Recently, Bitcoin has been on a downward trend, and many sectors have followed suit. Especially in the perpetual DEX space, the leading platform Hyperliquid's $HYPE has fallen over 50% from its September peak, with market enthusiasm and liquidity at a freezing point.

But interestingly, amidst this downturn, the prediction market has unexpectedly gained popularity. Why? The key reason is that the leading platform Polymarket has not yet issued its token. This gap has directly provided a perfect opportunity window for emerging platforms.

Newcomers like Kalshi, Opinion, and Predict.fun each have their own approaches to regulatory thinking and mechanism design, offering investors a low-risk yet highly imaginative way to participate.

**Kalshi: The Veteran of Regulated Predictions**

Kalshi was established in 2018 by former Silicon Valley engineers Tarek Mansour and Luana Lopes Lara. The platform allows you to bet on various prediction markets in politics, sports, and cryptocurrencies.

It may not sound extraordinary, but the growth curve is astonishing. In early 2025, the monthly trading volume was only a few hundred million dollars, but by Q4, it skyrocketed to $13 billion. Just in one week, the trading volume reached $1.7 billion — this growth rate is truly insane.

**Main Selling Point: Dual-Track System of Fiat + Crypto**

Kalshi's greatest advantage is that it bridges traditional finance and crypto assets. This means you can participate using regular fiat currency or directly with cryptocurrencies, making entry and exit more flexible.