Participants in the cryptocurrency market are flocking to prediction markets in large numbers.

Bitcoin has fallen by nearly 30% since its peak in October last year, with many altcoins performing even worse. Participants in the cryptocurrency market are now flocking to prediction markets. According to data from tracking platform Dune, the weekly nominal trading volume of prediction market trading platforms such as Polymarket and Kalshi has surged from $500 million in June last year to nearly $6 billion in January this year.