2024

Bitcoin

Elon Musk

<p>Recently, crypto bettors on Polymarket have made their voices heard. Attracted by major global events, they bet their bitcoins and other altcoins hoping for quick gains. However, the reality is quite different for the majority. Out of the 171,113 crypto wallets registered on this platform, only 12.7% have made a profit, and often for less than $100. Polymarket seems to be a risky bet for most users.</p>
<h2 id="h-polymarket-and-its-increasingly-less-beneficial-bets">Polymarket and its increasingly less beneficial bets</h2>
<p>The Polymarket platform allows users to <strong>bet on global events using cryptocurrencies</strong> like Bitcoin (<a href="https://www.cointribune.com/en/crypto-markets/bitcoin-btc-en/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a>). According to <a href="https://layerhub.xyz/protocols/polymarket" target="_blank" rel="noopener noreferrer nofollow">Layerhub data</a>, <strong>87.3% of users make no profit</strong>.</p>
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
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<p>Among those who succeed, <strong>only 2,138 wallets have generated gains exceeding $1,000.</strong> This means that for most winners, <strong>profits are modest, generally below $100</strong>.</p>
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 <li>87.3% of the wallets make no profit;</li>
 <li>Less than 2,200 users earn over $1,000;</li>
 <li>7,400 wallets generate gains between $100 and $1,000.</li>
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  Polymarket crypto wallets by confirmed profits. Source: Layerhub
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<p>The numbers show that Polymarket is a slippery slope for bettors. As Elon Musk pointed out in a recent tweet, <strong>the platform could predict the 2024 US presidential elections better than traditional polls</strong>, but this does not prevent the majority of users from losing their stake.</p>
<h2 id="h-the-crypto-betting-market-remains-active">The crypto betting market remains active</h2>
<p>Despite the losses suffered by the majority, the crypto betting market on Polymarket remains dynamic. <strong>In October, the platform recorded over 300,000 daily transactions</strong> because of global news, notably <strong>geopolitical conflicts and the US presidential election</strong>.</p>
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<p>Indeed, nearly <strong>58,000 wallets have made between one and five transactions</strong>, showing that many users are cautiously trying their luck. However, <strong>only 25,000 wallets have exceeded 50 bets</strong>, a clear indicator of the intensity of engagement.</p>
<p>The <strong>open futures contract volume</strong> on Polymarket reached <strong>$161.1 million at the beginning of October</strong>. Despite significant losses, interest in crypto betting seems unwavering.</p>
<p>Another point to note: Polymarket, which recently raised $50 million, is preparing to <a href="https://www.cointribune.com/en/polymarket-aims-for-50-million-to-launch-a-new-crypto/" target="_blank" rel="noopener noreferrer nofollow">launch a new cryptocurrency</a>, which could once again disrupt the crypto betting market.</p>

87.3% Of Crypto Bettors On Polymarket Win Nothing!

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