Only 12.7% of Crypto Wallets on Polymarket Report Profits

Polymarket, a decentralized prediction market platform, has proven profitable for only 12.7% of crypto wallets, according to data from Layerhub. Of the 171,113 wallets using Polymarket, a staggering 149,383 (87.3%) have not made a profit. In contrast, only 21,730 wallets reported confirmed gains.

The majority of profitable wallets earned modest sums, with 7,400 wallets recording profits between $100 and $1,000. However, only 2,138 wallets made over $1,000, highlighting the limited success of high-reward bets.

Despite this, trading activity on Polymarket remains robust. Since its inception, the platform has facilitated 10.8 million trades, with over 300,000 trades daily between October 6-8, driven by global events such as geopolitical conflicts and the upcoming U.S. presidential election.

It’s important to note that not all wallets reflect individual traders; some users operate multiple wallets to spread risk. Nearly 25,000 wallets have engaged in over 50 trades, while 58,000 wallets made just 1-5 trades, indicating a broad spectrum of engagement levels.

Interest in crypto betting remains strong. As of October 9, Polymarket’s open interest reached $161.1 million, showing continued enthusiasm for speculative trading on current events. Notably, Tesla CEO Elon Musk has suggested that Polymarket could better predict the 2024 U.S. presidential election than traditional polling methods.

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