Kalshi, Polymarket reach record $3B in weekly crypto volume

Kalshi: Kalshi operates a regulated prediction market platform where users trade contracts on outcomes including short-term cryptocurrency price movements. The platform has formed partnerships with crypto exchanges such as Coinbase to power event-based offerings. It accounted for a significant portion of the reported weekly crypto contract volume surge alongside Polymarket. Bloomberg: Bloomberg is a leading provider of financial news, data, and analytics serving global markets and institutions. It published an article drawing on user-generated data to highlight record volumes in crypto prediction markets on Kalshi and Polymarket. The coverage underscores expanding intersections between traditional finance reporting and emerging crypto betting products. Polymarket: Polymarket is a decentralized prediction market platform that facilitates trading on event contracts, with substantial activity in cryptocurrency price predictions. It has grown its user base by focusing on high-interest topics like Bitcoin movements. The platform contributed to the record weekly notional volume in crypto-related contracts cited in recent reporting. Dune Analytics: Dune Analytics offers a platform for querying and visualizing blockchain data through community-built dashboards. A user on the platform aggregated and shared trading volume statistics for crypto contracts on prediction market venues. This compiled data formed the basis for Bloomberg's reporting on recent activity levels. Market Expansion: Crypto exchanges are partnering with prediction market platforms to offer event contracts as traditional spot trading volumes encounter headwinds. Regulatory Environment: Ongoing legal challenges to sports-related contracts in multiple U.S. states could shape how exchanges evaluate expansion into broader prediction market offerings.