Prediction markets are seeing heavy activity on crypto price outcomes. Tens of millions in volume have been spent on Bitcoin’s January price alone, alongside high-volume contracts for Ethereum, XRP, and Solana.

The concentration of capital in short-term price bets has raised concerns about crypto’s future. These rotating, binary wagers suggest the industry is being treated less as a long-term investment asset class and more as a speculative wagering venue.

Crypto prediction polls are gaining traction on Polymarket. One contract, which will remain active through the end of the week, has already recorded nearly $67 million in trading volume tied to Bitcoin’s price by the end of January.