Perhaps this is because "the market" is of the opinion that prediction markets aren't an optimal tool for hedging if you also have leveraged futures that are much more straight forward? (and potentially cheaper?)

Compare the volume of prediction markets re: BTC price, versus open interest on futures - first aggregate I could find: https://coinalyze.net/bitcoin/open-interest/

22M vs 37B at peak.

Say you would convert $5000 of your hard earned fiat wage into sats earlier this week when it dumped under 100k. There's always a chance that it will dump further. So, to hedge, you convert only $4900 and put $100 with 50x leverage on BitMex' short perp BTC/USD. Now you're hedged at the max cost of 2% of your trade - like insurance against it dumping further to $70k. If that happens, you at some point simply cover or close your position and buy sats with your "insurance payout".

How would a prediction market that tracks sentiment be more efficient than a direct hedge?