“Anytime crypto markets go bearish, someone frames it as a morality tale about excess crashing into regulation. That’s a tidy argument, but incomplete.”

If you want a permissive channel for betting on uncertainty, crypto hits the spot: All digital, vaguely regulated, truckloads of volatility, and realistic prospects for gains.

Prediction markets are now contesting that role. Their rapid rise has sucked up some of crypto’s speculative energy and made the current bear market worse.

When one trading route narrows, another tends to open. A chunk of crypto’s risk appetite has been diverted elsewhere, down a road with fewer frictions and clearer rules.

Key takeaways
Prediction market volumes… Read more on Benzinga