Crypto traders spend $9.7B on fees as the next Bitcoin drawdown will expose which on-chain costs are real
CryptoSlate
A 1kx report warns that while crypto fees are surging, a Bitcoin downturn will reveal which sectors have durable revenue versus those reliant on speculation.Summary
Crypto traders paid $9.7 billion in on-chain fees in the first half of 2025, marking a 41% year-over-year increase. A new report by 1kx highlights that much of this growth is reflexively tied to Bitcoin’s price and speculative market sentiment. While sectors like DePIN, stablecoins, and real-world assets demonstrate lower correlation to Bitcoin due to their reliance on operational demand, reflexive sectors such as liquid staking, launchpads, and vault curators remain highly sensitive to market downturns. The report cautions that a significant Bitcoin drawdown would test the quality of these fee streams, potentially triggering a sharp valuation repricing for assets currently misidentified as stable businesses.
(Source：CryptoSlate)