The crypto community is abuzz with the suspense surrounding the United States Securities and Exchange Commission’s (SEC) decision on the much-anticipated spot Bitcoin (BTC) exchange-traded fund (ETF) applications.

Amid this high-stakes wait, a significant number of traders have turned to Polymarket, a Polygon-based betting platform, to place their bets on the outcome.

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Currently, bets amounting to around $1.5 million have been recorded, indicating the intensity of speculation in the crypto world.

At Polymarket, participants are divided between those who believe the Bitcoin ETF will be approved (‘Yes’ bets) and those who don’t (‘No’ bets). Interestingly, most traders have shown confidence in a positive outcome, with ‘Yes’ shares outnumbering ‘No’.

The value of each share fluctuates in a manner akin to the crypto market, with the current price of a ‘Yes’ share at $0.80 and a ‘No’ share at $0.21. Notably, a top bettor under the pseudonym “Kiwi” has invested approximately $421,000 in ‘Yes’ shares, while the highest stake in ‘No’ shares stands at about $15,000.

If any spot Bitcoin ETF receives the SEC’s nod by January 15, 2024, at 11:59:59 pm Eastern Time, the market will resolve to ‘Yes’. Conversely, if no approval is granted by then, it will resolve to ‘No’. This means that by the deadline, bet holders will either reap profits or face losses based on the outcome.

Polymarket has stated that its primary source for resolving the market will be official information from the SEC. However, it also mentioned that the consensus of credible reporting might be considered in specific scenarios to determine the market’s resolution.

The betting activity has sparked mixed reactions in the cryptocurrency community, especially on platforms like Reddit. Some users have criticized the betting, with one Redditor labeling it as “putting up dollars to win dimes.”

Meanwhile, others have taken a lighter approach, humorously commenting on their personal stakes. One user joked about risking their child’s college fund, while another playfully apologized to their “crypto grandkids” for their speculative actions.

The betting frenzy on Polymarket over the SEC’s decision on Bitcoin ETFs reflects the high stakes and varied sentiments within the crypto community, with millions wagered and diverse reactions ranging from criticism to humor.