Over $12 million was wagered on a Polygon-based decentralized predictions market, Polymarket, on the outcome of the United States approving a spot Bitcoin exchange-traded fund (ETF) before mid-January. The bet, which began in early December, resolved to “yes” on January 10th when the Securities and Exchange Commission (SEC) approved the trading and listing of 11 spot Bitcoin ETFs.
Despite the resolution, some participants who bet on “no” have expressed dissatisfaction, arguing that the bet was still on. They claim that the SEC’s official statement referred to exchange-traded products (ETPs), not ETFs. Polymarket had previously stated that the primary resolution source for this market would be information from the SEC, but a consensus of credible reporting could also be used.
The activity on prediction markets has seen a significant increase leading up to the SEC’s decision. On January 10th, Polymarket recorded more volume than OpenSea, with $5.7 million compared to the NFT marketplace’s $3.9 million.
Polymarket also has a similar ongoing bet on the approval of a spot Ethereum ETF by May 31. So far, only $4,155 has been wagered on this outcome, with “yes” votes leading by 75%. The platform previously claimed that participants “simply aren’t bullish enough.”
Prediction markets are not limited to cryptocurrency outcomes. They can be used to bet on a wide range of events, from election results to sports outcomes. For instance, more than $5 million has already been wagered on Donald Trump winning the 2024 U.S. election in November.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Dune Analytics, OpenSea, SEC, Polymarket, Polygon |
| Currencies | united states dollar, Bitcoin, Ethereum |
| Securities | None |
