. Instead of broad altcoin rallies, the market has been sorting winners and losers at the individual project level—those who stayed tuned to fundamental shifts caught the moves. This reframes how we think about crypto market cycles: it's less about waiting for the perfect moment to FOMO into alts, and more about doing the homework on which projects are genuinely driving ecosystem value. The passive approach of chasing hype peaks? That's what makes traders feel like they're always late to the party.