An analysis of the trading event associated with the crypto investigator ZachXBT revealed that more than 3,630 wallet addresses had placed bets on “Axiom” on Polymarket.
The total bets placed had led to 56.2 percent of the traders ultimately making a profit.
The data indicates that the market sentiment was largely in line with the outcome, which enabled traders to make money out of their predictions.
This comes after the investigation by crypto sleuth ZachXBT on the previous day, which accused employees associated with Axiom of insider trading, as indicated by an official thread posted on X.
The accusations are a serious concern for one of the larger trading terminals in the crypto market. Founded in 2024 by Mist and Cal and supported by Y Combinator’s Winter Batch, Axiom quickly turned out to be a highly profitable platform, generating hundreds of millions of dollars in revenue in a short span of time.
As reported by CoinHeadlines earlier, Polymarket had witnessed a huge interest from traders, with people placing bets on 3 main platforms viz: Meteora , Axion, and Pump.fun.
Who earned what?
A more detailed look at the earnings shows how the returns were distributed among the participants. There were three addresses that earned more than $100,000, which is the highest amount of profits in this event.
However, there were 47 addresses that earned between $10,000 and $100,000, which is a significant number of traders who earned substantial profits.
Most of these profitable accounts were created with limited trading activity, with some accounts participating in only a few markets.
With huge profits comes great losses too….
However, it is important to note that despite the huge profits that some of the participants made, the data also shows the risks that are involved in prediction markets.
Not all participants walked away with profits. Rather, two wallet addresses lost more than $100,000, while 50 others lost between $10,000 and $100,000.
It is interesting to note that most of these losses came from people who placed their bets on a number of popular platforms, only for their predictions to fail.
The event is a clear indication that prediction markets on the blockchain can be quite unpredictable, with the potential for huge profits as well as huge losses.