Bitcoin ETF Approval Decision Attracts 1.5M Dollars in Crypto Trader Bets

As the crypto community eagerly anticipates the United States Securities and Exchange Commission’s (SEC) decision on spot Bitcoin (BTC) exchange-traded fund (ETF) applications, some traders are seizing the suspenseful moment to engage in speculative bets on the approval outcome by January 15.

Bitcoin ETF Approval Decision Attracts 1.5M Dollars in Crypto Trader Bets

On the Polygon-based gambling platform, Polymarket, traders are actively placing their bets on the approval or rejection of Bitcoin ETF applications. As of the current writing, approximately $1.5 million worth of bets have been wagered, with a majority of traders leaning towards the optimistic “Yes” outcome. The value of a share, symbolizing the odds of approval or rejection, fluctuates in a manner similar to the crypto market. At present, the cost of a Yes share stands at $0.79, while a No share is valued at $0.21. Notably, a prominent holder known by the pseudonym “kiwi” possesses around $421,000 worth of Yes shares, whereas the leading holder for No holds only approximately $15,000 in No shares.

Bitcoin ETF Approval Decision Sparks 1.5M Dollars in Cryptocurrency Gambles

According to Polymarket, the market will resolve as “Yes” if any spot Bitcoin ETF gains approval from the SEC by January 15, 2024, at 11:59:59 pm Eastern Time. Alternatively, the market will resolve as “No” if approval is not granted by the specified deadline. This implies that holders of either bets will experience either gains or losses based on the resolution.

Polymarket states that the primary source for market resolution will be information from the SEC, although it acknowledges that a consensus of credible reporting may also be considered. Meanwhile, discussions on platforms like Reddit reflect a mix of opinions, with some users criticizing the betting activity as imprudent, while others inject humor into the situation. In the Cryptocurrency subreddit, one user labeled the bet as “putting up dollars to win dimes,” while another jokingly apologized to their “crypto grandkids” for their impending actions, showcasing the diverse reactions within the community.