Spot Ether ETF approval results see $2.4M wagered by crypto traders.

Gamblers in the cryptocurrency world are taking their chances on whether the United States Securities and Exchange Commission (SEC) will approve a spot Ether (ETH) exchange-traded fund (ETF) before the end of May. Polymarket, a crypto gambling site based on the Polygon network, allows traders to bet on the approval or rejection of the ETF application. Currently, over $2.4 million has been wagered, with approximately 81% of bets pessimistic about the approval before the deadline. The value of the shares fluctuates based on market conditions, with Yes shares currently priced at $0.19 and No shares at $0.81. The top holders of Yes and No shares have approximately $84,000 and $127,000 invested, respectively. If the SEC approves the ETF before May 31, holders of Yes shares will be able to cash out their earnings. This is not the first time such bets have taken place, as gamblers previously wagered on Bitcoin ETF approvals, with at least $12 million being bet on the outcomes. Despite concerns about the SEC’s lack of engagement with applicants, investment management company Grayscale remains confident in the approval of spot Ether ETFs in May.