Redditors reacted to the betting, with one saying they were about to lose their kid’s college fund, while another described the bet as “putting up dollars to win dimes.”
As the crypto community eagerly awaits the Securities and Exchange Commission’s (SEC) decision on spot Bitcoin exchange-traded fund (ETF) applications, some traders are using this time of suspense to gamble on whether they get approved by Jan. 15.
At the Polygon-based gambling site Polymarket, traders have placed their “Yes” or “No” bets on whether the Bitcoin ETF applications will be approved. At the time of writing, around $1.5 million worth of bets have been placed, with most of the traders buying shares of “Yes.”
The value of a share, which represents the odds of whether the result will be a yes or a no, fluctuates similarly to the crypto market. Currently, the cost of a Yes share is $0.79, while a No share is $0.21. One of the top holders with the pseudonym “kiwi” holds around $421,000 of Yes shares. On the other hand, the top holder for No holds only around $15,000 in No shares.
