Recentering the industry research institutions' annual summaries of the prediction markets, a phenomenon has become super clear——prediction markets are no longer simple gambling tools; they have evolved into macro asset hedging tools and infrastructure for real-time news feedback.

From a data perspective, by 2025, the cumulative trading volume of prediction markets has already surpassed 51 billion USD, with open interest (OI) remaining stable around 13 billion USD. The entire market has formed a clear dual-head competitive pattern, with two major platforms firmly occupying market share.

What does this change indicate? Prediction markets are transforming from niche products into more widespread risk pricing tools. Whether institutional or retail investors, they are beginning to see it as a window for hedging macro risks and tracking sudden events. Quite interesting.