Crypto & Web3 — 2026年10月5日 週次レポート
Crypto & Web3のニュース＆アップデート — すべての記述に一次ソースのリンク付き。
重要な発見
エグゼクティブサマリー（5件）
- •The week's dominant theme was regulatory transition: the SEC proposed crypto custody rules while losing its primary internal advocate Hester Peirce, the CFTC escalated its prediction market jurisdiction fight to the White House, and the UK opened its formal licensing window — collectively advancing the agency-rulemaking-first model that replaced the Clarity Act's legislative approach, but with less internal advocacy for market-friendly outcomes than the previous period.
- •Ethereum's Glamsterdam upgrade advanced to imminent Sepolia activation while zkAPI launched on mainnet, Solana ETFs set weekly and daily inflow records, and Blast's shutdown illustrated accelerating L2 consolidation — together signaling that the protocol layer is entering a phase where distribution advantages and institutional access matter more than technical differentiation alone.
- •Institutional tokenization continued its production-scale expansion: RWA active AUM grew to $31.8 billion, Franklin Templeton's tokenized fund reached Bybit as collateral, Goldman Sachs integrated its $100 billion Treasury fund into institutional crypto plumbing, and Petrobras tested Cardano for sustainable fuel tracking — broadening the RWA thesis from financial assets into energy and supply chain applications.
- •The Bitget hack aftermath — $83 million in XRP moved beyond freeze controls, $4 million into Zcash's private pool, THORChain rejecting block requests — demonstrated that the security crisis documented in September has not been contained and is actively exposing the limits of freeze controls across decentralized infrastructure, creating compounding pressure for mandatory custodial security standards.
- •Bitcoin's consolidation near $84,000–$87,000 through the 10-year Treasury yield reaching 2007 highs and the 30-year crossing 5.6% — combined with Citigroup's $113,000 12-month target and the crypto hiring surge — signals that the industry is pricing in a sustained recovery rather than a temporary relief rally, even as macro headwinds intensify.
今回の要点（15件）
- 1.Ethereum's Glamsterdam upgrade was scheduled to activate on Sepolia on October 6, 2026, advancing from the Platåberget testnet phase to an imminent public testnet milestone — with enshrined proposer-builder separation, block-level access lists, and revised gas pricing as key changes [1].
- 2.The SEC proposed new crypto custody rules for investment advisers and funds on October 1, while Commissioner Hester Peirce — the agency's most consistent internal crypto advocate — departed on October 2, removing a key voice for market-friendly regulation at a critical rulemaking juncture [3].
- 3.The CFTC submitted two rules to the White House OMB on September 28 seeking to classify prediction market event contracts as swaps and sever them from gambling definitions, directly countering recent Sixth and Eighth Circuit rulings — creating a federal circuit split that may require Supreme Court resolution [9].
- 4.Bitcoin held near $83,000–$87,000 through the 10-year Treasury yield reaching 2007 highs and the 30-year crossing 5.6%, with Citigroup raising its 12-month bitcoin target to $113,000 and its ether target to $3,028 [4].
- 5.DeFi TVL stabilized near $95–96 billion, with Sentora adding $392 million in weekly TVL — the largest single-protocol weekly inflow — and Morpho adding $302 million, while Aave led a 5% DeFi index gain on token-burn speculation before partially reversing [17].
- 6.RWA tokenization active AUM grew from approximately $28.9 billion to $31.8 billion across the week, with Franklin Templeton's tokenized fund reaching Bybit as collateral, Goldman Sachs integrating its $100 billion Treasury fund into institutional crypto plumbing, and Petrobras testing Cardano for sustainable fuel tracking [18].
- 7.Solana ETFs drew a record $188 million in a single week with Friday's $87 million intake setting a daily record, while Alpenglow remained active on both devnet and testnet with no mainnet date announced [4].
- 8.The Bitget hack aftermath continued: hackers moved $83 million in stolen XRP that Ripple cannot freeze, transferred $4 million into Zcash's private pool, and THORChain rejected Bitget's request to block hacker addresses — illustrating the limits of freeze controls across decentralized infrastructure [4].
- 9.Blast, once home to more than $2 billion in crypto assets, announced it is shutting down as activity faded and larger platforms built competing networks, illustrating accelerating L2 consolidation around platforms with distribution advantages [4].
- 10.Crypto job postings more than tripled from 382 in July to 1,241 in September, with finance, engineering, and trading leading demand — while applications fell from 25,700 to under 20,000, signaling tightening competition for specialized workers [14].
