In brief
- Predictors on Myriad are leaning bullish while crypto majors range.
- Odds have swung back in favor of Bitcoin reaching $120K before $100K, and ETH hitting $4,500 before $3,100.
- With just two teams left, odds for the Los Angeles Dodgers to win the World Series have hit 70%.
Crypto traders are undecided about which way the market is headed, as the top assets continue to range following recent, record-breaking liquidations.
But some of the top markets on Myriad—which seek predictions about the next stops for Bitcoin and Ethereum—are swinging back into bullish territory, suggesting predictors are less uneasy than they were this time last week.
Here’s a deeper look into some of the most-traded markets on Myriad this week.
(Disclaimer: Myriad Markets is a product of Decrypt’s parent company, DASTAN.)
Bitcoin’s next move: $120K or dip to $100K?
Market Open: October 12
Market Close: Open to resolution
Volume: $414K
Link: See the latest odds on the “Bitcoin’s next hit: $120K or dip to $100K” market on Myriad
It was so over. Then crypto was back. Then it was so over again. And now it might be back.
A popular meme about the feelings of crypto traders amid volatile conditions has manifested itself on the chart of a Myriad market that asks where Bitcoin is headed next—down to $100,000 or back up to $120,000.
The market, first inspired by a bet between crypto personalities Mando and KeyboardMonkey, has seen its share of swings since its creation, favoring both sides at one point in time during the last week.
“Uptober” hasn’t exactly gone as planned, with Bitcoin down so far this month after a hot start. But as it stands on Thursday afternoon, traders are feeling a bit more bullish that Bitcoin will continue rising—giving odds of a $120K climb a slight edge at 56%. That mark represents a nearly 11% boost in the last 24 hours, as BTC has climbed around 2% to $110,162.
At that price, the asset is nearly evenly split between both sides of the market.
Perhaps the bullish edge is being given as a result of the ETF inflow turnaround that started on Tuesday, ending a streak of four consecutive days of outflows. That day, Bitcoin ETFs pulled in around $470 million, before giving back around $100 million via Wednesday outflows.
The back-and-forth showcases the uncertainty in the market, with analysts telling Decrypt on Wednesday that “it’s likely too early to tell if this is the bottom, though, as wider markets are choppy.”
Bearish predictors moved the odds as high as 75% in favor of $100K at one point last week before they shrank to around 55% in the last few days. Now though, bulls are back in control—albeit slightly so.
Bitcoin jumping to $120,000 would provide BTC holders with around a 9% gain based on its current price. But Myriad users could stand to gain closer to 44% should they take a position in “$120,000.”
What’s Next? A CPI print is expected on Friday, which could play a role in shaping the near-term future of Bitcoin.
ETH’s next move: Pump to $4,500 or dump to $3,100
Market Open: October 17
Market Close: Open until resolution
Volume: $27.6K
Link: See the latest odds for the “ETH’s Next Move” market on Myriad.
Ethereum has underperformed when compared to Bitcoin in the last week, dropping more about 0.6% to $3,887 while BTC is slightly up over the same period.
Nevertheless, predictors on Myriad are feeling much more optimistic about a jump back to $4,500 than a dump to $3,100.
Despite the weekly ETH decline, predictors have actually jumped the odds of a pump to $4,500 by 15.5%—now sitting at 66%.
The second-largest crypto asset by market cap will need to jump about 16% to find its way to $4,500, and it sits 20% from the lower bound.
Ethereum, like Bitcoin, bucked the ETF outflow trend earlier this week before retracing with smaller outflows on Wednesday—and digital asset treasuries like BitMine Immersion Technologies are still buying.
In fact, even the second largest ETH treasury—SharpLink Gaming—added to its stacks as whales lean in on ETH as well.
What’s Next? Much like Bitcoin and the broader crypto market, Friday’s macroeconomic data could help create a clearer picture of ETH’s next move.
Will the Los Angeles Dodgers win the World Series?
Market Open: August 14
Market Close: October 26
Volume: $22.9K
Link: See the latest odds on the “Will the Dodgers win the World Series?” market on Myriad
The baseball season is coming to a close with the World Series scheduled to begin in Toronto on Friday.
Only two teams remain: the Los Angeles Dodgers and the Toronto Blue Jays. Myriad users have been making predictions about the Dodgers’ chances to win since August, with odds drastically swinging in their favor in the last week, jumping to 71% as of Thursday afternoon.
That represents a 9% jump in the last week and about 30% in the last 10 days as the reigning champions swept the Milwaukee Brewers to clinch their berth in the World Series.
Prior to the playoffs and fighting against the field, the Dodgers once traded around as low as 16% on Myriad. In addition to handily trouncing the Brewers, the Dodgers are going against a team that barely emerged from a tough seven-game series against the Mariners.
Now at an implied probability of around 70%, Myriad predictors see the team as around -233 favorites in American odds terms. That’s actually higher than traditional sportsbooks like DraftKings, which list the Dodgers around -215, or 68.25% favorites to take the series, providing just a few percentage points of edge to Myriad users that prefer to root for the Canadian team.
What’s Next? The Dodgers will play game 1 in Toronto on Friday.
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