Polymarket Reaches Insane Figures Amid Bitcoin ETF Hype

Popular crypto market prediction platform Polymarket now comes off as one of the biggest beneficiaries of the spot Bitcoin ETF hype. According to data from Dune Analytics, as shared by Polygon cofounder Sandeep Nailwal, Polymarket recorded a more than $6 million daily volume. This volume has surprisingly pushed the prediction platform above the non-fungible token (NFT) marketplace OpenSea, per daily performance rating.

.@Polymarket, the biggest prediction market in the crypto industry, did ~$6M in volume today. Higher than OpenSea over a 24 hour period.#PoweredByPolygon pic.twitter.com/pcTnyLNCRU

— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) January 11, 2024

The Polymarket platform specifically hosted bets featuring spot Bitcoin ETFs. One of the hosted bets on Polymarket featured whether or not the United States Securities and Exchange Commission (SEC) would approve the Bitcoin ETF products before Jan. 15. With the market regulator greenlighting the product, it contributed to the frenzy recorded on the platform as bets settled across the board.

Now, another bet is live as investors are now choosing whether or not the 11 spot Bitcoin ETF products now trading will hit a $10 billion Asset Under Management (AUM) by the end of its first week of trading. Per the bets placed thus far, a total of 49% of betters noted the AUM will hit $10 billion to $30 billion in the first week, with 51% saying otherwise.

Bitcoin ETF to bolster market diversity

One subtle thing about the spot Bitcoin ETF product is its capacity to usher in a diverse market as many entities are involved in the value chain.

Besides the regulated trading platforms that the ETFs were listed on primarily, Robinhood has also unveiled its listing of the 11 assets with no commission to give retail investors a closer avenue to embrace the new products.

Besides exchanges, custodians are among the major beneficiaries of the spot Bitcoin ETF product, with Coinbase Fidelity Digital and BitGo among the primary ones listed. In all, the spot Bitcoin ETF has ushered in a new era that will drive utility and might potentially fuel parabolic growth in the price of BTC.

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