U.S.-linked wallets accounted for the largest share of political trading on Polymarket over the past year, reaching $571 million despite the platform's legal restrictions on American users.
On-chain analysis by Allium showed that wallets tied to the United States generated more notional volume in political markets than those from any other country, including Hong Kong at $422 million. The activity occurred even though Polymarket blocks U.S. IP addresses, as traders used virtual private networks and cryptocurrency wallets to bypass controls.
Americans directed 46 percent of their volume toward geopolitics markets, compared with 36 percent platform-wide, while allocating just 16 percent to elections versus 32 percent overall. Their largest single market was a $20.8 million contract on whether Ukrainian President Volodymyr Zelenskyy would wear a suit.
U.S. participants showed no meaningful edge in outcomes, correctly backing winners 81.9 percent of the time on resolved markets against 80.3 percent for all users. The data indicate that offshore platforms continue to draw demand for contracts on foreign conflicts and novelty events that regulated U.S. venues generally exclude.
