This seems like an extremely risky way to make this bet. By trying to keep his exposure to ETH price changes, he set himself up for a scenario in which he could

This seems like an extremely risky way to make this bet. By trying to keep his exposure to ETH price changes, he set himself up for a scenario in which he could lose $1 million for a potential upside of $50k. Not sure I would make that bet. A lot of people recognized this for what it was, but chose not to play because of how finicky PredictIt and other prediction markets were around the rules of the game. In most previous elections they would have already closed the markets. Personally, I made off with a nice chunk of change buying No-Trump on WI, MI, GA, and AZ after the election, but I only played with what I could afford to lose.