Crypto traders spend $9.7B on fees as the next Bitcoin drawdown will expose which on-chain costs are real

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 [ ]