Bloomberg, citing data compiled by a Dune Analytics user, reported that weekly notional volume in crypto-related contracts on Kalshi and Polymarket hit a record $2.7 billion last week, driven mainly by bets on short-term Bitcoin and other crypto price moves. Crypto now ranks second only to sports on both platforms.

Crypto exchanges are expanding into prediction markets as spot volumes decline, with Coinbase's offering powered by Kalshi. However, legal challenges to sports contracts in several U.S. states could affect crypto exchanges' willingness to expand into prediction markets.