Kamala Harris Whale Shakes Up Polymarket Election Odds With $2 Million Position
The post Kamala Harris Whale Shakes Up Polymarket Election Odds With $2 Million Position appeared on BitcoinEthereumNews.com.
Vice President Kamala Harris’ odds of winning the White House on crypto prediction market platform Polymarket rose Wednesday as a newly registered user backed her with millions of dollars. Since October 4, the once neck-and-neck Polymarket odds have increasingly tilted toward Republican Donald Trump, ascribing the former president a 66% chance of victory as of Tuesday. However, Trump’s Democratic opponent saw some gains, bringing his odds down to 63% for a second term. Conducting their first transaction on Polymarket Tuesday, a user named Ly67890 built up a $2 million position predicting that Harris would win. The fresh face quickly became Polymarket’s top holder of “Yes” shares for Harris, climbing past established users. Ly67890’s betting activity was broken up across dozens of transactions, but the user placed six bets worth more than $100,000. Some punts made were as small as $0.87, while the user’s highest wager was worth around $148,500. Still, Harris’ biggest backer on Polymarket had much less skin in the game than Fredi9999. In total, the Polymarket user has wagered $13 million on former President Trump, while participating in several other election-focused markets since joining in June. Despite the big early spend, Ly67890 is already nursing a loss on paper. The value of their positions on Polymarket—solely focused on the presidential election’s winner—have lost more than $31,000 in value, representing a swift 1.5% drop. The digital wallet linked to Ly67890 received $2 million worth of the stablecoin USDC less than a day ago, per PolygonScan. The funds came from a wallet labeled as “Binance: Hot Wallet 2,” suggesting they were withdrawn from the crypto exchange. With 12 days left until Election Day, Polymarket has witnessed a burst of election-focused activity among bettors. As daily active users hit an all-time high of 26,500 on Tuesday, some 94% of bets covered…
Filed under: News - @ October 24, 2024 12:15 am