Onchain analytics firm Allium reports that wallets linked to the United States moved $571 million through Polymarket political markets over the past year, the highest of any country, even though Polymarket blocked American access after a 2022 CFTC settlement.

Allium tracks activity by onchain behavior rather than IP address and could tag only about 6% of wallets to a country, so the figure is a directional estimate.

The result matters because it shows IP geoblocking cannot stop a platform built on public blockchain rails, where a wallet and a VPN replace any bank or identity check. US traders also leaned toward geopolitical bets, especially the Iran conflict, more than the election markets offered on regulated venues like Kalshi.

The gap between regulated and offshore products may draw scrutiny to how enforceable geoblocking is for crypto platforms in general. Watch for tighter VPN detection or new onchain compliance rules from regulators.