- 11.The UK opened a five-month crypto regulatory application window with a February deadline preceding the new framework's planned October 2027 introduction, while Illinois agreed to delay its 0.2% crypto tax until July 1 pending court approval [4].
- 12.The Basel Committee met on October 1 to discuss AI risks for the global banking system, and the BIS published research on trusted execution environments for central banks — signaling that AI risk in financial infrastructure is becoming a primary supervisory focus for 2027 [21].
- 13.Polygon passed $3 trillion in cumulative stablecoin transfer volume and introduced crypto checkout in its Open Money Stack, while Monerium, Frax, and Capa connected euro payments to onchain FX markets on Polygon [16].
- 14.Privacy technology advanced simultaneously across Zcash (Tachyon code integration targeting 50,000+ private payments per second), Ethereum (zkAPI mainnet launch), and Aztec (zk.money relaunch) — while the Bitget hackers' use of Zcash's private pool accelerated regulatory attention to privacy-preserving infrastructure [4].
- 15.The Web3 Foundation published research estimating that Big Tech and AI extract up to $160,000 in commercial value from the average internet user over a digital lifetime, framing data sovereignty as a core Web3 value proposition [2].
市場動向
Bitcoin Consolidates Near $84K–$87K as Macro Headwinds Intensify
Bitcoin traded in a $83,000–$87,000 range throughout the reporting week, briefly touching $87,000 on soft PCE data before yields pulled it back. The 10-year Treasury yield reached levels last seen in 2007 and the 30-year crossed 5.6% — its highest since June 2002 — yet Bitcoin held well above its summer lows near $58,000 [12]. Citigroup raised its 12-month bitcoin target to $113,000 and its ether target from $2,240 to $3,028 [4]. The pattern — Bitcoin decoupling from equities while bond volatili…
DeFi TVL Stabilizes Near $95–96B as Lending Protocols Lead Inflows
DeFi total value locked oscillated between $94.8 billion and $96.9 billion across the reporting week, with Lido holding near $26.5–26.9 billion, Aave near $19.2–19.6 billion, and Morpho climbing to $11.3 billion [17]. Sentora added $392 million in TVL over seven days — the largest single-protocol weekly inflow tracked — while Morpho added $302 million. The DeFi Select Index gained 5% in a single session on Aave token-burn speculation before giving back gains the following day [10]. The stability…
RWA Tokenization Reaches $31.8B Active AUM as Institutional Adoption Broadens
Total RWA active AUM grew from approximately $28.9 billion at the start of the reporting period to $31.8 billion by October 4, with Securitize leading at $4.27 billion, Tether at $3.46 billion, and Ondo at $2.72 billion [18]. Franklin Templeton's tokenized money market fund was brought to Bybit as collateral for USDT or USDC trading credit lines [4]. Goldman Sachs brought its roughly $100 billion Treasury fund into institutional crypto plumbing without creating a tokenized version, and BlackRock…
Stablecoin Market Holds Near $307B as USDC Loses Share to USDT
The total stablecoin market cap held near $306–307 billion across the week, with USDT growing to $184 billion and USDC declining from approximately $75.4 billion to $74.2 billion — a 7-day drop of roughly 1.6% [19]. USDT dominance rose from 59.93% to 59.97% over the period. Polygon passed $3 trillion in cumulative stablecoin transfer volume and introduced crypto checkout in its Open Money Stack [16]. A new entrant, Open USD, launched with a cooperative equity model distributing ownership to part…
Crypto Hiring Surges as Industry Exits H1 Downturn
Cryptocurrency job postings more than tripled from 382 in July to 1,241 in September, with the number of recruiting companies rising from 107 to 125, according to CryptoJobsList data [14]. Finance, engineering, and trading led hiring demand, with Bitcoin, Ethereum, and Solana as the most frequently requested blockchain skills. Applications fell from 25,700 in July to under 20,000 in September, suggesting competition for specialized workers is tightening as openings increase. The hiring surge — w…
競合動向
Ethereum's Glamsterdam Upgrade Advances to Sepolia; zkAPI Launches on Mainnet
The Glamsterdam network upgrade — which follows Fusaka and introduces enshrined proposer-builder separation, block-level access lists, and revised gas pricing — was scheduled to activate on Sepolia at epoch 353,024, slot 11,296,768 on October 6, 2026, with Hoodi and mainnet dates not yet decided [1]. Node operators must update both execution and consensus layer clients before activation. Separately, the Ethereum Foundation's dAI Team launched zkAPI on Ethereum Mainnet, enabling private API usage…
Solana Alpenglow Reaches Both Test Networks; Ecosystem Expands Into ETFs and AI Payments
Solana's Alpenglow upgrade, targeting 150-millisecond finality versus the current 12.8 seconds, became active on both devnet and testnet, with no mainnet launch date announced [6]. Solana ETFs drew a record $188 million in a single week, with Bitwise taking two-thirds of inflows and Friday's $87 million intake setting a daily record [4]. Cardano joined Solana and XRP Ledger in the race to power AI agent payments via the x402 standard. The combination of Alpenglow's testnet progress, record ETF i…
