Crypto traders are deeply engaged in significant betting activities, with a total amount of 1.5 million dollars being wagered on the outcome of the approval of #Bitcoin Exchange-Traded Funds (#ETFs ).
Users on the social network Reddit are discussing this risky behavior, with one of them stating they are risking their child's college fund, while another describes the bets as risking large amounts for potentially small returns.
The crypto community is focused on the upcoming decision by the U.S. Securities and Exchange Commission (SEC) regarding proposals for introducing spot Bitcoin ETFs. Some traders are using this anticipation to place bets on the outcome of the approval, which is expected to be announced by January 15th.
On the gaming platform Polymarket, built on the #Polygon blockchain, traders are placing bets with options "Yes" or "No" regarding the approval of Bitcoin ETF applications. So far, bets worth approximately 1.5 million dollars have been placed, with the majority of traders favoring the "Yes" option.
Top holders of Yes and No bets. Source: #Polymarket
The price of the shares, reflecting the probability of the outcome, fluctuates similarly to the cryptocurrency market. The current value of the "Yes" share is 0.79 dollars, while the "No" share is valued at 0.21 dollars. One of the major holders of "Yes" shares, known by the nickname "kiwi", owns shares worth 421,000 dollars. The largest holder of "No" shares has invested approximately 15,000 dollars.
According to Polymarket, the outcome will be marked as "Yes" if the SEC approves any spot Bitcoin ETF by January 15, 2024, at 23:59:59 ET. If not, the market will shift to the "No" option. This means that bet holders will face gains or losses by the specified date.
The primary source of information for market resolution will be the SEC, although Polymarket stated that trustworthy news sources could also be used to determine the outcome.
On Reddit, amid discussions about cryptocurrencies, some users criticize the bets, while others respond with humorous comments. One community member labeled the bets as "stupid", while another mentioned risking their child's college fund, and another apologized to their "crypto grandchildren" for their actions.
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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
