Prediction Markets Hit 12 Billion January Record as Coinbase Joined U.S. Trading

Key Insights:

• The latest crypto news shows that prediction markets topped 12 billion in January trading volume, Wu Blockchain said.
• On-chain fees exceeded 11 million, Dune data from Gate Research showed.
• Coinbase launched a U.S. prediction platform with Kalshi, according to one report.

Prediction markets crossed 12 billion in January volume, Wu Blockchain reported. Kalshi, Polymarket, Opinion, and Probable each posted over 1 billion volume. Dune data tracked more than 11 million in on-chain fees for January activity.

The January spike mattered because prediction markets pushed into mainstream crypto news. The same report said Coinbase launched a U.S. event-based trading platform with Kalshi. That pairing framed January as an expansion month for prediction markets access.

Prediction Markets Volume Hit a Broad-Based January Peak

Wu Blockchain said prediction markets exceeded 12 billion in January volume. The post cited Dune data from Gate Research’s dashboard. The same data set showed multiple venues crossing 1 billion volume.

That platform mix mattered because it reduced single-venue dependency risks. Kalshi, Polymarket, Opinion, and Probable each cleared 1 billion, Wu Blockchain said. That breadth suggested users spread activity across several contract books.

The other report tied the record month to rising use of event contracts. It said traders took positions on politics and macroeconomic outcomes. That behavior fits the core design of prediction markets pricing.

January’s numbers, which appeared in crypto news, also highlighted how quickly trading intensity clustered. The fee table showed a steep drop after the leaders. Traders appeared to concentrate liquidity where listings stayed most active.

Prediction Market’s Fees Showed Where Traders Clustered Liquidity

Dune data showed more than 11 million in on-chain fees in January. Wu Blockchain said Opinion generated 6.14 million in fees. The same post said Polymarket generated 2.62 million.

The fee split implied unequal settlement and activity patterns across venues. Opinion produced over twice Polymarket’s fee total, per Wu Blockchain. Traders likely preferred Opinion’s listings or execution conditions during January.

Fees also served as a rough proxy for sustained engagement. The record month did not rely only on one-off headline events. The dashboard data suggested recurring contract turnover through the month.

Another report linked higher fees to deeper market participation. It said the combination of volume and fees pointed to improving liquidity. That claim matched the visible spread of billion-volume venues.

Even so, fees did not prove uniform market quality. A concentrated fee profile sometimes reflected thin depth outside core contracts. Traders could still face slippage in less liquid event lines.

Prediction Markets Met U.S. Entry Through Coinbase and Kalshi

The second source said Coinbase launched a U.S. prediction market platform in January. It said Coinbase built the product in partnership with Kalshi. The report framed the launch as regulated event-based trading access.

Kalshi’s structure relied on yes or no event contracts, the report said. Traders bought positions on predefined outcomes and settled at resolution. Prices then reflected implied probabilities from the market.

The report also said Kalshi reached an 11 billion valuation. That valuation figure set the context for why Coinbase chose a partner. A large venue reduced early product risk for Coinbase.

Coinbase’s entry also raised questions about contract selection and compliance. The report said users traded elections, sports, and economic indicators. That mix could expand volumes but also raise scrutiny sensitivity.

The move also fits Coinbase’s push toward broader product categories, the report said. It described Coinbase as building an “everything exchange” model. That framing suggested Coinbase planned further event listings.

Outlook for Prediction Markets After the January Record

The January record set a high bar for near-term comparisons. Wu Blockchain’s data pointed to 12 billion monthly volume as the latest peak. Prediction markets often showed bursty flows around major event cycles.

Coinbase’s U.S. platform added a new distribution channel. The other report said the Kalshi partnership opened access under a regulated framework. That could pull incremental traders toward event contracts.

Fee leadership also created a competitive map for 2026 positioning. Opinion led January fees at 6.14 million, Wu Blockchain said. Polymarket followed at 2.62 million, per the same data.

The next signal likely came from whether billion-volume venues repeated January levels. Traders usually returned where contract design stayed tight and liquid. Prediction markets now faced a test of retention after a record month.