A Polymarket whale dumped around $3 million in bets on a Donald Trump victory after an influential trader hinted at taking profit on his positions tied to the former President.

What Happened: The whale known as ‘larpas‘ sold $3 million worth of shares in Trump, according to a Monday X post by on-chain tracking firm Arkham Intelligence.

This sale, which occurred within minutes after a post by renowned cryptocurrency trader Gigantic-Cassocked-Rebirth, or GCR, resulted in a 4% drop in Polymarket odds for Trump.

However, the odds recovered by 2% after the sale, returning to 58.6% as of this writing, data from Polymarket showed.

The sell-off followed GCR’s recommendation to traders to avoid leverage and “reckless gambling.” He said that prediction markets have a “right-wing skew” and it made sense to bet on Trump when his odds were less than 10%.

However, with his odds going over 65%, the trader stated that he was comfortable with capturing the meat of the move and thus took profits on his positions and proxy bets.

A well-known entity in cryptocurrency trading circles, GCR garnered fame during the bear market by successfully betting against Terra LUNA/USD ahead of the coin’s dramatic collapse in 2022.

See Also: Anthony Scaramucci Predicts U.S. Will Tackle Debt Crisis, Bitcoin Value Will Triple and Reveals Which Candidate Has A Stronger Economic Plan

Why It Matters: This sudden sale by ‘larpas’ comes amidst a flurry of activity on Polymarket related to the 2024 presidential election.

A new whale trader, ‘zxgngl,’ has become Trump’s biggest shareholder on the cryptocurrency-based betting platform and stands to gain almost $10 million if the former President wins a second term.

On the other hand, professional politics trader ‘Domer‘ has placed a bet of over $500,000 on Vice President Kamala Harris to win the election. The betting platform gave Harris a 55-60% chance of winning the presidency, despite the betting markets assuming a Trump victory.

Read Next: