Traders bet SEC will approve Bitcoin ETF spot delivery by January 15, amounting to $1.5 million

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As the cryptocurrency community eagerly awaits the U.S. Securities and Exchange Commission’s (SEC) decision on registering a Bitcoin spot ETF, some traders are using the time to place bets on whether approval will come before January 15.

On the Polymarket gambling site operating on the Polygon network, traders have Place a bet “Yes” or “No” on whether the Bitcoin ETF application will be approved. Currently, betting volume has reached approximately $1.5 million, with most traders buying “Yes” stocks.

Top holders participate in betting on Bitcoin ETF | Source: Polymarket

The value of 1 vote represents the odds of a “yes” or “no” outcome, which fluctuates similarly to the cryptocurrency market. Currently, the price for a “yes” vote is $0.79 and the price for a “no” vote is $0.21.

One of the top holders, nicknamed “kiwi,” holds $421,000 worth of “yes” votes. On the other hand, the holder with the most “no” votes has only $15,000.

According to Polymarket, if any spot Bitcoin ETF is approved by the SEC before January 16, 2024, 11:59:59 (Vietnam time), the market will choose “yes”. Otherwise, this market will change the result to “no”. This means that holders who bet on either option will receive the amount of their profit or loss within a specified period.

The website states that the primary source of market decisions will be information from the SEC. However, it added that consensus from credible reports could also be used to make decisions.

Some Reddit users criticized the gamble, while others used the incident to make funny jokes.In the cryptocurrency subreddit, users have call The bet was a fool’s errand, describing it as “an act of investing a lot of money for a small return.”