Crypto Degens is clearing millions of bets on Bitcoin ETFs.

Crypto analysts are one place convinced. Bitcoin Exchange Traded Fund (ETF) will be approved in the middle of this week Number of letters between the United States Securities and Exchange Commission (SEC) and prospective ETF operators. And crypto gamblers are pushing more and more money into bets that are really happening.

Polymarket, a prediction market that accepts cryptocurrency payments, has entered. A bet worth more than 6.7 million dollars Somewhere Bitcoin ETF will actually be approved on January 15th or so.

As of this writing, Polymarket users are collectively betting that there is an 85% chance the SEC will approve any spot Bitcoin ETF that day. It is currently the largest prediction pool on Polymarket, one door ahead Who will be the Republican presidential candidate for 2024? In America. That draft pool has $5.9 million worth of punters.

Companies have been trying to get Bitcoin ETFs licensed in the United States for more than a decade, but such vehicles have been consistently blocked by the SEC, which sees them as a way for customers to be duped and victims of market manipulation. ETFs allow investors to gain exposure to Bitcoin without actually owning the cryptocurrency.

And given Bitcoin's value, you might be tempted to do so. increased by 168% At a cost of over $46,000 last year. In the year Despite peaking above $69,000 at the end of 2021, Bitcoin has rebounded sharply following an extended bear market in 2022 that saw the cryptocurrency's peak fall to $15,000 in 2022 following the FTX crash.

Crypto traders thought the SEC had made its move on Tuesday, as the regulator's official Twitter account said it had approved Bitcoin ETFs. However, SEC Chairman Gary Gensler quickly tweeted the agency's account. “He's in trouble.” And no such confirmation has yet been given.

After the fake news on Tuesday, the price of Bitcoin rose sharply. And then he fell. At the time of writing, the price of Bitcoin is down about 2% on the day.

Despite the false alarm, analysts are still optimistic that approval will come this week. Bloomberg ETF analyst Eric Balchunas Published on Tuesday He said he was awaiting an approval announcement Wednesday afternoon before trading began Thursday.

Edited by Ryan Ozawa.