The odds of President Trump announcing a ceasefire between the U.S. and Iran have plummeted as the U.S. and Iran have started exchanging strikes.

While a deal was expected to be announced soon, Iran downed an American Apache helicopter on Monday, prompting Trump to call for a "very strong response."

Here's What Prediction Market Is Saying

Polymarket, a Polygon (POL) based prediction platform that allows users to wager on an outcome using the USDC (USDC) stablecoin, is currently betting on a contract "Trump announces US x Iran ceasefire over by…?"

Over $1.5 million has been bet on the contract so far.

The odds of a deal being announced by June 12 have recorded a 43% decrease and bettors see a 7% probability of a deal by this date.

According to bettors, a deal is unlikely by June 15, placing a 15% probability on this date, down by 35%. The odds of a deal by June 30 are higher at 31%, but they have also recorded a decline of 22%.

Trump Says More Strikes Likely

Trump on Wednesday announced that additional military action could follow if Tehran fails to reach an agreement, even as Iran announced the closure of the Strait of Hormuz.

Iran's top military command announced late Wednesday that the Strait of Hormuz would be closed to oil tankers and commercial vessels, warning that any ship attempting to pass through the strategic waterway could come under fire, according to a report by CNN.