BTC ETF Frenzy brings unexpected volume to Polymarket, a decentralized betting platform

Polymarket, a decentralized betting platform, reaped an unexpected trading volume of $5.7 million after the US Securities and Exchange Commission (SEC) approved several spot Bitcoin exchange-traded funds (ETFs) on Wednesday.

The increase compares to December's daily average of $300,000 and even surpassed leading NFT marketplace OpenSea, which recorded $3.9 million in trading volume, according to data shared by PolyMarket on the social media platform. Platform X shared.

“Underestimated Bitcoin ETF Approval Winner? Prediction markets. “Polymarket generated more volume than OpenSea today,” says the re-release of PolyMarket’s analysis by Richard Chen of venture capital firm 1confirmation.

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Since its debut in 2020, PolyMarket has allowed investors to bet on the outcome of binary events such as the spot ETF decision.

Last month, the platform listed a contract called “Bitcoin ETF Approved by Jan. 15” that expired on Wednesday, with the SEC greenlighting ETFs. Traders bet more than $12 million over the life of the contract, with some participants buying shares on the “no” side to hedge against possible rejection.

Other key performance metrics have increased with volume, with the number of active users on the platform rising to 1,258 on Wednesday. The number of monthly active users is currently 2,754, the highest level since April 2022.

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