Myriad Traders Slash Spring Rally Chances as Bitcoin, Ethereum Slide
Prediction market users significantly reduced their expectations for a “crypto spring” after cryptocurrency prices dropped in response to higher-than-expected U.S. inflation data. On the Myriad prediction market, the probability of a “crypto spring” fell below 50%, down from more than 62% earlier. For the event to resolve positively, four of five targets must be met by May 31: BTC at $80,500, ETH at $2,400, SOL at $100, BNB at $750, and HYPE at $35; HYPE has already been achieved. The fall in confidence came as Bitcoin fell 3.8% to $71,610, while Ethereum, Solana, and BNB also posted notable declines. The declines followed the release of the Producer Price Index, which showed a 3.4% annual rise, outpacing economists’ expectations. Experts noted that persistent inflation could prevent the Federal Reserve from cutting interest rates, which typically benefits risk assets like cryptocurrencies. Traders currently see only an 11% likelihood of a Fed rate cut greater than 25bps before July.
