Crypto Traders Bet on Approval of Bitcoin ETFs Amid SEC Decision Awaited
Summary:
Traders eagerly anticipate the SEC's decision on Bitcoin ETFs and use the betting platform Polymarket to gamble on the outcome. As of now, bets worth $1.5 million have been placed, mainly favoring the approval of ETFs, with the deadline set for Jan. 15, 2024. However, some Redditors have criticized the gambling while others have taken a more light-hearted view.
In anticipation of the pending decision by the Securities and Exchange Commission (SEC) on spot Bitcoin exchange-traded funds (ETFs), some speculative traders are seizing the opportunity to gamble on the outcome. At Polymarket, a betting platform based on Polygon, traders are speculating whether the Bitcoin ETFs will receive approval, placing "Yes" or "No" wagers ahead of the Jan. 15 deadline. As of now, roughly $1.5 million in bets have been placed, with the majority favoring approval and purchasing "Yes" shares.
A share's value, signifying the probability of a "Yes" or "No" outcome, variances in a fashion similar to cryptocurrency markets. At the moment, a "Yes" share is priced at $0.79 whereas a "No" share costs $0.21. A top bettor, known by the online name "kiwi", has invested almost $421,000 in "Yes" shares, while the top "No" bettor has only around $15,000 in shares.
Polymarket stipulates that should any Bitcoin ETF get the green light from the SEC by Jan. 15, 2024, the market will resolve to "Yes". Alternatively, if no approval is granted, the market will resolve to "No". This infers that by the specified deadline, traders will assess their profits or deficits. The ultimate source for market resolution will be data from the SEC; notwithstanding, authoritative reports may also contribute towards market resolution.
On a side note, some internet users on Reddit took a critical stance on the gambling while others found humor in the situation. A user dubbed the wagering as "foolish" and compared it to 'risking high amounts to win small change'. Conversely, another user humorously suggested risking their child's college fund, and one even apologized to their hypothetical "crypto grandchildren" for their upcoming actions.
In related news, attractive '10K JPGs' are dissuading gamers, and Animoca is planning on crypto game streaming: Web3 Gamer Magazine.
Published At
1/5/2024 11:15:00 AM
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