Crypto Whales Invest Big in Trump as Election Odds Surge

The crypto community largely favors Republican presidential candidate Donald Trump, largely due to his positive stance on digital currencies. Many within this space believe that his presidency would usher in favorable regulatory conditions for cryptocurrencies.

As a result, traders are making substantial bets on Trump’s likelihood of winning in early November. Significant crypto investors are particularly vocal, placing considerable sums in anticipation of the upcoming elections.

Whales Are Wagering on Trump’s Success

An on-chain analytics platform, Lookonchain disclosed that on October 24, a crypto whale invested millions in “Yes” shares predicting Trump’s success in the election. This significant investor withdrew 3 million USD Coin (USDC) from the crypto exchange OKX to acquire 4.48 million yes shares on Polymarket, a leading prediction market.

Trump’s probability of winning the election has surged to 63.9% on Polymarket, whereas his competitor, Democratic candidate Kamala Harris, saw her chances decrease to 36.2%. At the time of this writing, data from Polymarket indicates that Harris’s odds have decreased further to 35.8%. Nevertheless, her odds remain relatively better on other betting platforms.

Aside from the whale tracked by Lookonchain, additional large investors are also backing Trump’s victory. Recently, seasoned political bettor Domer tweeted about an anonymous individual from France who reportedly wagered around $28 million on Trump’s win.

Investor Places $28 Million Across Four Accounts

Domer notes that the crypto whale, known as Fredi9999, set up four accounts on Polymarket to mask the scale of their betting activities. These accounts are labeled PrincessCaro, Michie, Theo4, and the primary account, Fredi9999. The whale’s betting activity has notably influenced Trump’s odds on Polymarket, as the Republican candidate was closely competing with Harris for some time.

Despite efforts to remain under the radar, Fredi9999’s accounts exhibit similar patterns, indicating they are managed by the same individual. All four accounts have made significant deposits from the cryptocurrency exchange Kraken, typically in amounts ranging from $500,000 to $1 million, immediately placing bets on Trump while ignoring other offerings on Polymarket.

While Polymarket’s odds may provide clues about the potential outcome of the U.S. presidential elections, the actions of whales like Fredi9999 have clouded that understanding.