Polymarket's Trading Volume Surges to $5.7 Million After SEC Approves Bitcoin ETFs

Decentralized betting platform Polymarket saw a surge in trading volume, reaching $5.7 million, after the SEC approved several spot bitcoin ETFs. This surpassed the trading volume of leading NFT marketplace OpenSea, which registered $3.9 million. PolyMarket has allowed investors to bet on the outcome of binary events since its debut in 2020, and last month listed a contract for "Bitcoin ETF approved by Jan 15," which expired on the day of the SEC's decision. The platform saw a sharp increase in activity ahead of the decision, with the number of active users surging to 1,258 on Wednesday.