The fervor surrounding Bitcoin NFTs, layer-2 solutions, and restaking appears to have significantly diminished, according to recent analysis from industry experts. This shift indicates a potential transition within the Bitcoin ecosystem, moving away from short-lived hype cycles and towards a focus on sustainable, long-term growth.

Specifically, the once-booming market for Bitcoin NFTs, particularly those derived from Ordinals, has experienced a notable decline in trading volume. Data indicates a substantial drop, with figures showing a sharp reduction from the high volumes seen in early 2024. Similarly, the intense excitement surrounding Bitcoin layer-2 projects and restaking mechanisms has also cooled. Many projects that garnered significant attention in the past are now struggling to maintain investor interest.

CryptoSlam data shows that in the first quarter of 2024, Bitcoin NFTs had a volume of $1.4 billion. In 2025 Q1, the volume is only at $280 million, showing an 80% drop. The executives believes that people cannot expect comparable "crazy" price performances anymore since the 1,000x days of Bitcoin NFTs may be over.

Industry analysts attribute this change to a natural evolution in the cryptocurrency space. Initial periods of rapid innovation often see bursts of speculative interest, followed by a period of consolidation and maturation. This current phase suggests that the Bitcoin community is now prioritizing projects with strong fundamentals and practical applications.

While the immediate hype may have subsided, some experts emphasize that layer-2 solutions remain crucial for Bitcoin's long-term development, particularly in expanding its decentralized finance (DeFi) capabilities. They argue that these technologies are essential for unlocking Bitcoin's full potential and fostering greater adoption. The current shift is therefore viewed by some as a healthy correction, allowing for the development of more robust and sustainable infrastructure.