Myriad Strikes: Merchants Flip Bearish on Bitcoin, However Bullish on Zcash – Decrypt

Bitcoin’s latest flirtation with the $100,000 mark—falling beneath that degree for the primary time in six months—has crypto merchants and prediction market customers altering their convictions of late. 

As bearish sentiment floods social media timelines and worth motion continues to maneuver decrease, predictors have flipped bearish in a few of Myriad’s largest markets this week. 

Right here’s a take a look at a few of the most fascinating strikes from the previous week. 

(Disclaimer: Myriad Markets is a product of Decrypt’s mum or dad firm, DASTAN.)

One other Bitcoin all-time excessive in 2025?

Market Open: October 30
Market Shut: December 29
Quantity: $28.5K
Hyperlink: See the newest odds on the “One other BTC all-time excessive in 2025?”  market on Myriad

Bitcoin stormed to an all-time excessive above $126,000 final month as international traders of all types continued to embrace its story as “digital gold.” 

However amid record-breaking crypto liquidations and ongoing market uncertainty, it has slipped practically 20% from its excessive, now altering arms at $101,261 on Thursday. 

Now, Myriad predictors are requested whether or not or not the highest crypto asset can regain its perch and notch one more new all-time excessive earlier than the yr attracts to a detailed. 

As of now, they don’t assume it would. 

Odds of “no” have jumped greater than 21% within the final couple of days, now sitting at 66% in opposition to the creation of a brand new all-time excessive. 

The chances shift comes as skilled traders start to vary targets as effectively. On Wednesday, analysts at Galaxy modified their year-end worth goal, dropping it from $185,000 to $120,000 as Bitcoin enters a brand new part with extra gradual development. 

On Tuesday, Bitcoin traded beneath $100,000 for the primary time since Could earlier than bouncing again, but it surely’s given in to weak spot as soon as extra within the early buying and selling hours on Thursday as conventional market indices slide. 

Technical evaluation on Wednesday indicated that bearish exhaustion is likely to be waning, however not sufficient for a powerful breakout. 

Bulls that wish to hedge their bets on Myriad can earn round 33% primarily based on present odds if BTC doesn’t make a brand new all-time excessive this yr. 

What’s Subsequent? An finish to the federal government shutdown or extra certainty on a December fee minimize may very well be a near-term catalyst for Bitcoin. 

Zcash above or beneath $469 on Monday, at midday?

Market Open: November 3
Market Shut: November 9
Quantity: $41.8K
Hyperlink: See the newest odds on the “ZCASH above or beneath $469 on Monday?” market on Myriad

Whereas most crypto market members are lamenting their holdings as costs tick decrease, Zcash holders have had little to complain about. 

The privacy-focused token continues to defy the market, outperforming practically each different main token within the area and grinding greater, eclipsing $500 this week for the primary time since 2018. 

A brand new flash market on Myriad on BNB Chain asks customers whether or not or not Zcash will probably be buying and selling above $469 on Monday at midday. Proper now, odds are overwhelmingly in favor with “sure,” buying and selling at 74%. 

That represents an almost 28% acquire in only a few days of buying and selling as Zcash continues its ascent, fully flipping the percentages in Myriad’s market. On Monday night, odds had been reversed, with “no” buying and selling round 72%.  

However Zcash is buying and selling greater now, altering arms round $533 or 12% above the $469 marker for Myriad’s market. 

Some customers see the token as an “different to Bitcoin,” Galaxy analyst Will Reeves wrote in an investor report this week. 

If that narrative continues to proliferate, then can Zcash preserve its power in a weakening market? Predictors presently assume so. 

What’s Subsequent? This market closes on Sunday night, previous to market decision. 

PUMP market cap: Pump to $3 billion or dump to $1 billion?

Market Open: September 22
Market Shut: Till decision
Quantity: $72.3K
Hyperlink: See the newest odds on the “PUMP market cap: Pump to $3 billion or dump to $1 billion?”  market on Myriad

Meme coin mania on Solana has subsided, however main token launchpad Pump.enjoyable continues to be producing thousands and thousands in weekly income—a lot of which is getting used to purchase again its personal PUMP token.

To this point, the platform has greater than $166 million value of PUMP in line with its charges dashboard, offsetting greater than 10% of the whole circulating token provide within the course of.  

Regardless of the constant shopping for stress, PUMP presently trades round a $1.3 billion market cap, about 33% beneath the $1.97 billion market cap it debuted at when PUMP started buying and selling shortly after its ICO. 

Now, predictors are requested whether or not or not the token is about as much as pump to $3 billion, or dump to $1 billion.  

Predictors are presently leaning in direction of “dump,” giving odds of a transfer to $1 billion round a 73% probability as of Thursday afternoon. 

That mark has elevated within the final week, leaping round 21% since October 30 because the PUMP token has adopted broader markets decrease. 

PUMP is down round 13% within the final week, and would want to rise in worth by 129% to hit the $3 billion mark that acts because the higher vary for the Myriad market. Nonetheless, as just lately as October 29, predictors favored the transfer up. 

The platform simply made it even simpler to on-ramp funds to purchase or create meme cash, however each day energetic buying and selling addresses nonetheless sit effectively beneath this summer season’s marks. 

What’s Subsequent? Pump.enjoyable airdrop particulars stay excellent, however a stimulus for frequent on-chain meme coin merchants may present a catalyst to further charges, revenues, and purchase backs.