A massive cryptocurrency whale known as “zxgngl” has withdrawn $2.36 million in the USDC stablecoin from leading cryptocurrency exchange Binance, seemingly in a bid to double down on their Polymarket bet that former U.S. President Donald Trump will win the upcoming elections.
According to popular on-chain analysis service Lookonchain, the whale has withdrawn a total of 14.2 million USDC from the leading cryptocurrency trading platform since October 11, with most of those funds seemingly going into their Trump bet.
At the time of writing, Polymarket data shows that zxgngl holds a $13.28 million position on Donald Trump winning the 2024 US Presidential election, and is sitting un an unrealized loss of $855,000 with their 22.91 million shares.
The cryptocurrency whale has been aggressively adding to their position over time and is now the largest holder of shares betting on Trump winning the presidential race after taking over another cryptocurrency whale, Fredi9999, who currently holds 21.18 million shares.
On Polymarket, the perceived odds of Trump winning the upcoming election stood at a 66.9% high but plunged over the weekend, to now stand at 57.7%. Polls, however, suggest the race will be tight and decided by key battleground states.
According to economist Justin Wolfers, Trump’s odds dropped sharply as influence from key whales is reportedly waning at a time in which polling also shows the race is tightening.
It’s worth noting that market depth on Polymarket has shown a significant lack of liquidity in the past, meaning that large positions could heavily influence the odds of any candidate. That liquidity, however, has seemingly deepened over the last few weeks.
Notably, Trump’s perceived odds of winning the election also plunged from 64% to 52% on the federally-regulated prediction market Kalshi.
Featured image via Pixabay.
