Polymarket users bet $2.4 million on Ethereum spot ETF solution

The Polymarket platform is accepting bids for U.S. Securities and Exchange Commission (SEC) approval of spot Ethereum ETFs by May 31, 2024. In total, users bet $2.4 million on the forecast for the launch of crypto funds.

According to available data, only 19% of staking holders believe in a positive decision on spot Ethereum ETFs by the specified date. The potential return, if the SEC approves the new asset class, is 426% of the bet amount.

This is not the first time that traders are betting on the possible launch of cryptocurrency ETFs. A similar forecast concerned the approval of Bitcoin-based spot funds. At a certain point, the total amount of funds for this position reached $8 million.

Users are also actively betting on the expected outcome of the US presidential election. At the end of January 2024, the chances of politician Donald Trump winning the election race were estimated at 55%. The current leader of the United States at that moment, according to users, could count on a 38% probability of victory.

Last month, a trader under the nickname mellon98 bet 14,000 USDC on the forecast for the Bitcoin rate on Polymarket. The user bet that the first cryptocurrency will be able to reach $50,000 in February 2024.

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