Kraken Parent Payward Bets on Full Financial Infrastructure; BNY Explores Partnership
Kraken's parent company Payward announced a strategy to unify trading, payments, asset management, and institutional services on common rails, positioning itself as financial infrastructure rather than a crypto exchange [4]. BNY was reported to be in talks with Payward over a potential infrastructure partnership spanning digital assets, custody, trading, payments, and other financial-market infrastructure [4]. The Binance-Circle USDC deal — a five-year agreement that analysts said could strength…
Blast L2 Shuts Down as L2 Consolidation Accelerates
Blast, once home to more than $2 billion in crypto assets, announced it is shutting down as activity faded, costs rose, and larger platforms including Coinbase and Robinhood built competing networks [4]. The shutdown illustrates a broader L2 consolidation dynamic: the Dune Analytics trending blockchain data shows Ethereum maintaining 45,900 active addresses, Base at 9,372, and Polygon at 11,028, while smaller L2s struggle to sustain activity [20]. Robinhood's announcement of U.S. perpetual futur…
Privacy Technology Accelerates Across Multiple Protocols
Privacy infrastructure saw coordinated advancement across multiple protocols this week: Zcash developers began moving Project Tachyon code into Zakura Common, targeting more than 50,000 private payments per second [4]; Gemini switched to Zakura nodes enabling 25-second blocks; zk.money relaunched on the Aztec Network after three years; and Ethereum's zkAPI launched on mainnet enabling private API usage [1]. The Bitget hackers moved $4 million into Zcash's private pool, making funds harder to tra…
制度・規制動向
SEC Proposes Crypto Custody Rules for Investment Advisers; Hester Peirce Departs
The SEC proposed new rules addressing how investment advisers and funds can custody crypto assets under federal securities laws, announced on October 1, 2026 [3]. The proposal was described as a swan song for Commissioner Hester Peirce — the agency's most consistent internal crypto advocate, sometimes known as 'Crypto Mom' — who departed on October 2 [4]. The SEC also maintained its featured 'Innovation Exemption' for tokenized NMS stock trading on its homepage throughout the week [3]. Peirce's …
CFTC Escalates Prediction Market Jurisdiction Fight With White House Rule Submissions
The CFTC submitted two rules to the White House Office of Management and Budget on September 28: one proposing to extend the regulatory definition of swaps to include event contracts traded on platforms including Kalshi, Polymarket, Crypto.com, and Robinhood; and an interim final rule that would remove 'casino-style gambling products' from what can constitute a swap [9]. The moves come after the Sixth and Eighth Circuit Courts of Appeals ruled that Kalshi's sports contracts are not swaps and are…
UK Opens Crypto Regulatory Application Window With February 2027 Deadline
The UK opened a five-month crypto regulatory application window, with a February deadline preceding the new regulatory framework's planned introduction in October 2027 [4]. The application window follows years of legislative development and represents the UK's formal transition from a light-touch approach to a structured licensing regime. Illinois separately agreed to a six-month delay of its 0.2% crypto tax until July 1, pending court approval, as the industry continues its legal challenge [4].…
Basel Committee Discusses AI Risks for Banking; BIS Publishes TEE and NBFI Research
The Basel Committee met on October 1 to advance supervisory initiatives and discuss risks to the global banking system, explicitly including exchanges of views on artificial intelligence developments for banks and supervisors [21]. The BIS published BIS Paper No. 173 on trusted execution environments (TEEs) for central banks, examining what TEEs can responsibly deliver and the conditions under which they are most effective [21]. BIS Bulletin No. 136 warned that near-record-high government debt l…
ソース活動
先週からの変化
Ethereum Glamsterdam Testnet Activation Scheduled for October 6
The Glamsterdam upgrade — introducing enshrined proposer-builder separation, block-level access lists, and revised gas pricing — was scheduled to activate on Sepolia at epoch 353,024, slot 11,296,768 on October 6, 2026, with Hoodi and mainnet dates undecided. Node operators must update both execution and consensus layer clients before activation [1]. This advances the Glamsterdam timeline from the Platåberget testnet phase documented in the previous period to an imminent public testnet activatio…
SEC Proposes Crypto Custody Rules; Hester Peirce Departs October 2
The SEC proposed new rules on October 1 addressing how investment advisers and funds can custody crypto assets under federal securities laws [3]. Commissioner Hester Peirce — the agency's most consistent internal crypto advocate — departed on October 2 as announced. The custody proposal and Peirce's departure together mark a significant shift in the SEC's internal crypto policy dynamics at a critical rulemaking juncture.
