Crypto News – On whether spot Ether ETFs will receive SEC approval by May 31st, cryptocurrency bettors are hedging their bets.
Gambling on Spot ETH ETF: Crypto Investors Bet $2.4 Million
Bets on whether a spot Ether ETF application would be accepted before the end of May have been made, according to the cryptocurrency gambling site Polymarket, which is located in the Polygon.
Almost eighty-one percent of the bets, totaling over $2.4 million, are negative on the likelihood of a spot Ether ETF clearance before the deadline.
People are not Warm to the Possibility of Approval, According to the Poll
Depending on how they anticipate things to unfold, cryptocurrency traders purchase “yes” or “no” shares. According to how the cryptocurrency market fluctuates, the share’s value reflects the wager’s odds. In other words, fewer investors are betting on the possibility of spot ETH ETFs being approved by the end of May, as the cost of a Yes share currently stands at $0.19 and the value of a No share at $0.82.
A spot Ether ETF will be allowed to cash out profits to holders of Yes shares if the SEC authorizes it before the betting market closes on May 31, 2024, at 11:59 p.m. Eastern Time. If no permissions are received prior to the deadline, the inverse likewise holds true.
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