Polymarket trader, larpas, dumped $3M worth in Trump shares on Polymarket’s “Presidential Election Winner 2024” market, sending Trump odds down by 2% before it recovered back to 58%. Alongside this sale, they also dumped various other positions betting on a Republican President, Republican victories in specific states as well as those betting on a Kamala defeat.
The sale is suspected to have been triggered by a tweet from legendary trader GiganticRebirth (GCR), where he discussed taking profits on his Trump position and related proxy bets for the elections, after capturing the “meat of the move”.
Predictions market, Polymarket, is one of the largest beneficiaries of the US Presidential Elections, having seen a tremendous influx of volume onto the platform. Monthly volumes on the Polymarket have increased from the low millions to $250-350M in the second half of 2024, with October seeing $1B in volume. Similarly, total value locked on the platform has also increased 48x since the beginning of the year to 456M.
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