High Stakes in Crypto: Millions Bet on Spot Ether ETF Approval
Crypto traders are eagerly watching the United States Securities and Exchange Commission (SEC) as they bet $2.4 million on the approval of spot Ether exchange-traded funds (ETFs) before May 31. Only 19% of these gamblers are optimistic about a positive outcome.
On Polygon-based gambling site Polymarket, traders are placing bets on whether the SEC will greenlight spot Ether ETFs by the deadline. So far, over $2.4 million in bets have been made, with 81% betting against approval.
Betting Market Skeptical: 81% Wager Against SEC Greenlight
Traders buy shares representing their predictions: Yes for approval and No for denial. Currently, a Yes share costs $0.19, indicating lower confidence compared to No shares at $0.81.
Confidence Gap: Yes vs. No Share Prices Reflect Investor Doubt
The top Yes trader holds $84,000 in shares, while the leading No holder has $127,000. If the SEC approves the ETF before May 31, Yes shareholders can cash out, but if not, No holders profit.
Crypto Community Divided: Echoes of Past Bitcoin ETF Bets
This isn’t the first time such bets have been placed. Previously, gamblers wagered on spot Bitcoin ETF approvals, with Reddit users criticizing the practice.
Beyond the Bets: SEC Decision Impacts Market Sentiment
Despite skepticism, bets on ETF outcomes have surpassed $12 million. Grayscale, an investment management company, remains hopeful for spot Ether ETF approval, citing the SEC’s “lack of engagement” as inconclusive.
The decision’s impact extends beyond the betting market, influencing investor sentiment and the crypto market’s future. As May 31 approaches, all eyes are on the SEC, with traders anxiously awaiting the outcome of their bets.
