Crypto whales, or large investors, have made millions on the leading decentralized prediction market, Polymarket, following Donald Trump’s presidential win.
The largest Trump-betting account on Polymarket, known as “Theo4,” earned more than $20.4 million in profit on his pro-Trump bets, according to data shared by Lookonchain on November 6.
Whales Rake in $47 Million on Polymarket After Trump’s Win
According to a recent post by Lookonchain on X (formerly Twitter), some of the largest Trump bettors have made impressive profits. Leading the gains, user “Theo4” secured $20.4 million, marking one of the highest single-event betting wins in recent memory. Meanwhile, “Fredi9999” followed with a substantial profit of $15.6 million, and “zxgngl” netted over $11 million.
Lookonchain also reported that in October, 10 whale addresses collectively spent $70.6 million in USDC betting on Trump. This substantial investment reflects the confidence that some high-net-worth crypto holders placed in the election outcome.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
As of this writing, the Associated Press declared Donald Trump the winner of the 2024 presidential election on November 6 at 10:46 am UTC. The election sparked significant betting activity, with $3.2 billion in wagers on Polymarket alone as voters determined whether Trump or Harris would claim victory.
Polymarket’s platform has seen explosive growth leading up to the 2024 election, largely fueled by heightened user interest in the high-stakes political environment. Between September and October, trading volume surged by 368%.
This spike reflects how the 2024 election has driven significant engagement on Polymarket, as users rush to place bets in an unpredictable political landscape.
For many bettors, market volatility is a key draw. In prediction markets, participants buy contracts that pay out $1 if their chosen outcome occurs. Contract prices fluctuate with the probability of the outcome, allowing bettors to sell contracts before the event’s conclusion.
Read more: How To Use Polymarket In The United States: Step-by-Step Guide
This dynamic enables potential profit even if the initial outcome wagered on does not materialize, provided the market is timed correctly.
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