Cryptocurrency traders are not betting on the U.S. gaining control over Greenland — a semiautonomous territory within Denmark that President Donald Trump has long coveted.

Odds Tumble After January Spike

Odds in favor of the contract titled “Will Trump acquire Greenland before 2027?” have collapsed to 6% on Polymarket, down from 21% in mid-January.

Over $34 million has been wagered on the bet, among the highest on the Polygon (CRYPTO: POL)-based platform currently.

An official declaration from the U.S. and Denmark confirming that sovereignty over Greenland will pass to the U.S. will suffice, regardless of when the actual handover happens.

The Greenland Crisis Diffused For Now?

The odds shot up in January after Trump raised the pitch to acquire the world’s largest island, framing it as a matter of U.S. national security.

Trump threatened to impose heavy import tariffs, up to 25%, on goods from Denmark and other European allies if they did not support his plans.

EU countries drew up countermeasures in response, including the potential use of the bloc’s never-before-deployed Anti-Coercion Instrument, which could have limited American companies’ access to public procurement contracts, investments and banking activities.

Greenland’s leadership has consistently rejected Trump’s attempts to gain control, with Prime Minister Jens-Frederik Nielsen stating that they would "choose" Denmark over the U.S.