Popular crypto market prediction platform Polymarket now stands as one of the biggest beneficiaries of the Bitcoin spot ETF hype. According to data from Dune Analytics, such as shared According to Polygon co-founder Sandeep Nailwal, Polymarket recorded a daily volume of over $6 million. Surprisingly, this volume has pushed the prediction platform above the OpenSea non-fungible token (NFT) market, according to the daily performance rating.
Popular crypto market prediction platform Polymarket now stands as one of the biggest beneficiaries of the Bitcoin spot ETF hype. According to data from Dune Analytics, such as shared According to Polygon co-founder Sandeep Nailwal, Polymarket recorded a daily volume of over $6 million. Surprisingly, this volume has pushed the prediction platform above the OpenSea non-fungible token (NFT) market, according to the daily performance rating.
The Polymarket platform specifically hosted spot Bitcoin ETF bets. One of the bets placed on Polymarket talked about whether or not the United States Securities and Exchange Commission (SEC) would approve Bitcoin ETF products before January 15. The fact that the market regulator gave the green light to the product contributed to the frenzy recorded on the platform as bets settled across the board.
Now, there’s another live bet, as investors are choosing whether or not the 11 spot Bitcoin ETF products now trading will reach $10 billion in assets under management (AUM) by the end of their first week of trading. . Based on bets placed so far, a total of 49% of bettors said assets under management will reach between $10 billion and $30 billion in the first week, and 51% said the opposite.
Bitcoin ETF to reinforce market diversity
A subtle aspect of the Bitcoin spot ETF product is its ability to open up a diverse market, as many entities participate in the value chain.
In addition to the regulated trading platforms on which ETFs are primarily traded, Robinhood has also revealed its list of 11 commission-free assets to give retail investors a closer avenue to adopt the new products.
In addition to exchanges, custodians are among the top beneficiaries of the spot Bitcoin ETF product, with Coinbase Fidelity Digital and BitGo among the top ones listed. In all, the Bitcoin spot ETF has ushered in a new era that will boost utility and could potentially drive parabolic growth in the price of BTC.
