A decentralized prediction market on the Polygon blockchain saw a significant influx of over $12 million in bets regarding the approval of a spot Bitcoin exchange-traded fund (ETF) by the United States before the final decision.
Polymarket hosted the wagers, with participants placing bets showing a total of $12.6 million on both the likelihood of a “yes” or “no” outcome for the approval of spot Bitcoin ETFs before January 11.
The betting activity commenced in early December and concluded on January 10, with the SEC’s approval of the trading and listing of 11-spot Bitcoin ETFs.
Nevertheless, certain dissatisfied individuals who placed bets on the outcome of “no” have been observed raising objections in the comments section regarding the terminology of the bet.
They argue that the bet should still be considered valid because the SEC’s official statement specifically mentioned ETPs (exchange-traded products) and not ETFs.
The total amount bet on this outcome is only $4,155 for the Ethereum ETF, and “yes” votes are in the lead with a 75% majority. The platform running the market has even asserted that participants may not be bullish enough if they’re not supporting the approval.
Polymarket had previously outlined that the main source for determining the resolution of this market would be information from the SEC, but a consensus of credible reporting could also be considered.
According to Dune Analytics, on January 10, Polymarket surpassed OpenSea in terms of volume, with $5.7 million compared to $3.9 million for the NFT marketplace.
Also Read: Robinhood Aims for Swift Listing of Spot Bitcoin ETFs