CFTC Submits Prediction Market Swap Definition Rules to White House
The CFTC submitted two rules to the White House OMB on September 28: one extending the swap definition to include event contracts, and an interim final rule removing casino-style gambling products from swap definitions — directly countering recent Sixth and Eighth Circuit rulings that Kalshi's sports contracts are not swaps [9]. The circuit split makes Supreme Court resolution increasingly likely.
Bitget Hack Aftermath: $83M XRP Moved, $4M Into Zcash Privacy Pool
The Bitget hack — first reported in the previous period as part of September's security crisis — continued to evolve: hackers moved $83 million in stolen XRP that Ripple cannot freeze, with two wallets nearly emptied and a third being drained [4]. Separately, $4 million was moved into Zcash's private Ironwood pool, making funds harder to trace. THORChain rejected Bitget's request to block hacker addresses, with CoinDesk finding 27 successful swaps moving approximately 2,390 ETH into 75.2 BTC [4]…
Blockchain Association Leadership Transition Confirmed for October 16
The Blockchain Association confirmed that Summer Mersinger will be replaced by founder Kristin Smith as interim CEO effective October 16, following the Clarity Act's Senate failure [8]. Smith will retain her role as president of the Solana Policy Institute. The transition formalizes the industry's pivot from legislative strategy to agency engagement as the primary U.S. regulatory channel.
ウォッチリスト — 今後の締切
Ethereum Glamsterdam upgrade activates on Sepolia testnet at epoch 353,024, slot 11,296,768 (13:53:36 UTC)
ソース: Ethereum Foundation Blog示唆・見るべき論点（10件）
- 1.Hester Peirce's departure from the SEC is more consequential than a single commissioner exit typically would be, because she was the institutional anchor for the Crypto Task Force's market-friendly orientation. With Chairman Atkins now setting direction without Peirce's counterbalancing influence, the SEC's custody proposal and any subsequent tokenization rules will be shaped by a narrower internal coalition — making the public comment process the primary channel for industry input on rules that…
- 2.The CFTC's decision to submit prediction market swap definition rules to the White House while operating with a single commissioner — Chairman Selig acting unilaterally — creates a structural fragility in the regulatory framework. Rules issued by a one-member commission are more vulnerable to legal challenge than those issued by a full five-member body, which means the prediction market jurisdiction fight may ultimately be decided by courts rather than regulators regardless of the OMB review out…
- 3.Blast's shutdown is a leading indicator for the broader L2 landscape: the platforms that survive consolidation will be those with distribution advantages (Coinbase's Base, Robinhood's chain) or institutional validator sets (Circle's Arc) rather than those with technical differentiation alone. The Dune Analytics data showing Ethereum at 45,900 active addresses, Base at 9,372, and Polygon at 11,028 — while smaller L2s struggle — confirms that network effects are concentrating around a small number…
- 4.The Bitget hack's continued evolution — $83 million in XRP moved beyond freeze controls, $4 million into Zcash's private pool, THORChain rejecting block requests — illustrates a fundamental asymmetry in crypto security: freeze controls work for centralized stablecoin issuers (Circle and Tether blacklisted wallets) but fail against decentralized infrastructure (THORChain, Zcash). This asymmetry will drive regulatory pressure toward mandatory KYC/AML requirements for decentralized protocols, which…
- 5.The simultaneous advancement of privacy technology across Zcash, Ethereum's zkAPI, and Aztec's zk.money — combined with the Bitget hackers' exploitation of Zcash's private pool — creates a regulatory dilemma: the same technology that enables legitimate financial privacy also enables money laundering. Regulators who have been tolerant of privacy technology in development will face pressure to act now that it is being used in a high-profile hack, potentially accelerating compliance requirements fo…
- 6.Citigroup's $113,000 12-month bitcoin target — issued while the 10-year Treasury yield was at 2007 highs — reflects a structural shift in how institutional analysts model Bitcoin's macro correlation. The implicit assumption is that Bitcoin will continue to decouple from equities and track gold through the rate cycle, which is a significant departure from the 2022 framework where Bitcoin was treated as a high-beta risk asset. If this framework becomes consensus among institutional analysts, it wi…
- 7.The RWA tokenization market's expansion from financial assets (Franklin Templeton's money market fund on Bybit, Goldman Sachs Treasury integration) into energy and supply chain (Petrobras testing Cardano for sustainable fuel tracking, XRP Ledger carrying Brazilian fund records) signals that the technology is crossing the chasm from financial services into industrial applications [13]. This broadening of use cases is significant because it creates demand for blockchain infrastructure from sectors…
- 8.The crypto hiring surge — job postings tripling from 382 in July to 1,241 in September while applications fell from 25,700 to under 20,000 — creates a talent supply constraint that will shape which companies can execute on the institutional tokenization opportunity [14]. Companies with established talent pipelines (Coinbase, Kraken, Circle) have a structural advantage over new entrants, which may accelerate consolidation around existing platforms rather than enabling new competitors to emerge.
