The decentralized prediction market is thriving with Bitcoin ETFs – $5.7 million in bets in one day | CoinDesk JAPAN

Decentralized betting platform Polymarket received $5.7 million when the U.S. Securities and Exchange Commission (SEC) approved multiple spot Bitcoin (BTC) exchange-traded funds (ETFs) on January 10. (approximately 826.5 million yen, converted to 1 dollar = 145 yen).

According to data shared by Polymarket on X, major NFTs recorded trading volume of $3.9 million (about 565.5 million yen), a significant increase from the average daily trading volume of $300,000 (about 43.5 million yen) in December. It even surpassed the marketplace OpenSea.

Richard Chen of venture firm 1confirmation said, “Was the Bitcoin ETF approval prediction market undervalued? Polymarket had higher trading volume today than OpenSea.”Posted.

Since opening in 2020, Polymarket has allowed investors to bet on the outcome of binary events like spot ETF approvals.

Last month, the platform posted a bet that a Bitcoin ETF would be approved by January 15th, but the bet ended on the 10th when the SEC approved the ETF. Traders bet more than $12 million during the period, with some participants buying the “no” side as a hedge against a possible rejection.

Bets soared ahead of the SEC’s decision on January 10th. (Dune Analytics)

Key performance indicators other than trading volume have also picked up pace, with the number of active users on the platform soaring to 1,258 on the 10th. The current number of monthly active users is 2,754, the highest since April 2022.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Dune Analytics
｜Original text: Bitcoin ETF Frenzy Brings Windfall Volume to Decentralized Predictions Platform Polymarket