加密货币交易者在费用上花费了 9.7B 美元，因为下一次比特币回撤将暴露哪些链上成本是真实的

Users paid $9.7 billion in on-chain fees in the first half of 2025, up 41% year over year and the second-highest total on record. 1kx projects more than $32 billion in on-chain fees for 2026, driven by accelerating application growth. That growth has pushed the word “revenue” into every crypto investor pitch deck, every sector report, and every valuation conversation. The report added that a Bitcoin drawdown may stress-test protocol fees. 1kx's April sector analysis finds that nearly every crypto fee category shows a positive correlation with BTC price. There is also wide dispersion across sectors, and the critical variable of downside beta is still unresolved. The firm says a 0.6 correlation can mean very different things depending on whether sector fees fall at 0.8x Bitcoin's pace or at 1.5x, and it identifies the decomposed upside versus downside fee sensitivity. Related Reading Bitcoin miner fees are close to zero as cost to mine nears $80,000 with difficulty about to drop 5% With fees contributing almost nothing, miners depend on price, efficiency, and cost control as the next reset approaches. Apr 10, 2026 · Liam 'Akiba' Wright In crypto, a fee line can look like a business in an up market and still trade like amplified BTC beta when macro fear arrives. A horizontal bar chart ranks crypto fee sectors by BTC correlation, with liquid staking at 0.75 and DePIN at 0.05, the lowest reading shown. The reflexive fee cluster The sectors 1kx identifies as most correlated with Bitcoin price share a common economic architecture that improves when prices rise and deteriorates when they fall, often faster than the underlying asset itself. Liquid staking and restaking sit at the top of that cluster, with their fee streams depending on yields that expand as borrowed capital and risk appetite grow and contract as they retreat. Vault curators face the same pull, as assets flow in when price momentum is positive and out when sentiment reverses. Launchpads are the most acutely s