Polymarket traders are expressing confidence in the approval of a U.S.-based spot Bitcoin ETF by the SEC before January 15.
The "Bitcoin ETF approved by Jan 15" contract's Yes shares are trading at 89 cents, reflecting an 89% likelihood of approval, a substantial increase from around 50% a month ago. Speculation surrounding the ETF's launch has influenced Bitcoin's 55% price surge, surpassing $45,000. Polymarket, established in 2020, has become a prominent prediction market, with $437,394 in bets on an ETF-related contract. Some investors are hedging against potential SEC delays by acquiring No shares, preparing for a market downturn if the anticipated ETF launch faces setbacks.
