Crypto Enthusiasts Stake $1.5M on Outcome of Bitcoin ETF Approval

By: Eva Baxter

In a surprising move, crypto traders are putting their money where their mouth is, wagering on the outcome of the United States Securities and Exchange Commission's (SEC) decision on spot Bitcoin (BTC) exchange-traded fund (ETF) applications. The bets are being placed on the Polygon-based gambling site Polymarket. At present, around $1.5 million worth of bets have been placed by traders hoping for a 'Yes' or 'No' decision on the ETF approval.

The cost of a share, indicative of the odds of the result being a 'Yes' or a 'No', fluctuates in a manner similar to the crypto market. Currently, a 'Yes' share is valued at $0.79, while a 'No' share stands at $0.21. A trader known by the pseudonym 'kiwi' holds around $421,000 of 'Yes' shares, while the largest holder for 'No' shares holds only around $15,000.