Crypto Traders Gamble $1.5M on Bitcoin ETF Approval Results
As the crypto community eagerly awaits the United States Securities and Exchange Commission's (SEC) decision on bitcoin (BTC) exchange-traded fund (ETF) applications, some traders are using this period of uncertainty to gamble on whether it will be approved by January. 15.
At Polygon-based gambling site Polymarket, traders placed a “yes” or “no” bet on whether Bitcoin ETF applications would be approved. At the time of writing, nearly $1.5 million in bets had been placed, with most traders buying “yes” shares.
The stock price represents the possibilities of the result being yes or no, similar to the crypto market. At the time of writing, the price of a Yes share is $0.79, and a No share is $0.21. One of the top owners with the pseudonym “Kiwi” holds about $421,000 worth of Yes shares. On the other hand, the top holder of No holds only about $15,000 in No shares.
According to Polymarket, the market will resolve to “yes” if the Anywhere Bitcoin ETF is approved by the SEC on January 15, 2024, at 11:59:59 ET. Otherwise, this market resolves to “No”. This means that both bet holders will see their profit or loss on the final day.
The site says that the main source of solutions for the market will be information from the SEC. However, he added, a credible reporting agreement could be used to settle the market.
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Meanwhile, some Redditors criticized the bet, while others got creative with their jokes. In the Cryptocurrency subreddit, one user described the bet as stupid and described it as “spending dollars to win dimes.” On the other hand, one community member wrote that they were about to lose their son's college fund, while another apologized for their planned “crypto grandkids.”
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