Now that the U.S. Securities and Exchange Commission (SEC) has approved eight Ethereum spot ETFs, another debate over what “approval” actually means has erupted in the crypto community.

At least that's the hot debate on Polymarket, after crypto traders bet more than $13.2 million that the SEC will approve an Ethereum spot ETF before May 31.

This bet started on January 9 when expectations of the SEC approving the first Bitcoin ETFs were high. The fundamental question for an Ethereum ETF approval is whether Ethereum is a security or a commodity – and whether Bitcoin will pave the way for Ethereum.

Financial analysts and crypto commentators regularly make their predictions, but predictions are becoming increasingly pessimistic in light of the SEC's aggressive moves against other crypto projects. As the May deadline became clear for a decision, some suggested that a delay might actually be a good thing. Last month, JP Morgan set the approval rate at 50%.

Source: Polymarket

But last week, the mood began to change: Coinbase predicted that an Ethereum ETF would become a reality, and as two Bloomberg ETF analysts adjusted their approval rating from 25% to 75% on Thursday, Two, ETH price started to skyrocket.

Traders on Polymarket are also watching closely. The SEC's approval rate increased from 13% to more than 55% on the site on Monday. When the SEC announced on Thursday that it was approving applications for spot Ethereum ETFs, bullish bettors were excited. Surely the answer to whether an Ethereum ETF will be approved before May 31 is “yes”?

Not so fast, many argue.

“It's a shame they didn't define the terms of the actual bet, there's $11 million at stake,” Twitter user Observoor wrote. “I checked this afternoon and thought, ‘This doesn't even define what ETF approval means… it's going to end in a huge controversy.’”

Technically, the SEC has approved rule changes allowing major investment firms such as Grayscale, BlackRock, Fidelity and VanEck to proceed with filed and amended plans to offer spot Ethereum ETFs . But those specific funds have yet to be approved, a process that could take more than a week — and push Polymarket's May 31 deadline.

With some calling the bet “cheating,” nearly 1,000 comments were posted to Polymarket's event page.

“Let's be real: a lot of people were overconfident that the SEC would say no and are now crying that the SEC has changed and screwed them,” one Polymarket user wrote. “ETH ETF approved… [by] consensus of credible reports.”

“The best solution would be to split 50/50 and make it clear that the rules are not enough to pick a clear winner,” another Polymarket user suggested.

On the other hand, the text of the SEC decision is clear: “This order approves the proposals on an accelerated basis.”

“For all those who don't have stocks and feel frustrated: take the market rules and Polymarket's decisions to any SAT/GMAT professor and see what they say. Hint: everyone will agree with Polymarket because it's basic reading comprehension,” wrote one Polymarket user.

Polymarket users had the opportunity to dispute the outcome of the bet, but as of 8:18 this morning (May 24), the vote result of “yes” was determined. For many people, the simple answer is always the best answer.

“I'm just an investor in Polymarket and a fan of prediction markets in general, so I had no influence on the final decision,” investor Nick Tomaino wrote on Twitter. “But in my opinion, for a marketplace platform to predict long-term success, it is important to address the spirit of the market. Otherwise, the crowd won't trust it.”

With the big bet settled, the broader cryptocurrency market is moving on. ETH price barely moved on news of the approvals, although it has increased nearly 30% over the week, peaking at $3,937 on the day and trading at $3,800 at the time of writing.

Launched in 2020, Polymarket is a blockchain-based prediction market platform that allows users to stake tokens and profit from the results of current events such as elections, sports, and current events .

Earlier this month, Polymarket announced it had raised $70 million with participation from backers including Ethereum co-founder Vitalik Buterin.

Source: https://tapchibitcoin.io/cac-trader-tren-polymarket-tranh-cai-ve-ket-qua-ca-cuoc-etf-ethereum.html