Polymarket Heats Up as Traders Bet $1.5 Million on Bitcoin ETF Approval

With approximately $1.5 million at stake, some traders are elevating the suspense by turning it into a high-stakes gamble on Polymarket. They are placing bets on the approval outcome of the spot Bitcoin exchange-traded fund by the SEC, expected by January 15.

$1.5M Gamble on Yes or No

On the Polygon-based gambling platform Polymarket, traders are placing bets, choosing either “Yes” or “No” in anticipation of the SEC’s verdict on Bitcoin ETF applications. The current total value of these bets stands at approximately $1.5 million, with a majority of traders favoring the “Yes” outcome.

The value of each share, representing the odds for a positive or negative decision, is subject to fluctuations mirroring the crypto market. At present, a “Yes” share costs $0.79, while a “No” share is valued at $0.21. 

A prominent trader with the alias “kiwi” holds a substantial $421,000 worth of “Yes” shares, contrasting with the top holder for “No,” who holds a modest $15,000 in shares.

According to Polymarket’s terms, the market will resolve as “Yes” if any spot Bitcoin ETF gains approval from the SEC by January 15, 2024, at 11:59:59 pm Eastern Time. Otherwise, the market will resolve as “No,” determining the winnings or losses for bettors by the stipulated deadline.

Countdown to SEC’s Verdict

The primary source for market resolution, as stated by Polymarket, will be information from the SEC. However, the platform also notes that a consensus of credible reporting may be considered for market resolution.

As Redditors closely follow this speculative endeavor, reactions have been varied. Some criticized the betting, with one user describing it as “putting up dollars to win dimes,” while another shared concerns about potentially losing their child’s college fund.

While some Redditors expressed criticism towards the betting activity, others injected humor into the discussion. In the Cryptocurrency subreddit, one user referred to the bets as “stupid,” likening the endeavor to “putting up dollars to win dimes.” On a lighter note, a community member humorously stated their imminent loss of a college fund, while another playfully apologized to their “crypto grandkids” for their impending actions.