A large amount of crypto users bet $2.4million in wagers on Polymarket, over the United States Securities and Exchange Commission approving investment in May.
Crypto Users Bet $2.4Million Over Investment
There is a huge sense of speculation that the SEC will approve ETFs in the spring, with many placing bets over the outcome occurring before the end of May.
Mainstream investors would be able to grasp further exposure to the second-largest cryptocurrency through capitalizing on the market and not having to own ether.
Through Polymarket, $2.4m worth of wagers has been placed by crypto users and according to a report from Polymarket, 81% do not believe the investment will be approved.
Which means 19% believe the regulators of crypto markets will allow spot ether to take over the markets and become a more prominent feature.
Selecting yes on the website is cheaper,as more gamblers feel the SEC will not allow the ether ETFs, at least for the short term.
The option of singular shares in yes are sitting at $0.19 cents, while selecting a singular no share are worth $0.81 cents .
Although those within the crypto markets are focusing on the new investment, there are also other intrigued parties who will benefit from a decision.
Grayscale, which was approved by the SEC to convert into a bitcoin ETF with Grayscale Bitcoin Trust back in January.
Craig Salm, the top legal officer at Grayscale, continues to go against the possibility of the SEC lacking direct engagement with spot ether ETF and in turn impacting the application.
Those who like to gamble through crypto have also placed stakes on issues relating to the SEC previously, as digital money was placed on bitcoins approval in January.
These wagers exceeded the current bets of $2.4m, as crypto gambling enthusiasts spent $12m on the SEC approving spot bitcoins before January 15th.
