Large investors believe Trump is more likely to win the elections due to his pro-crypto views and are betting on that outcome.
It is widely known that the majority of the crypto community supports Republican presidential candidate Donald Trump due to his friendly views on digital assets. They believe his emergence as the next United States president would give room for favorable regulations.
Hence, traders are betting big on Trump’s chance of winning in early November. Large crypto investors, particularly, are putting their money where their mouth is with regard to the upcoming elections.
Whales Are Betting on Trump’s Victory
On-chain analytics platform Lookonchain revealed that on October 24, a crypto whale bought millions of “Yes” shares that Trump will win the election. The large investor withdrew 3 million USD Coin (USDC) from the crypto exchange OKX to buy 4.48 million yes shares on the leading prediction platform Polymarket.
Trump’s odds of winning the election increased to 63.9% on Polymarket, while his rival, the Democratic candidate Kamala Harris, saw her chances drop to 36.2%. At the time of writing, data on Polymarket shows Harris’ chances had slumped even further to 35.8%. However, Harris’ odds are significantly more favorable on other platforms.
Besides the whale spotted by Lookonchain, several other large investors have been betting big on Trump’s victory. Last week, longtime political bettor Domer tweeted about an anonymous French national who had spent roughly $28 million to gamble on Trump’s victory.
Investor Bets $28M Across Four Accounts
According to Domer, the crypto whale, identified as Fredi9999, created four accounts on Polymarket, so it does not look like a single trader is placing all the bets. The four accounts are named PrincessCaro, Michie, Theo4, and the main one, Fredi9999. The whale’s actions over the past weeks significantly increased Trump’s odds on Polymarket, as the Republican nominee had been going toe to toe with Harris for a while.
Despite his attempts to go unnoticed, Fredi9999’s accounts have shown similar patterns, implying that the same user controls them. All four accounts have received large deposits from the crypto exchange Kraken, usually in transactions worth $500,000 or $1 million, and they immediately start betting on Trump, paying no attention to other services on Polymarket.
While Polymarket’s odds could offer insights into the potential outcome of the U.S. presidential elections, the actions of whales like Fredi9999 have tainted that belief.