BTC 1-hour increase of 0.46%: On-chain transaction fees surge and low liquidity jointly drive price fluctuations

From April 16, 2026, 15:00 to April 16, 2026, 16:00 (UTC), the BTC price showed a +0.46% return, fluctuating within the price range of 73,939.7 to 74,440.0 USDT, with an amplitude of 0.68%. During this period, market attention was concentrated, and volatility slightly increased, reflecting active short-term trading and investors’ quick response to on-chain data changes.

The main driver of this anomaly was a surge in on-chain trading demand, directly causing the average transaction fee for BTC on April 15 to jump 36.94% compared to the previous day, reaching $0.4452 per transaction, a significant high point in nearly two weeks. This abnormal spike indicates increased market activity and possibly large-scale on-chain capital operations. Additionally, BTC market liquidity remained low, with order book depth staying below $130 million for an extended period in mid-April, down about 50% from six months ago. The decline in derivatives and spot ETF trading volumes further amplified the impact of capital inflows on price movements.

Meanwhile, macro risk-averse sentiment resonated in the market. The international spot price of gold rose to $4,818.89 per ounce on April 16, nearly a 10% rebound from recent lows, reflecting risk-avoidance capital outflows driven by geopolitical risks, some of which flowed into mainstream digital assets like BTC, reinforcing BTC’s short-term safe-haven attributes. The convergence of multiple factors—liquidity depletion, surging transaction fees, and risk-averse capital flows—jointly drove the phase anomaly in BTC prices.

It is important to note that market liquidity remains fragile, with order book depth and ETF trading volume not recovering rapidly. Large single capital movements could cause greater volatility. If transaction fees remain high, it may suppress trading activity among ordinary users. Meanwhile, changes in gold prices and macro risk-averse sentiment remain key indicators to watch. Short-term investors should monitor on-chain capital movements, liquidity recovery, and sudden macro events affecting BTC prices, and stay informed of market conditions to mitigate phase risks.