Following the U.S. Securities and Exchange Commission’s (SEC) approval of multiple spot bitcoin exchange-traded funds (ETFs) on Wednesday, the decentralised betting platform Polymarket saw a surge in trading volume of $5.7 million.
Based on data released by PolyMarket on social networking platform X, the rise exceeded even the leading NFT marketplace OpenSea, which posted a trading volume of $3.9 million, when compared to December’s daily average of $300,000.
“Underappreciated victor of the approval of the Bitcoin ETF? market predictions. Richard Chen of venture financing company 1confirmation remarked, “Polymarket did more volume than OpenSea today.”
PolyMarket has enabled investors to wager on the results of binary events, such as the spot ETF decision, since its launch in 2020.
The contract, “Bitcoin ETF approved by Jan 15,” which expired on Wednesday, was published on the marketplace last month when the SEC approved ETFs. almost the course of the contract, traders wagered almost $12 million; some chose to purchase shares on the “No” side as insurance against possible rejection.
As volumes have increased, so too have other important performance indicators; on Wednesday, the platform’s active user count reached 1,258. There are 2,754 active users each month, which is the highest since April 2022.