Brace for Impact! Polymarket Predicts 89% Chance of Spot Bitcoin ETF Approval by Jan 15th

If it wasn’t already high enough, the buzz surrounding the potential approval of a Bitcoin Exchange Traded Fund (ETF) by the SEC has reached a fever pitch. The anticipation has propelled Bitcoin’s value tantalizingly close to the $45,264 mark, leaving enthusiasts and investors on the edge of their seats.

With all the anticipation, any predictions and forecasts can provide much-needed clarity. Here’s what Polymarket has to say.

Polymarket’s Bold Predictions

Venturing beyond Bitcoin’s soaring numbers, let’s delve into Polymarket, a decentralized prediction market platform. Here, users don’t just watch; they engage, placing bets on unfolding global events. Interestingly, sentiment on Polymarket is bullish: traders are placing their bets on at least one spot Bitcoin ETF getting the SEC’s nod by January 15. This collective optimism has undeniably fueled Bitcoin’s recent price surge.

Recent data from Polymarket reveals a staggering 89% confidence among traders that the SEC will greenlight one or more spot Bitcoin ETFs. Remarkably, this figure has surged from a mere 50% just a month prior. With a whopping $437,394 already wagered on this prediction, the stakes have never been higher.

Read More: Are People Against Bitcoin Spot ETFs? Public Feedback Rolls In as SEC Approval Looms

SEC’s Imminent Decision

Speculation is rife about the SEC’s impending announcement. As early as Tuesday or Wednesday, the fate of the 14 spot Bitcoin ETF applicants could be sealed. Such a monumental decision, whichever way it swings, promises to usher in billions from eager investors into the crypto sphere.

However, not everyone is riding the wave of unbridled optimism. Some traders, perhaps hedging their bets, have invested in the opposing side of the prediction contract. Their rationale? A potential downturn in Bitcoin’s value should the SEC defer or reject the ETF approval.

Protective Measures and Market Dynamics

According to the Deribit data Bloomberg reported, the strike prices on the put contracts with the most open interest were $44,000, $42,000, and $40,000, respectively, and Bitcoin was trading at $43,500 at the time of writing. That means put holders would be able to exercise the options and minimize losses if the cryptocurrency reacted negatively to the imminent decision by the US Securities and Exchange Commission.

This is Crypto’s Defining Moment

The palpable excitement surrounding the Bitcoin ETF isn’t merely a fleeting trend. For years, the industry has awaited the SEC’s verdict on these 14 applications with bated breath. Now, as the clock ticks down, the question looms: Will the SEC deliver on this long-awaited promise, or will logistical hurdles prompt yet another delay? Only time will tell.

Also Read: Bitcoin Bulls Pay Premium as Bitcoin Funding Rates Hit New Highs: Is an ETF Really Worth It?