A significant bet has emerged in the crypto betting world regarding the 2024 U.S. presidential election. A crypto whale recently withdrew a large amount of USDC from Binance to bet on Kamala Harris securing the presidency. Meanwhile, a French trader has bet even more on Trump’s victory. This shows the growing link between crypto and political betting.
Blockchain analytics platform Lookonchain reveals that a whale transferred 5 million USDC from Binance to Polymarket and betted on Kamala Harris winning the election. Some people think that this whale has a connection with “cryptoleifeng.” The big bet shows that high-stakes crypto investors are more active in political markets. It highlights how crypto can enable quick, large transactions in new sectors.
A whale withdrew 5M $USDC from #Binance to bet on #Harris winning the #USelection 12 hours ago.
— Lookonchain (@lookonchain) November 4, 2024
This whale may be related to @cryptoleifeng.https://t.co/NzZ4NUwA8R pic.twitter.com/jtkRjsBbuy
A French trader has reportedly staked over $28 million on Trump winning the 2024 election. This massive bet was placed on Polymarket, a top decentralized prediction market. It is popular for its political and event-based wagers. Reports from Collin Rugg and CNBC say this French national has vast experience in financial services. He manages four major accounts on Polymarket.
This trader has bet $7 million on Trump winning the popular vote, in addition to betting on his election win. Polymarket confirmed that this user is among its “whales” — a term for individuals or entities that make very large bets — and emphasized that it launched an investigation to ensure fair play in light of these large wagers. Following the inquiry, Polymarket stated, “To date [Polymarket] has not identified any information to suggest that this user manipulated, or attempted to manipulate, the market.”
Trump Regains Lead Over Harris in Polymarket’s Election OddsSuch big stakes have boosted traffic and interest in the predictions about the 2024 US presidential election on Polymarket. According to the most recent data, these high-stakes wagers are incorporated into the platform’s betting odds. President Trump now has a 56 percent chance of victory, and Kamala Harris has a 44 percent chance, on Polymarket standards. At the time of writing, the total volume bet on Trump stood at around $1.2 billion, while the bet on Harris was $771 million.
