Kalshi and Polymarket recorded a weekly high of $2.7 billion in combined crypto event-contract notional volume, with brisk trading in short-window Bitcoin (BTC) direction markets.
The figure covers crypto event contracts across both platforms, not Bitcoin alone. On Kalshi, a trade in a 15-minute Bitcoin price contract can be worth more than $1 million. Some traders use automated software to seek opportunities in the final seconds before contracts expire.
Sports remained the largest category, while crypto's July volume reached about $7.3 billion, making it the platforms’ second-largest category.
Declining spot activity at centralized exchanges is prompting crypto firms to pursue other business lines. Coinbase, Crypto.com, Gemini and Kraken are seeking licenses or partnerships as routes into prediction markets.
Several U.S. states have challenged sports prediction contracts, and those disputes may affect how the industry develops.
