Polymarket and Kalshi Set $176M, $108M Daily Volume Records

Polymarket and Kalshi recorded $176 million and $108 million, respectively, in daily crypto-category volume on June 2, hitting all-time highs on the same day the broader crypto market saw its heaviest liquidation event since February, according to data from analytics firm Artemis. Over $1.76 billion in leveraged positions were wiped out, Bitcoin dropped below $67,000 for the first time since April 2, and total crypto market cap shed roughly $137 billion.

Traders seeking capped-risk exposure during the sell-off likely rotated into binary event contracts, where maximum loss is limited to the purchase price and there is no liquidation risk. Both platforms posted their highest single-day volumes yet during that session, and the sector as a whole closed May with a record $28.4 billion in monthly volume.

The June 2 Liquidation Connection

Prediction markets function as hedges during volatile crypto sessions because their contracts settle to 0 or 1 based on a binary outcome. A trader buying a