[Arthur Hayes: Altcoins Will Not Disappear, Market Will Continue to Reshuffle] On May 5, it was reported that Arthur Hayes stated at Consensus 2026 that although 99% of altcoins may go to zero, this phenomenon is similar to the historical replacement of S&P 500 constituent companies and does not signify the end of the industry. Hayes pointed out that since 1929, approximately 98% of S&P 500 companies have been eliminated. Market clearing is part of a normal cycle, and the altcoin ecosystem will continue to exist and evolve.