December 19, 2023 –
NitroBetting.eu, a prominent Bitcoin-exclusive sportsbook, just released the first-of-their-kind Bitcoin Spot ETF betting lines. The new prediction market is focused on the SEC’s potential Spot ETF approval date, as well as speculation on which ETF sponsor will be the first to receive approval. According to the published odds, the market thinks it more likely than not that the SEC approves a Spot BTC ETF by 1/10/2024, with odds sitting at -1667 for, and +650 against.
With regard to ETF sponsors, at the time of writing, simultaneous approval for multiple applicants is the most favored scenario (-250), with Blackrock leading the pack as most favored for standalone approval (+120). Of all the potential Spot ETF sponsors, Wisdomtree (+2900) and Invesco (+2900) are the least favored by betting line participants per the Nitrobetting website:
While the bitcoin market has seemingly reacted positively to potential Spot ETF approval — currently trading around the $42,000 price level — it remains to be seen if the optimism is warranted. The new Spot ETF prediction market may help to provide greater clarity for investors.
In a statement submitted to Bitcoin Magazine, Nitrobetting.eu said the following: “Amidst the anticipation of Spot ETF approval in the U.S., Nitrobetting is thrilled to offer the first-ever betting lines for this event, inviting players to join in and have some fun in this historic time.
With over 10+ years in Bitcoin gaming, we’re at the forefront of this financial evolution. This is more than betting; it’s a celebration of Bitcoin’s integration into the mainstream and a milestone for the entire community.”
Interested participants can view available Bitcoin betting lines at the Nitrobetting website. Lines include Spot ETF wagers, 2024 halving price predictions, Bitcoin dominance, and Bitcoin legal tender predictions.
Disclaimer: Nitrobetting is a 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.
