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.