Polymarket Users Bet $2.4 Million on Ethereum-ETF Spot Decision

2 Min Read

Bets are being accepted on the Polymarket platform on the approval of cryptocurrency ETFs based on Ethereum. In total, users have placed $2.4 million on the decision by the U.S. Securities and Exchange Commission (SEC) to approve this new asset class by May 31st, 2024.

According to the available data, only 19% of bet owners believe in a positive decision for spot Ethereum ETFs by the specified date. The potential return, in the event of SEC approval of the new class of assets, is 426% of the bet amount.

This is not the first instance where traders have placed bets on the potential launch of cryptocurrency ETFs. A similar forecast was related to the approval of spot funds based on bitcoin. At a certain point, the total volume of funds for this position reached $8 million.

Users are also actively betting on the presumed outcome of the US presidential elections. At the end of January 2024, politician Donald Trump’s chances of winning the electoral race were estimated at 55%. At that moment, the incumbent US leader, according to users, could count on a 38% probability of victory.

Last month, a trader with the nickname mellon98 placed 14,000 USDC on Polymarket on a Bitcoin price forecast. The user bet that the first cryptocurrency would be able to reach the $50,000 mark in February 2024.

Thanks to his forecast, the trader earned $77,400 on the platform. He intended to invest the earned funds in the MOON token.

Bank of Israel Criticizes Netanyahu’s Plan to Bypass Sanctions With Cryptocurrencies

Israel’s central bank and opposition politicians criticized Prime Minister Benjamin Netanyahu’s proposal to develop an alternative economic system, potentially using cryptocurrencies, to avoid possible banking sanctions.

3 Min Read
Hong Kong Approves 24/7 Trading of Tokenized Investment Funds

Hong Kong’s SFC approved the world’s first secondary trading of tokenized public investment funds on a licensed virtual asset platform, where PantherTrade began trading two ChinaAMC funds on October 15,…

3 Min Read
BNB Chain Plans New Layer 1 Network Launch in Early 2027

BNB Chain plans a separate high-performance Layer 1 network complementing BNB Smart Chain, using BNB for fees, staking and governance, with a public testnet targeted by end-2026 and mainnet in…

3 Min Read
GMO Internet Hackers Gain Access to Clients’ Trading Accounts

Investigating from October 19, GMO Internet confirmed unauthorized Onamae.com Desktop Cloud access potentially affecting 26,739 servers, possible MetaTrader credential theft and reported unauthorized trades, pledging confirmed-loss reimbursements and 5,000-yen active-user…

4 Min Read
Grayscale Names 3 Blockchain Projects With AI Boom Profit Potential

Grayscale highlighted DATA Network, USD.AI and Pearl as projects supporting AI infrastructure, citing 280 million verified DATA records, over $400 million in USD.AI lifetime funding and Pearl’s 93.5% monthly hashrate…

3 Min Read