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Bitget2024/07/01 05:17

By:Bitget

Polymarket monthly volume hits $100M as presidential race heats up

Decentralized predictions platform Polymarket hit $100 million in monthly trading volume in June as punters upped their stakes on how they think the United States presidential election will play out. As of early morning July 1st (UTC+8) the time of writing, there are $203.3 million worth of bets in “Presidential Election Winner 2024” — which consists of individual “Yes” or “No” bets across 17 prediction markets. Other betting markets related to the elections have also garnered millions in bets.

Polymarket, which runs on Ethereum sidechain Polygon, saw $109.9 million in trading volume in June — its first time crossing the $100 million mark, according to a Dune Analytics dashboard. Trading volumes between January and May hovered between $38.9 million and $63 million, which marked a 620% increase from the previous five months (August-December, 2023). The total value locked in Polymarket is now $40.2 million, up nearly 69% over the last 30 days, Token Terminal data shows.

Cryptocurrency prices and the UEFA European Football Championship 2024 markets have also tallied large trading volumes on Polymarket. Polymarket, which launched in June 2020, recently raised $70 million and was spearheaded by Ethereum co-founder Vitalik Buterin and venture capital firm Founders Fund.

Source: CoinTelegraph

Futures Market Updates

Bitcoin has retraced from $60K, resulting in heavy short liquidations across markets.

Bitcoin Futures Updates

Total BTC Open Interest: $32.96B (+4.20%)

BTC Volume (24H): $43.08B (+147.95%)

BTC Liquidations (24H): $2.99M (Long)/$36.07M (Short)

Long/Short Ratio: 51.68%/48.32%

Funding Rate: 0.0070%

Ether Futures Updates

Total ETH Open Interest: $15.23B (+3.25%)

ETH Volume (24H): $16.00B (+85.03%)

ETH Liquidations (24H): $1.77M (Long)/$22.52M (Short)

Long/Short Ratio: 50.52%/49.48%

Funding Rate: 0.0091%

Top 3 OI Surges

EIGEN: $40.79K (+127.43%)

PHA: $2.52M (+118.67%)

MBL: $1.06M (+115.92%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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