The "BTC 5-Minute Price Fluctuation Market" on Polymarket saw $25.2 million in trading volume over 40 hours.

Blockworks researcher Kunal Doshi published an article on the X platform stating that Polymarket's newly launched 5-minute BTC market generated $25.2 million in trading volume within 40 hours of its launch. The average trading volume per window was approximately $52,000, reaching 10% to 20% of the 15-minute market's trading volume. Data shows that 7.1% of individual addresses simultaneously bought both Yes and No orders within a single window, while only 4.2% of addresses did so across more than 50 windows. Although these addresses were fewer in number, they accounted for 7.5% of the total trading volume and 23.4% of the total number of transactions. Of these, 92.6% of the orders were buy orders, and 72.3% were pending orders that were filled. These addresses profited in 80% of the windows, with a median Yes + No transaction price of $0.9823. Currently, the market exhibits early arbitrage activity; if structured liquidity is introduced, the 5-minute market's trading volume is expected to surpass that of the 15-minute market.