Interesting observation from the prediction markets this past week. While crypto was getting hammered pretty hard, activity on these platforms actually went nuts. Dune data shows transaction counts hit a new record at 26.39 million across the board, which is wild considering the broader market sentiment.

Polymarket was the clear leader with 13.34 million transactions, followed by Kalshi at 11.88 million. Opinion came in third with around 379k. The volume numbers tell the same story - Polymarket did $2 billion in weekly volume (up 18.4% week-over-week) while Kalshi hit $1.4 billion, up 8.5%.

Says something interesting about crypto markets right now. When everyone's panicking about prices, there's still massive demand for speculation and hedging. Prediction markets seem to be where people go when they want to bet on outcomes rather than just hold or trade spot. Makes sense that this would pop off during volatility.