Ethereum Etf Bets Surpass 2 Million.

In bets placed on approvals for Ethereum-based spot exchange-traded funds (ETFs), only 19% of participants wagered on a positive outcome for ETH ETF applications before the end of May.

Crypto gamblers are placing bets on whether the United States Securities and Exchange Commission (SEC) will approve a spot Ether exchange-traded fund (ETF) before May 31st.

According to Polymarket, a Polygon-based crypto prediction site, investors are making "Yes" or "No" bets on whether a spot Ether ETF application will be approved by the end of May.

More than $2.4 million in bets have been placed, with approximately 81% being pessimistic about the chances of a spot Ether ETF approval by the end of May.

Crypto investors are playing their predictions about spot Ether ETF approval by purchasing "Yes" or "No" shares. The price of a share reflects the odds of the bet and changes similarly to fluctuations in the crypto market.

Currently, the price of a "Yes" share is $0.19, while the price of a "No" share is $0.81. This indicates that there are more gamblers who believe there is less chance of a spot ETH ETF approval by the end of May.

The largest investor in the "Yes" option holds shares worth approximately $84,000, while the largest investor in the "No" option has invested in shares worth $127,000.

If the SEC approves a spot Ether ETF before May 31, 2024, at 11:59 PM ET, the market will be resolved, and holders of "Yes" shares will have the chance to cash out their winnings. However, if approval is not granted within this period, the situation will reverse.

Such bets are not the first instance of investors gambling on ETF approvals. Previously, Reddit users criticized Polymarket users for betting on whether a spot Bitcoin ETF would be approved before January 15.

While one Reddit user found the bet foolish, another joked about losing their children's college fund. In total, bets on ETF outcomes exceeded $12 million in the prediction market. On January 10, the SEC approved the trading and listing of 11 spot Bitcoin ETFs.

Grayscale expressed confidence in the approval of a spot Ether ETF in May. On March 25, Craig Salm, the company's Chief Legal Officer, stated that the lack of interaction between the SEC and applicants was not an indication of whether an ETF would be approved or not.

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