Polymarket, an uncentralized betting platform, has seen a $5.7 million increase in trading volume since the U.S. Securities and Exchange Commission approved a number of spot bitcoin exchange traded funds (ETFs).

According to PolyMarket’s data on the social media platform X, this surge is a far cry from December’s average daily trading volume of $300,000. It even surpassed OpenSea – the leading NFT marketplace – which had a volume of $3.9million.

What is the underrated winner in the Bitcoin ETF approval process? Prediction markets. Polymarket’s Richard Chen, a venture capitalist at 1confirmation, said PolyMarket reposted an analysis by 1confirmation.

Click here to read the full article on bitcoin ETFs.

PolyMarket, which launched in 2020, allows investors to wager on binary events such as the spot ETF decision.

The platform had listed the contract “Bitcoin ETF Approved by Jan 15” last month. It expired on Wednesday after the SEC approved ETFs. The contract was wagered over $12 million by traders, and some bought the “No” shares to hedge themselves against a possible rejection.

The SEC’s decision on ETFs is expected to be announced Wednesday. (Dune Analytics)

The number of users active on the platform has risen to 1,258 as well. The number of active monthly users is 2,754, which is the highest since April 2022.

Sheldon Reback is the editor.