Prediction market platform Polymarket has recently rolled out bitcoin deposits, giving users new ways to fund their accounts as the leading cryptocurrency hovers near all-time highs. This addition broadens Polymarket’s funding options, which already include support for multiple tokens across Ethereum, Polygon, Base, Arbitrum, and Solana.

The announcement came on October 6 via X, with the brief post reading simply: “Bitcoin deposits. Now live.” The timing is notable, as Bitcoin recently set a fresh all-time high above $126,000, fueling increased trading activity across crypto markets.

Polymarket Enables Bitcoin Deposits

Polymarket’s decision to add Bitcoin support is aimed at enhancing user accessibility and aligning with the growing demand for BTC-based transactions in the crypto space. Previously, users could deposit stablecoins like USDC, USDT, and DAI, as well as ETH and tokens across Layer 2 networks such as Polygon, Base, and Arbitrum.

Now, traders can deposit BTC directly, allowing for greater flexibility and convenience when engaging in prediction markets. Deposits are credited in the platform’s supported format, enabling users to participate in event-based markets without needing to convert BTC to other tokens.

Market Response to Bitcoin’s ATH

The launch coincides with Bitcoin trading near record levels. On October 6, BTC touched highs above $126,000, maintaining strong momentum from the previous week. Data from CoinGlass shows Bitcoin has risen nearly 10% over the past seven days, reflecting seasonal bullish trends that analysts often observe in Q4.

Historically, Bitcoin has averaged a 79% increase during the fourth quarter since 2013, making the timing of Polymarket’s BTC deposit launch especially strategic. Several analysts, including experts from JPMorgan and Standard Chartered, predict that Bitcoin could reach between $165,000 and $200,000 by the end of 2025 if the current trajectory continues.

On Polymarket’s “What price will Bitcoin hit in October?” contract, traders are assigning the highest odds to a BTC price of $130,000 before November 1. This reflects growing market confidence and user engagement, as participants speculate on Bitcoin’s near-term performance.

How Polymarket Works

Founded in 2020, Polymarket is a crypto-native prediction market platform that allows users to buy and sell shares in the outcomes of future events. The platform gained widespread attention during the 2024 U.S. presidential elections, which drove record trading volumes.

Users engage in markets using supported tokens, and the correct outcomes pay out in USDC at a 1:1 ratio. Withdrawals are possible in USDC or USDC.e, giving participants flexibility in how they receive earnings. Polymarket integrates Chainlink oracles to provide reliable, real-time data for price-focused contracts, ensuring that market resolutions are accurate and trustworthy.

Competition and Industry Context

Polymarket competes with regulated rivals such as Kalshi, which recently overtook it in global trading volume. The addition of Bitcoin deposits strengthens Polymarket’s position, making it more attractive for traders who prefer using BTC over other assets.

By expanding its funding options, Polymarket can capture a broader segment of the cryptocurrency trading population. This is particularly important as institutional interest in crypto markets continues to rise, driving demand for platforms that support multiple funding options and provide seamless access to diverse markets.

Corporate Strategy and Growth

Polymarket has continuously evolved its platform since its inception. Beyond the addition of Bitcoin deposits, the company has expanded offerings to include earnings markets following U.S. regulatory clearance. This demonstrates Polymarket’s commitment to providing a regulated yet innovative environment for crypto-native prediction trading.

The company’s strategy also includes partnerships with key data providers and oracles to ensure accuracy and transparency. This approach helps attract both retail and institutional traders, fostering a more liquid and active marketplace.

Looking Ahead

The introduction of Bitcoin deposits positions Polymarket to benefit from both rising BTC prices and increasing user interest in diversified funding options. With Bitcoin continuing to climb near its all-time highs, the platform is likely to see higher trading volumes and increased user engagement in the coming months.

As Polymarket strengthens its market offerings, it also contributes to the broader adoption of cryptocurrency in prediction markets. By supporting multiple tokens and now including Bitcoin, Polymarket bridges traditional trading expectations with the decentralized finance ecosystem, enabling more participants to speculate on outcomes with ease and efficiency.