Crypto Whales are betting big on Donald Trump as US election odds rise

It is widely known that the majority of the crypto community supports Republican presidential candidate Donald Trump because of his friendly views on digital assets. They believe that his emergence as the next president of the United States would lead to favorable regulations.

So traders are betting heavily on Trump’s chances of winning in early November. Big crypto investors in particular are putting their money where their mouth is when it comes to the upcoming election.

Whales are betting on Trump’s victory

On-chain analytics platform Lookonchain revealed that on October 24, a crypto whale bought millions of “Yes” shares that Trump will win the election. The big investor withdrew 3 million USD Coin (USDC) from crypto exchange OKX to buy 4.48 million yes shares in the leading prediction platform Polymarket.

Trump’s odds of winning the election rose to 63.9% in Polymarket, while his rival, Democratic candidate Kamala Harris, saw her chances drop to 36.2%. At the time of writing, Polymarket data shows that Harris’s chances had fallen further to 35.8%. However, Harris’ odds are significantly more favorable on other platforms.

In addition to the whale spotted by Lookonchain, several other big investors have bet heavily on a Trump victory. Last week, longtime political bettor Domer tweeted about an anonymous French man who had spent roughly $28 million betting on a Trump victory.

The investor bets $28 million on four accounts

According to Domer, the crypto whale, identified as Fredi9999, created four accounts on Polymarket, so it doesn’t appear that a single trader is doing all the betting. The four accounts are named PrincessCaro, Michie, Theo4 and the main one, Fredi9999. The whale’s actions in recent weeks significantly boosted Trump’s odds at Polymarket, as the Republican nominee had been going head-to-head with Harris for some time.

Despite his attempts to go unnoticed, Fredi9999’s accounts have shown similar patterns, implying that the same user controls them. All four accounts have received large deposits from crypto exchange Kraken, usually in transactions worth $500,000 or $1 million, and immediately start betting on Trump, without paying attention to Polymarket’s other services.

While Polymarket odds might offer insight into the potential outcome of the US presidential election, the actions of whales like Fredi9999 have tainted that belief.

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