ビットコインのレイヤー2（L2）を巡り、弱気相場の現実を受けて投資家と開発者が事業性や採用見通しを改めて見直す動きが強まっている。価格下落や取引量の減少により、二次プロトコルの有効性に対する精査も厳しくなった。こうした環境変化を受け、関係者は戦略の再構築とL2技術の長期的な持続可能性を再評価している。

Bitcoin traded above $64,000 on Saturday, briefly clearing $64,200 intraday and standing more than 8% above its June low near $59,000. The move followed $85.9 million of net inflows into U.S. spot bitcoin ETFs on Friday and market attention on Pakistan's prime minister saying a peace agreement is closer than ever, with finalisation expected within 24 hours.

Kalshi's rollout of CFTC-regulated crypto perpetual contracts has reopened a long-standing argument over how the instruments should be classified in U.S. markets. Market veterans are split on whether perpetuals align more with futures—exchange-traded and centrally cleared—or with swaps, given their funding-rate cash-flow mechanics. The answer could shape who can trade them and what rules apply, while concerns about manipulation around funding-rate calculations remain a key point of contention.