Polymarket's newly launched 5-minute Bitcoin market has achieved a trading volume of $25.2 million within just 40 hours of its debut. The average trading volume per 5-minute window was approximately $52,000, accounting for 10% to 20% of the 15-minute market's volume. Notably, 7.1% of unique addresses engaged in simultaneous Yes and No purchases within a single window, contributing to 7.5% of the total trading volume. The market is showing signs of early arbitrage activity, with 92.6% of orders being buy orders and 72.3% executed as limit orders. These addresses were profitable in 80% of the trading windows, with a median combined price of Yes and No at $0.9823. Analysts suggest that with the introduction of structural liquidity, the 5-minute market could potentially surpass the 15-minute market in trading volume.