Arthur Hayes, the former founder of BitMEX, recently said something on a podcast that sounds quite appealing—something like the altcoin season isn't over, and retail investors just haven't found the right coins. But if you look closely at this logic, there are significant issues.

HYPE has risen from a few dollars to tens of dollars, and SOL has rebounded from its lows to nearly historical highs. These examples sound great, but this is all the evidence he uses to prove that the altcoin season is still on. To be honest, it's like using a few profitable trades to negate an entire losing account; the logic simply doesn't hold up.

Take a look at the real situation. 99.999% of the alts in the market are still lying in a dead bear market, with low prices, no trading, and dried-up trading volumes. Those coins that have risen? They are merely a few assets driven by speculation and concentrated capital, can this represent the overall trend? Absolutely not.

Taking XRP as an example, the price has fallen to $1.78, which is a low point for the past two months. The daily RSI is close to 30, indicating an oversold condition, which is much weaker than the overall market. This situation is prevalent among alts. If you take a look around, you can find a whole bunch of such coins.

Arthur Hayes's current identity and influence, and how powerful his words are in guiding the market, is clear to everyone. But he only chooses to talk about the coins that have risen, completely ignoring the majority of bearish alts. This is not unintentional; it is a deliberate attempt to create a frenzied atmosphere in the market, encouraging retail investors to chase after hot coins, providing liquidity for institutions and large investors. This kind of rhetoric that only cares about filling one’s own pockets, regardless of whether retail investors make a profit or incur losses, is indeed frustrating.