Crypto Prediction Market Weekly Trading Volume Hits Record High of $2.7B

October 24 – According to Bloomberg, citing user statistics on Dune Analytics, crypto-related event contracts on Kalshi and Polymarket recorded $2.7 billion in weekly notional trading volume last week, a record high. Volume came mainly from "up/down" contracts, in which traders bet on whether bitcoin and other assets will rise or fall over periods ranging from 5 minutes to the close of the day, with a single period of Kalshi's 15-minute bitcoin contracts able to exceed $1 million in trading volume. Crypto is currently the second-largest category on both platforms, behind sports. Coinbase, Crypto.com, Gemini and Kraken have obtained the relevant US licenses, and Blockchain.com has submitted an application. Meanwhile, daily spot trading volume on centralized exchanges has fallen to about $33 billion, compared with the $70 billion to $100 billion typically seen in January and February this year.