According to @KookCapitalLLC, Hyperliquid’s uBTC is the only BTC Layer 2 that matters for using BTC in DeFi, implying liquidity consolidation toward Hyperliquid over alternative Bitcoin L2s (source: @KookCapitalLLC on X, Oct 1, 2025). For trading, monitor uBTC versus BTC price basis and funding rate differentials across venues to gauge potential demand migration toward Hyperliquid (source: @KookCapitalLLC on X, Oct 1, 2025). Track uBTC market depth, open interest, and bid-ask spreads on Hyperliquid to assess executable size and slippage risk if liquidity concentration accelerates (source: @KookCapitalLLC on X, Oct 1, 2025). Watch uBTC mint/bridge inflows and Hyperliquid on-chain activity and fee trends as confirmation of adoption that could influence BTC perp funding and DeFi liquidity flows (source: @KookCapitalLLC on X, Oct 1, 2025). The post signals a potential narrative rotation affecting assets tied to Hyperliquid and broader BTC L2 ecosystems, so risk-manage exposure around catalyst-driven volatility (source: @KookCapitalLLC on X, Oct 1, 2025).