A cryptocurrency whale betting on Republican candidate Donald Trump winning the upcoming US elections has 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.
According to data from on-chain analytics service Lookonchain, the cryptocurrency whale which has the tag “larpas” on the popular predictions market Polymarket has sold its position on Trump winning the upcoming elections, which was worth around $3.15 million.
The move came just 20 hours after the whale moved around $500,000 worth of USDC from leading cryptocurrency exchange Binance to be able to raise their bet on Trump winning the election.
As reported, earlier a massive cryptocurrency whale known as “zxgngl” withdrew $2.36 million in the USDC stablecoin from Binance, seemingly in a bid to double down on their Polymarket bet that former U.S. President Donald Trump will win the upcoming elections.
At the time of writing, Polymarket data shows that zxgngl holds an $18.3 million position on Donald Trump winning the 2024 US Presidential election, and is sitting on an unrealized gain of $290,000 with their 29.4 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 Unsplash.
