December 19, 2023 –
NitroBetting.eu, a prominent sports site exclusively for Bitcoin, has just released the first of its kind betting lines on the Bitcoin Spot ETF. The new prediction market is focusing on the potential date for spot ETFs to be approved by the SEC, as well as speculation about which ETF sponsor will be first in line to receive approval. According to the published odds, the market believes the SEC is likely to approve the BTC spot ETF by 10/1/2024, with odds at -1667 and +650 vs.
In terms of ETF sponsors, at the time of writing, simultaneous approval of multiple applicants is the most favorable scenario (-250), with Blackrock leading the pack as the most favorable for independent approval (+120). Of all the potential Spot ETF sponsors, Wisdomtree (+2900) and Invesco (+2900) are the least favored by betting line participants according to Nitrobetting:
While the Bitcoin market has seemingly responded positively to the potential approval of the Spot ETF — which is currently trading around the $42,000 price level — it remains to be seen whether this optimism is justified. A new Spot ETF prediction market may help provide greater clarity to investors.
In a statement provided to Bitcoin Magazine, Nitrobetting.eu said the following: “Amidst awaiting approval of the Spot ETF in the US, Nitrobetting is pleased to offer the first ever betting lines for the event, inviting players to join in and get some cash. Fun at this historic time.
With over 10 years in Bitcoin gaming, we are at the forefront of this financial evolution. This is more than just a bet; It is a celebration of Bitcoin's integration into the mainstream and a milestone for the entire community.
Interested participants can view the available Bitcoin betting lines on the Nitrobetting website. Lines include spot ETF bets, 2024 halving predictions, Bitcoin dominance, and Bitcoin fiat bid predictions.
Disclaimer: Nitrobetting is the sponsor of Bitcoin Magazine's “The Bitcoin Halving Challenge,” a contest for participants to guess the price of Bitcoin at the 2024 halving for a chance to win a share of 1 BTC in prizes.
