news.bitcoin.com
Less than a week after the 2024 U.S. election, the prediction market Polymarket has seen daily trading volume drop sharply.
After Election Spike, Polymarket Returns to Quieter Trading
Before the election between Donald Trump and Kamala Harris, the Polygon-powered Polymarket buzzed with activity as bettors wagered on the presidential outcome. In addition to the presidential race, bettors placed bets on a range of election topics, including candidates for the Senate and House of Representatives and even Federal Reserve rate-cut decisions.
On Nov. 6, just a day after ballots were cast, Polymarket’s trading volume reached an impressive $191 million, according to data collected from Dune Analytics. Today, however, the volume tells a different story, standing at approximately $26 million, with $39 million recorded the previous day.
Since the election, daily volumes haven’t exceeded $40 million. Meanwhile, the number of active daily bettors is dwindling fast. Dune Analytics shows the highest single-day user activity, over 53,000, also occurred on Nov. 6. But today, that number is down to 16,269, with a count above 29,000 the day before. Additionally, Polymarket’s open interest has plummeted from a peak of $450 million to a current $179 million.
It appears that without an election, Polymarket’s 2024 growth might be losing some of its heat. As the election buzz fades, Polymarket’s recent highs in engagement and volume are swiftly cooling. With daily activity and open interest dropping, the platform’s post-election numbers reflect a quieter trading phase ahead. Whether Polymarket can regain momentum or if this dip signals a return to steadier levels remains to be seen in the weeks ahead.