Recently, one of the largest investors in $USDC appeared in the news after placing a large bet on ‘Yes’ shares. It is a bet on Donald Trump’s victory in the upcoming 2024 elections in the US. This high-risk decision has captured the interest of the crypto and the financial realm since it entails a large investment alongside high confidence in Trump’s triumph.
Whale Moves Millions in USDC to Yes Shares
Based on blockchain tracking, the whale transferred $2.03M USDC or USD Coin from Binance to Polymarket in the last four hours. The fund was then used to buy more shares in favor of a “Yes” vote in Trump’s re-election chances. This takes the whale’s investment to $7.22M since October 11, 2024. The position was taken by wallet address 0xd235, which was said to be operated by a user account called zxgngl.
Investment Position and Profit Index
According to the latest information, the whale holds 11.28M shares worth $7.48M. Currently, at around $256K in unrealized profit, the investor’s strategy has already begun yielding good results. Currently, the “Yes” shares are trading at 66 cents, which aligns with the Polymarket odds of 66.3%, which means that Trump will win the elections.
Polymarket has again registered increased betting action and market attention from this major player. Polymarket is a peer-to-peer prediction market and a platform that allows users to bet on the outcomes of real-world events using stablecoins such as USDC.
Election Market Sentiment
The latest whale investment shows great attention to Trump’s possible presidency and investor sentiment in general. In today’s political polarisation and growing unpredictabilities, many prediction markets like Polymarket serve as an effective tool for revealing people’s opinions and evaluating electoral probabilities. The probability of Trump’s victory is 66.3%, suggesting that many investors truly expect Trump to be the president again in future elections.
Implications for the Crypto Market
This large bet of this whale also shows that cryptocurrency markets and the real world are linked more than ever. These digital assets can also represent major societal shifts and respond to or predict them. These stablecoins, including the USDC and platforms such as Polymarket, enable crypto users to speculate on specific events in the global market through such trades. Therefore, US market analysts might keep an eye on the whale’s activity as the 2024 U.S. presidential election approaches. However, moving from a Binance hot wallet also underscores the growing tendency to use conventional digital currency trading platforms for key DeFi operations.
