Cryptocurrency Prediction Market Weekly Trading Volume Reaches $2.7 Billion, Setting a New Record

Last week, the nominal trading volume of cryptocurrency-related event contracts on Kalshi and Polymarket reached $2.7 billion, setting a new historical high. The trading volume mainly came from "up/down" contracts, where traders bet on the price movements of assets like Bitcoin at the end of time periods ranging from five minutes to the market close. Notably, Kalshi's 15-minute Bitcoin contracts can exceed $1 million in single-period trading volume. Currently, cryptocurrency is the second largest category on both platforms, following sports. Coinbase, Crypto.com, Gemini, and Kraken have obtained relevant licenses in the U.S., while Blockchain.com has submitted an application. Meanwhile, the daily trading volume of spot trading on centralized exchanges has dropped to about $33 billion, compared to the common levels of $70 billion to $100 billion seen in January and February of this year.

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