Bernstein: Prediction markets are evolving into institutional hedging tools because, as Bernstein said, Kalshi’s executed its first block trade. Prediction markets are evolving into institution-level hedging tools for macro and event-driven risk. In March, Kalshi executed its first customized bulk block trade arranged through Greenlight Commodities, involving a Houston-based environmental hedge fund, with Jump Trading as the liquidity provider. The exposure corresponded to the clearing price of California’s May carbon allowance auction. The deal shows that binary contracts can be used to build specific institutional exposures rather than generalized speculation. The collaboration between Clear Street and Kalshi enables institutional investors to access prediction markets through regulated channels and trade alongside stocks and futures. Retail traders still dominate, accounting for more than 80% of the $25.7 billion in U.S. trading volume recorded in March, but Bernstein believes that, over the next decade, increased institutional participation could significantly expand the industry’s scale. #美国寻求战略比特币储备