Zinger Key Points
- Only one top Polymarket trader is backing Donald Trump, focusing on his potential to win the popular vote.
- Polymarket's top traders' focus on Harris reflects broader electoral trends rather than her stance on cryptocurrency.
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As the U.S. presidential election nears, the Polymarket all-time leaderboard reveals an intriguing trend: three out of the top five bettors are placing their stakes on Kamala Harris to win the election, while only one is backing Donald Trump in the popular vote.
What Happened: According to the latest data, users "JustKam," “50-Pence” and "Apsalar," who occupy the 1st, 2nd, and 4th positions respectively in the all-time volume leaderboard, are betting on Harris to secure the presidency. The three traders hold an aggregate of over $2 million in positions on Harris to win the election and/or the popular vote. This trumps the wagers on Trump winning the popular vote from trader "bama124," ranked 3rd on the leaderboard.
The focus on Harris by top traders is particularly notable given her relatively quiet stance in the crypto space, which contrasts with Trump's vocal and evolving position.
Trump, who once dismissed Bitcoin as a “scam,” has recently embraced the digital asset world, even launching multiple NFT collections and positioning himself as a pro-crypto candidate.
Despite his controversial history with cryptocurrency, Trump has drawn substantial financial backing from key industry figures, further fueling speculation on his electoral prospects.
Also Read: Bitcoin Drops 4%, Loses $60,000 Support As ETFs See $127M Outflow
On the other hand, Harris's bets are driven more by traditional political calculations rather than her stance on digital assets.
Her supporters on Polymarket seem to be banking on broader electoral trends rather than her position on crypto, reflecting a complex interplay between political dynamics and market speculation.
Polymarket, a platform where users can wager on the outcomes of various events, including political elections, has seen significant trading volumes in the run-up to the 2024 U.S. presidential election.
The top traders on the platform have collectively handled tens of millions of dollars, with the highest volume trader, "undertaker," having moved nearly $49 million in August alone.
What’s Next: As these traders continue to influence the prediction markets, their activities will likely be a point of discussion at Benzinga’s Future of Digital Assets event on Nov. 19.
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