Bitcoin ETF

Donald Trump

In a high-stakes gamble on Polymarket, crypto enthusiasts collectively placed over $12.6 million in wagers. They are predicting the approval of spot <a href="https://news.todayq.com/veteran-trader-peter-brandt-drops-note-on-bitcoin-etfs/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> by the SEC before mid-January. The prediction market, known for its decentralized approach, witnessed a surge in activity as the eagerly awaited SEC decision loomed. Why is the betting happening? 
The betting frenzy kicked off in early December, with participants divided between those betting “yes” and “no” on the approval of spot Bitcoin ETFs before January 15. The stakes were resolved in favor of the “yes” camp on January 10, following the SEC’s green light for the trading and listing of 11 spot Bitcoin ETFs.
ggit's payday motherfuckers
However, some disgruntled participants who bet on the negative outcome have raised concerns about the terminology used in the <a href="https://news.todayq.com/bitcoin-traders-brace-for-secs-etf-decision-with-hedging-surge/" rel="noopener noreferrer nofollow">SEC’s official statement.</a> Arguing that the SEC mentioned ETPs instead of explicitly citing ETFs, a heated debate ensues in the comments section.
Polymarket, the platform hosting the prediction market, had previously clarified its resolution process, stating, “the primary resolution source for this market will be information from the SEC, however, a consensus of credible reporting may also be used.” Despite this clarification, dissenting voices continue to dispute the outcome. What are the betting prediction results as of now? 
Leading up to the SEC’s decision, the prediction market witnessed a notable spike. Dune Analytics reported that on January 10, Polymarket outperformed OpenSea. Polymarket recorded $5.7 million in volume compared to OpenSea’s $3.9 million, highlighting the growing interest in cryptocurrency-related prediction markets.
The platform is not limiting its predictions to Bitcoin alone. A parallel prediction market on the approval of a spot Ethereum ETF by May 31 is underway. However, the <a href="https://news.todayq.com/ethereum-shines-amidst-crypto-market-turbulence/" rel="noopener noreferrer nofollow">Ethereum</a> ETF prediction market has yet to attract significant attention, with a mere $4,155 in total wagers. Despite the low volume, “yes” votes are leading by 72%, prompting the platform to assert, “you simply aren’t bullish enough.”
you simply aren't bullish enough
Prediction markets like Polymarket allows users to wager on diverse events, from elections to sports outcomes and cryptocurrency prices. Investors have already wagered over $5 million on the outcome of Donald Trump winning the 2024 U.S. presidential election in November, surpassing the recent Bitcoin ETF predictions.
Polymarket’s spot Bitcoin ETF prediction market captivated global crypto enthusiasts, drawing in millions in wagers. The SEC’s official statement sparked debates over technicalities, adding to the intrigue. The rise of platforms like Polymarket signals a growing demand for decentralized and trustless prediction mechanisms in the crypto space. As participants scrutinize the SEC’s wording and engage in spirited discussions, the evolution of prediction markets in the dynamic cryptocurrency landscape remains uncertain.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Polymarket’s Bitcoin ETF wager, $12.6M pours in as ‘Yes’ camp wins

Todayq News

Other articles published on Jan 11, 2024

Helium Mobile’s Anti-SIM Swap Breakthrough

Signs of a Rally in Solana and Predictions for Cardano and XRP

Crypto Market Buzz: NFP Coin Surges on Buyback Announcement

Trader Lost Over 60% To Slippage On Solana Meme Coin Dogwifhat

XRP Price Prediction as Bitcoin ETF Goes Live – Will XRP Get an ETF Next?

What is Fidelity’s Spot Bitcoin ETF Ticker?

Join our free newsletter for daily crypto updates!