A French investor has reportedly managed to make a near $79 million profit by betting on Republican presidential candidate Donald Trump to win the US elections, a bet that proved correct after Trump secured 295 Electoral College Votes.
According to data shared by on-chain analysis firm Chainalysis, the French investor seemingly controlled a total of nine different accounts on the popular predictions market Polymarket, based on “their funding patterns, timing of transactions, and cash out to specific exchange deposit addresses.”
The firm estimated that by betting primarily on Trump winning the US election, the trader managesdto make an estimated $78.7 million in profit.
As CryptoGlobe reported, the highly-anticipated 2024 US Presidential election has seen the trading volume of bets on who is going to win it in leading prediction market Polymarket surpass the $3 billion mark, with bets on Republican candidate Donald Trump surpassing $1.3 billion.
Notably, another cryptocurrency whale betting on Republican candidate Donald Trump winning the upcoming US elections sold off its entire stake on the elections, shortly before Americans head to the polls to decide who their next president is going to be.
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.
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