Cryptocurrency punters are almost certain Democrats will sweep both the Senate and the House, and they're putting real money behind that conviction as the first midterm results roll in.

Dems Set To Take Control?

The odds on Polygon (CRYPTO: POL)-based Polymarket have surged to 98% as of this writing. Nearly $70 million has been wagered on the outcome, making it one of Polymarket's most closely watched election markets this season.

Kalshi traders signaled much the same thing, with total trading volume surging past $135.50 million.

Dems Notch Early Wins

Democrats have scored early Senate wins in the key battleground states of Georgia, New Hampshire and North Carolina, while holding a lead in Michigan and Texas, according to the Associated Press.

Sen. Jon Ossoff (D-Ga.) won reelection in Georgia, defeating Republican Rep. Mike Collins (R-Ga.) in one of the most closely watched Senate contests.

All 435 House seats and 35 Senate seats are on the ballot, with Republicans working to hold their narrow majorities.

Democrats also hold an early edge in gubernatorial races, with Gov. JB Pritzker (D) winning reelection in Illinois, while Amy Acton and Gina Hinojosa lead in Ohio and Texas, respectively.

Schiff Targets GOP

Economist Peter Schiff also pointed to prediction markets favoring Democrats, and took a swipe at the Republicans.

“Republicans will blame the loss on a biased media not telling the public how great the economy is. But if the economy were really great, voters wouldn’t need the media to tell them,” he added.

Approval ratings for President Donald Trump have trended lower and hit new lows. A Washington Post/ABC News/Ipsos poll for October showed Trump with a 33% approval rating, as voters grew increasingly concerned about rising prices and the economy.

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