Donald Trump to Win US Elections? Crypto Whales Think So

Crypto whales are expressing confidence in Republican nominee Donald Trump’s emergence as the next United States president after next week’s election. This sentiment is evident in the large amount of cryptocurrencies spent betting in Trump’s favor on the blockchain-based prediction platform Polymarket.

Several posts from the market analytics platform Lookonchain have uncovered several whales betting millions of cryptocurrencies on Trump’s winning the election. Some repeatedly use the same Polymarket accounts, and others multiple times use different identities.

These numerous bets have increased Trump’s odds of winning on Polymarket to 66.1% since the last tie, at 49.5%, with Democratic candidate Kamala Harris. The Democrat’s odds of becoming the next U.S. president have fallen to 33.8%.

Whales Bet On Trump’s Victory

According to Lookonchain’s tweet, a crypto whale has spent 5 million USDC to purchase 7.54 million yes shares on Trump winning the U.S. election in the past four days. The latest purchase was on Monday when the investor bought millions of the yes shares with 1 million USDC.

Over the weekend, the same whale withdrew 3 million USDC from crypto exchange OKX to buy 4.48 million yes shares, betting on Trump’s victory in the elections. At the time, the Republican candidate’s odds of emerging victorious stood at 63.9%, while Harris had a 36.2% chance of winning. Subsequent bets in favor of Trump have increased his odds of becoming the next president of the U.S.

Lookonchain tweeted about another large crypto investor who has spent roughly 7.22 million USDC to buy 11.28 million yes shares on Trump winning the election since October 11. After the whale’s last withdrawal of 2.03 million USDC from the crypto exchange Binance for more yes shares purchases on October 28, the market participant now sits on an unrealized profit of $256,000.

Trump Plans Stablecoin Launch

Additionally, market participants discovered a whale who had gambled roughly $28 million in cryptocurrencies on Trump winning the election. Word making the rounds about this whale’s bets reveals that he is an anonymous French national placing his bets via four Polymarket accounts. His actions have increased the cost of betting on Trump in prediction markets worldwide.

As whales continue to show their support for Trump, the pro-crypto presidential nominee is reportedly planning to launch a stablecoin via his controversial crypto project, World Liberty Financial.