Nowadays, Polymarket, a well-known cryptocurrency market forecasting software, appears to be among the main winners of the current Bitcoin ETF frenzy. Polygon cofounder Sandeep Nailwal released statistics from Dune Analytics, which showed that Polymarket had a daily volume of over $6 million. Surprisingly, based on daily performance rating, this volume has elevated the prediction platform above the non-fungible token (NFT) marketplace OpenSea.
https://x.com/sandeepnailwal/status/1745505607111655557?s=20
Bets using spot Bitcoin ETFs were expressly hosted on the Polymarket platform. Whether the US Securities and Exchange Commission (SEC) will approve the Bitcoin ETF products before January 15 was the subject of one of the hosted bets on Polymarket. The product’s approval by the market authority added to the fervour shown on the site as wagers were paid on all fronts.
Investors may now place a second wager on whether the eleven spot Bitcoin ETF products that are now trading will reach $10 billion in Asset Under Management (AUM) by the conclusion of the first week of trading. Based on the wagers made thus far, 49% of betters have predicted that the AUM would reach $10 billion to $30 billion in the first week, while 51% disagree.
Bitcoin ETF to bolster market diversity
Because several parties are involved in the value chain, the spot Bitcoin ETF product has the subtle ability to usher in a varied market.
In addition to the regulated platforms on which the ETFs were primarily offered, Robinhood has announced that it will list the 11 assets commission-free in order to provide retail investors with a more direct path to adopting the new offerings.
The spot Bitcoin ETF product offers significant benefits not just to exchanges but also to custodians, with Coinbase Fidelity Digital and BitGo being the two main ones mentioned. All things considered, the advent of the spot Bitcoin ETF will propel utility and might even spur exponential rise in the price of BTC.
