Whopping ‘$1.5 million’ at stake on Bitcoin ETF approval results

• At the time of writing, around $1.5 million worth of bets have been placed, with most of the traders buying shares of “Yes.”
• Traders are now using this time of suspense to gamble on whether they will get approved by 15 January.
• A Yes share costs $0.79, while a No share is $0.21.

While the cryptocurrency market awaits the verdict of the Bitcoin ETF approval status, gamblers are taking on it in full swing. Even as market participants have been speculating on the benefits and problems associated with the United States Securities and Exchange Commission’s (SEC) final decision, a conversation on a popular chat platform has caught the eye of the over-leveraged Bitcoin mongers.

Redditors got going when they learned that bets were in full swing, with one saying they were about to lose their kid’s college fund while another described the bet as “putting up dollars to win dimes.” Traders are now using this time of suspense to gamble on whether they will get approved by 15 January.

Bitcoin ETF Yes share costs $0.79, while a No share is $0.21.

A widespread gambling site has had traders placing their bets on whether Bitcoin ETF applications will be approved. At the time of writing, around $1.5 million worth of bets have been placed, with most of the traders buying shares of “Yes.” A Yes share costs $0.79, while a No share is $0.21.

One of the top holders with the pseudonym “kiwi” holds around $421,000 of ‘Yes’ shares. On the other hand, the top holder for No holds only around $15,000 in ‘No’ shares. According to the gambling site, the market will resolve to “Yes” if any spot Bitcoin ETF receives approval from the SEC. Otherwise, this market will resolve to “No.” This means holders of either bets will see their earnings or losses by the deadline set.

The site says the primary resolution source for the market will be information from the SEC. However, it added that a consensus of credible reporting could be used to resolve the market. Meanwhile, some Redditors criticized the betting, while others got creative with their jokes. In the Cryptocurrency subreddit, a user called the bet stupid and described it as “putting up dollars to win dimes.”