Over $12M Wagered on Polymarket Over Bitcoin Spot ETF Approval by U.S.
Summary:
Polymarket, a decentralized prediction market running on Polygon, observed bets amounting to over $12 million on the possibility of the U.S. approving a Bitcoin spot exchange-traded fund (ETF) by mid-January. The SEC approval of 11 Bitcoin spot ETFs resulted in a "yes" outcome. However, some bettors raised concerns about the SEC's terminology referring to exchange-traded products (ETPs), not ETFs. Polymarket has another ongoing bet on the approval of an Ethereum-based ETF by May 31.
An estimated total of more than $12 million was wagered via the decentralized prediction market platform - Polymarket, on the premise of whether the U.S. would give the green light to a Bitcoin spot exchange-traded fund before the middle of January. Polymarket, which runs on the Polygon Network, recorded individual bets on both sides of the issue to the tune of $12.6 million, ahead of the January 15 deadline. The outcome of the bet, which took off in December, emerged as a "yes" on January 10, following the approval by the SEC of 11 Bitcoin spot ETFs.
However, some discontented losers who backed the "no" angle have been spotted in the comments dissecting the wording of the bet, holding that the bet remained active since the explicit terminology from the SEC pertained to ETPs (Exchange-Traded Products), not ETFs. Polymarket had earlier communicated that while information from the SEC would primarily determine the final outcome, credible report summaries could be considered too.
Predictive market activities experienced a noticeable boost as participants awaited the awaited SEC declaration. Reports from Dune Analytics pointed out that on January 10, Polymarket outperformed OpenSea, registering a volume of $5.7 million as against OpenSea's $3.9 million. The same platform has another ongoing bet about the approval of an Ethereum-based ETF by May 31.
So far, the Ethereum ETF bet has recorded just $4,155, with the majority of the votes (75%) leaning towards a "yes". Polymarket previously pointed out that the betting public wasn't bullish enough.
Related news: Crypto traders gamble $1.5M on Bitcoin ETF approval results. Prediction markets offer an avenue to place bets on a wide array of outcomes including, but not limited to, election results, sports predictions and the price movement of cryptocurrencies. Already, bets exceeding $5 million have been placed on the possibility of Donald Trump winning the U.S. elections in 2024. Which gaming guild is best positioned for a bull market?
Published At
1/11/2024 8:30:32 AM
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