Crypto whales, or large investors betting on Donald Trump’s victory, have profited significantly on Polymarket, the top decentralized prediction market.
The largest Trump-betting account, known as “Theo4,” has reportedly earned more than $20.4 million from pro-Trump wagers, according to data shared by Lookonchain on Nov. 6.
Another prominent whale, “Fredi9999,” made a profit exceeding $15.6 million, while a third major bettor, “zxgngl,” netted over $11 million, Lookonchain reported in a Nov. 6 post.
In October alone, ten whale addresses collectively spent $70.6 million in USD Coin (USDC) to place bets on Trump winning the 2024 U.S. election.
On Oct. 18, Fredi’s main account helped push Trump’s odds above 60.2% by purchasing over $20 million worth of “Yes” shares, Cointelegraph previously reported.
Just days later, on Oct. 28, Trump’s odds increased to 66% after zxgngl invested $7.22 million in “Yes” shares.
With Trump’s projected victory, the Polymarket whales may soon cash out, as the market is set to resolve when the Associated Press, Fox, and NBC collectively call the election for the same candidate, per Polymarket’s guidelines.
On Nov. 6, at 10:46 am UTC, the Associated Press declared Trump the winner of the 2024 presidential election.
Over 50% of the “Yes” shares for Trump on Polymarket were held by five major whales as of Nov. 4, the day before the election.
These heavy investments demonstrate the significant bets placed on Trump’s victory in the crypto prediction market, yielding massive potential payoffs for the whales controlling these wagers.