- 9.The Basel Committee's explicit discussion of AI risks for the global banking system — combined with the BIS's TEE research and the FSB's frontier AI warning — signals that the next major regulatory wave after stablecoin frameworks will focus on AI in financial infrastructure, including AI agents interacting with blockchain protocols [21]. Apollo's Torsten Slok's warning that AI agents could trigger bank runs by automatically moving household cash to higher-yield alternatives is the kind of syste…
- 10.Polygon's milestone of $3 trillion in cumulative stablecoin transfer volume — combined with its 11 million payments per second capacity and the addition of Monerium, Frax, and Capa for euro payments — positions it as the most active payment-focused blockchain infrastructure, distinct from Ethereum's smart contract focus and Solana's speed focus [16]. The Open Money Stack's crypto checkout feature and recurring stablecoin subscriptions suggest Polygon is building toward a payments-as-a-service mo…
信頼度サマリー
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参照ソース一覧
Glamsterdam Sepolia testnet activation announcement and zkAPI mainnet launch
Web3 Foundation research estimating Big Tech extracts up to $160,000 in commercial value per internet user over a lifetime
SEC proposal on crypto custody rules for investment advisers and funds; Innovation Exemption for tokenized NMS stock
Primary source for institutional moves, regulatory actions, security incidents, protocol developments, and market data across the reporting week
Vitalik Buterin's 2030 cryptographic world computer vision designating Hegotá as Ethereum's last normal fork
Solana Alpenglow upgrade reaching both devnet and testnet with 150-millisecond finality target
Bitcoin ETF flow reversal from $5.8 billion deficit to positive territory for 2026
Blockchain Association leadership transition with Kristin Smith returning as interim CEO effective October 16
CFTC submission of prediction market swap definition rules to White House OMB
Aave 11% gain leading DeFi Select Index 5% rise despite 10-year Treasury yield at 5.234%
Blockchain.com targeting $500 million IPO at $4–6 billion valuation by end of 2026
Bitcoin consolidation near $83,000 and Lighter token 17% drop on Robinhood perpetuals announcement
Petrobras testing Cardano blockchain for sustainable aviation fuel and Diesel R emissions tracking
Crypto job postings tripling from 382 in July to 1,241 in September while applications fell
Industry shift from building blockchain products to driving adoption and user retention
Polygon passing $3 trillion in stablecoin transfer volume, crypto checkout launch, and Monerium/Frax/Capa euro payment integration
DeFi TVL near $95.8 billion with Sentora adding $392M and Morpho adding $302M in weekly inflows
RWA active AUM reaching $31.8 billion with Securitize at $4.27B, Tether at $3.46B, and Ondo at $2.72B
Stablecoin market cap near $306.9 billion with USDT at $184B and USDC declining to $74.2B
Blockchain activity data showing Ethereum at 45,900 addresses, Base at 9,372, Polygon at 11,028
Basel Committee AI risk discussion, BIS Paper No. 173 on TEEs for central banks, BIS Bulletin No. 136 on NBFI market dysfunction risk
FSB chair letter warning of market vulnerability to disorderly correction and frontier AI risks
LF Decentralized Trust institutional adoption report and Hyperledger Cacti v3 release
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