Crypto prediction market platform Polymarket has amassed more than $2 billion worth of betting volume to date for its market focused on the winner of the upcoming U.S. presidential election, with the tally doubling in less than a month.

A prediction market on whether Democratic nominee Kamala Harris or Republican nominee Donald Trump will take the White House has amassed nearly $2.05 billion in betting volume as of publication time, Polymarket data shows. Trump has a 62% chance of defeating his Democratic challenger, according to bettors, with Harris sitting at nearly 39%.

Wagers favoring Trump crossed $600 million in total volume as of publication time, while more than $400 million had been put behind Harris. Another roughly $1 billion in betting volume has been placed on other politicians, many of whom either previously suspended their campaigns or had never actually entered the race in the first place.

While the $2 billion mark is noteworthy, that does not mean that billion of dollars’ worth of cryptocurrency is currently sitting on Polymarket waiting for the outcome of the election. Much of those bets have already been cashed out, as on-chain data curated by Dune shows that the entire Polymarket platform has approximately $200 million in open interest across all markets.

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Author: Liz Napolitano