As 2025 draws to a close, bargain-hunting investors are frustrated that the much-hyped altcoin season never materialized. This disappointment lingers even after bitcoin (BTC) surged past $126,000, setting a new all-time high. Historically, such BTC rallies have paved the way for explosive altcoin gains, often reaching triple digits.

Throughout the year, analysts and market commentators offered conflicting explanations for why altcoins failed to replicate the rallies of 2017 and 2021. But with only days left in the calendar, Arthur Hayes—BitMEX founder and a prominent Web3 voice—delivered a forceful counter-narrative.

Hayes argued that investors lamenting the absence of an altcoin season are simply holding the wrong assets. In a recent interview, he dismissed the “outdated benchmark” that a bull market must lift all coins simultaneously. Instead, he said the market has matured into a more selective, nuanced phase.

He outlined key shifts shaping this cycle, including sector-specific rallies rather than broad surges. These shifts also include a weaker correlation with bitcoin, breaking the old dependency, and a greater emphasis on fundamentals and tokenomics where strong projects stand out.

Hayes cautioned traders against chasing all-time highs, urging them instead to spot emerging narratives before they peak. He advised looking beyond the top 10 coins to where “smart money” is rotating. To illustrate, he cited Hyperliquid (HYPE) and Solana ( SOL) as examples of assets driving new narratives.

His claim that “ altcoin season never stopped” quickly ignited debate across the crypto community. Many seasoned traders and crypto-native analysts embraced his perspective, but retail investors and legacy analysts pushed back. They argue the current market shows only “localized outliers” rather than a true altcoin season, pointing to the Altcoin Season Index, which sits at 35—far below the 75 threshold that signals an official season.

Furthermore, other industry leaders, including Coinquant’s CEO, have reportedly advanced a third theory: the “ETF-driven season.” In their view, the next wave will not be about new narratives or selective rallies but rather older altcoins with exchange-traded funds (ETFs)—or those anticipating them—absorbing the bulk of liquidity.

Below is a list of the top-performing coins in 2025, tracked by Coingecko, that appear to support Hayes’ viewpoint.

Zcash (ZEC): The top performer among the top 100 altcoins tracked by CoinGecko was the privacy coin Zcash. At the time of writing (Dec. 22, 1 a.m. EST), it was up 740% over 12 months. Until the end of the third quarter, ZEC had largely traded under $50 with a market capitalization below $1 billion.

However, starting in October, the coin began a rally that saw gains exceeding 1,000% in just six weeks. By mid-November, ZEC—which Hayes enthusiastically backed—had reached $740, pushing its market capitalization past the $10 billion mark. Many analysts tied the rally to the resurgent privacy narrative.

Monero ( XMR): In second place was another privacy coin, XMR, which rose 142% during the same period. Like Zcash, XMR benefited from a newfound interest in privacy. This narrative briefly reawakened several dormant privacy coins; however, toward the end of the year, only ZEC and XMR maintained net gains, while others reversed their progress.

OKB: After trading around $50 for much of the first half of 2025, the token of the centralized exchange OKX surged following an Aug. 15 token burn, which reduced the supply to 21 million. A week after the burn, OKB briefly topped $228 before dropping below $170 by Sept. 3. The token reclaimed $228 on Oct. 5 before seeing a steady decline. At the time of writing, OKB traded around $107, making it the third-best-performing altcoin of 2025.

WBT: In fourth place was WBT, an exchange token issued by the centralized exchange WhiteBIT. After starting the year just under $25, WBT saw two spikes: one in mid-June to $51 and another in November surpassing $60. The token has stayed within this range since, leaving its yearly gains at nearly 140%.

PAXG: At number five was the gold-backed token PAXG, which rose in tandem with the precious metal. Gold hit more than 50 record peaks in 2025, surpassing $4,000 per ounce for the first time in October. While the metal recently set a fresh high of $4,384.90 per troy ounce, PAXG traded slightly higher at $4,426, bringing its yearly gains to nearly 70%.

XAUT: At number six was another gold-backed token, XAUT, which rose from $2,622 on Jan. 1 to $4,411 by Dec. 22, a gain of 67%.

BNB: BNB is the third exchange token and the only top-five coin by market capitalization to feature among the biggest gainers. Although its yearly gain stood at just over 30%, BNB was at one point up more than 100% after reaching an all-time high of $1,369.

BCH, TRX, and JLP: In eighth place was Bitcoin Cash ( BCH), which rose 28.8%. Tron ( TRX) followed in ninth place, up nearly 18% during the year. Completing the top 10 was the Jupiter Perpetuals Liquidity Provider Token (JLP), which closed the year 10% higher.

• Why didn’t altcoin season arrive in 2025? Analysts say rallies were sector‑specific, not broad like past cycles.
• What is Arthur Hayes’ view? He argues altcoin season is ongoing but investors hold the wrong assets.
• Which coins led gains in 2025? Zcash, Monero, OKB, WBT, and gold‑backed tokens topped performance charts.
• What do other experts predict? Some expect ETFs for older altcoins to drive the next liquidity wave.

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