Airdrop farming is starting to feel interesting again. More people are going back to testing new protocols, completing tasks and getting involved early, especially around AI-focused projects. It feels like the old airdrop meta is slowly coming back, just with a different narrative. Then there’s Arthur Hayes. His recent moves have made the altcoin conversation even more interesting. He previously had strong exposure to names like HYPE, NEAR and $ZEC , but later cut several altcoin positions as he argued that AI was absorbing a lot of the available liquidity. So, is Hayes front-running altcoin season? I don’t think we have enough evidence to say that yet. A real altcoin season needs more than a few tokens pumping or people farming airdrops again. We need to see broader liquidity flowing into altcoins, stronger market breadth and sustained performance across different sectors. For now, I’d call it an early signal rather than confirmation. If airdrop activity keeps increasing while liquidity starts rotating from $BTC and ETH into smaller caps, then the altcoin-season argument becomes much stronger. The interesting part is that the market might start moving before everyone agrees that altseason is here. #Macro Insights# #Altcoin Season#