$1.5M Gamble on Yes or No
Approximately $1.5 million is at stake as traders are turning the approval of the spot Bitcoin exchange-traded fund by the SEC into a high-stakes gamble on Polymarket, expected by January 15.
Countdown to SEC’s Verdict
On the Polygon-based gambling platform Polymarket, traders are placing bets on whether the SEC will approve or deny the Bitcoin ETF applications by the January 15 deadline. Currently, the total value of the bets stands at approximately $1.5 million, with most traders favoring the “Yes” outcome.
Each share’s value, representing the odds for a positive or negative decision, fluctuates in sync with the crypto market. The cost is $0.79 for a “Yes” share and $0.21 for a “No” share. A trader known as “kiwi” holds $421,000 worth of “Yes” shares, while the leading holder for “No” holds $15,000 in shares.
Polymarket’s terms state that the market will resolve as “Yes” if any spot Bitcoin ETF gains SEC approval by January 15, 2024, at 11:59:59 pm Eastern Time. If not, the market will resolve as “No,” determining winnings or losses for bettors by the stipulated deadline.
Regarding the resolution of the market, Polymarket has stated the primary source will be information from the SEC. Credible reporting consensus may also be considered. Redditors’ reactions to the gambling have varied, with some criticizing it and expressing concerns about potential losses, while others have found humor in the situation.
Hot Take
Polymarket is heating up as traders bet $1.5 million on the SEC’s approval of the Bitcoin ETF. The Polygon-based gambling platform is currently buzzing with excitement and tension as the anticipation for the SEC’s verdict builds up.
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