2 weeks Ago By Aniket Verma
A Polymarket whale dumped around $3 million in bets on a Donald Trump victory after an influential trader hinted at taking profit on his positions tied to the former President. What Happened : The whale known as ‘ larpas ‘ sold $3 million worth of shares in Trump, according to a Monday X post by on-chain tracking firm Arkham Intelligence . This sale, which occurred within minutes after a post by renowned cryptocurrency trader Gigantic-Cassocked-Rebirth , or GCR, resulted in a 4% drop in Polymarket odds for Trump.
However, the odds recovered by 2% after the sale, returning to 58.6% as of this writing, data from Polymarket showed. SOMEONE PANIC SOLD TRUMP ON POLYMARKET AFTER GCR'S TWEET Polymarket whale ‘larpas' sold $3 MILLION of TRUMP shares in the past 2 hours, as Polymarket odds for TRUMP dumped by 4%.
larpas began selling 1 minute after GCR posted a tweet suggesting he "took profit" on his election...
https://t.co/WbQOG58aa0 pic.twitter.
com/g6Hb31Boyq The sell-off followed GCR’s recommendation to traders to avoid leverage and “reckless gambling.” He said that prediction markets have a “right-wing skew” and it made sense to bet on Trump when his odds were less than 10%. However, with his odds going over 65%, the trader stated that he was comfortable with capturing the meat of the move and thus took profits on his positions and proxy bets.
A well-known entity in cryptocurrency trading circles, GCR garnered fame during the bear market by successfully betting against Terra LUNA/USD ahead of the coin’s dramatic collapse in 2022. See Also: Anthony Scaramucci Predicts U.S.
Will Tackle Debt Crisis, Bitcoin Value Will Triple and Reveals Which Candidate Has A Stronger Economic Plan Why It Matters : This sudden sale by ‘larpas’ comes amidst a flurry of activity on Polymarket related to the 2024 presidential election. A new whale trader, ‘ zxgngl ,’ has become Trump’s biggest shareholder on the cryptocurrency-based betting platform and stands to gain almost $10 million if the former President wins a second term. On the other hand, professional politics trader ‘ Domer ‘ has placed a bet of over $500,000 on Vice President Kamala Harris to win the election.
The betting platform gave Harris a 55-60% chance of winning the presidency, despite the betting markets assuming a Trump victory. Read Next: Bitcoin Can Ignore The Presidential Election As Noise, Says Arthur Hayes © 2024 Benzinga.com.
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