A crypto whale has made a big bet on Republican presidential candidate Donald Trump’s 2024 election win. Recent trends on Polymarket show a marked increase in support for former President Trump in the upcoming U.S. election, with current odds suggesting a 66% likelihood of his win. The boost in Trump’s Polymarket standing highlights both his resilience in American politics and his vocal support for cryptocurrencies, particularly Bitcoin.
Crypto Whale Bets in Support of Trump
The high-profile crypto whale has placed substantial bets on Trump’s potential success. Over the past several weeks, this individual has withdrawn a cumulative total of 7.22 million USDC from Binance, a major cryptocurrency exchange, to buy “Yes” shares on Trump winning the 2024 presidential race.
This sizable investment resulted in the whale holding 11.28 million shares in favor of Trump’s victory, according to Lookonchain data. Moreover, this investment has positioned them for an impressive unrealized gain of $256,000 based on current odds.
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In just the past few hours, the whale withdrew an additional 2.03 million USDC from Binance, further boosting their wager on Trump’s campaign. The magnitude of this investment reflects an unwavering confidence in Trump’s political resurgence, as well as an optimistic view of his pro-crypto stance that many see as favorable for the industry’s future.
A whale withdrew another 2.03M $USDC from #Binance in the past 4 hours to bet on #Trump winning the 2024 election.
Since Oct 11, the whale has spent 7.22M $USDC to buy 11.28M ‘Yes’ shares on #DonaldTrump winning the US election, with an unrealized profit of $256K.#DonaldTrump… pic.twitter.com/tykCwcZuu7
— Lookonchain (@lookonchain) October 28, 2024
Polymarket, a popular prediction platform, serves as a unique barometer for political and market sentiment with odds reflecting real-time user confidence. The recent activity surrounding Trump’s odds underscores both the ongoing volatility in political forecasting and the speculative nature of high-stakes political bets in the cryptocurrency market.
As of writing Trump’s win odds stood at 65.9% on Polymarket while Vice President Kamala Harris struggled with just 34.02% odds winning the November elections. Moreover, her unclear stance on crypto has driven away the bettors toward pro-crypto Trump
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Also Read: Donald Trump Takes Significant Lead in Election, Boosts BTC sentiment
