Crypto Whales Bet Big on Donald Trump as His US Election Odds Rise
The post Crypto Whales Bet Big on Donald Trump as His US Election Odds Rise appeared on BitcoinEthereumNews.com.
It is widely known that the majority of the crypto community supports Republican presidential candidate Donald Trump due to his friendly views on digital assets. They believe his emergence as the next United States president would give room for favorable regulations. Hence, traders are betting big on Trump’s chance of winning in early November. Large crypto investors, particularly, are putting their money where their mouth is with regard to the upcoming elections. Whales Are Betting on Trump’s Victory On-chain analytics platform Lookonchain revealed that on October 24, a crypto whale bought millions of “Yes” shares that Trump will win the election. The large investor withdrew 3 million USD Coin (USDC) from the crypto exchange OKX to buy 4.48 million yes shares on the leading prediction platform Polymarket. Trump’s odds of winning the election increased to 63.9% on Polymarket, while his rival, the Democratic candidate Kamala Harris, saw her chances drop to 36.2%. At the time of writing, data on Polymarket shows Harris’ chances had slumped even further to 35.8%. However, Harris’ odds are significantly more favorable on other platforms. Besides the whale spotted by Lookonchain, several other large investors have been betting big on Trump’s victory. Last week, longtime political bettor Domer tweeted about an anonymous French national who had spent roughly $28 million to gamble on Trump’s victory. Investor Bets $28M Across Four Accounts According to Domer, the crypto whale, identified as Fredi9999, created four accounts on Polymarket, so it does not look like a single trader is placing all the bets. The four accounts are named PrincessCaro, Michie, Theo4, and the main one, Fredi9999. The whale’s actions over the past weeks significantly increased Trump’s odds on Polymarket, as the Republican nominee had been going toe to toe with Harris for a while. Despite his attempts to go unnoticed,…
Filed under: News - @ October 25, 2024 1:20 pm