Polymarket faces strong opposition due to the approval of a $13 million Ethereum ETF bet

Media reports that over $13.2 million worth of bets were placed on the Polymarket platform on whether an Ethereum ETF would be approved before May 31, but did not specify what "approval" meant. On May 23, after the U.S. Securities and Exchange Commission approved several Ethereum ETF's 19b-4 applications, the market closed with a "yes" result. The Polymarket log shows that this result was once controversial, but eventually resolved with a "yes". However, voters who voted "against" believe this call is incorrect; they argue that for a U.S. ETF to begin trading on exchanges it needs both an approved 19b-4 application and S-1 form - without an S-1 application there can't be a 'yes' outcome. Analysts say it may take months for the SEC to approve the S-1 document and some of those who voted against may have bet on this.