41% of Polymarket Users Bet on Bitcoin Falling Below $45,000 by September
Recent data from Polymarket, a popular prediction market platform, revealed that 45% of traders believe Bitcoin’s price will fall below $45,000 before September.
This bearish sentiment peaked at a 65% probability during early European trading hours on Monday amidst a broader market meltdown.
The dramatic shift in market sentiment is particularly noteworthy given that just a few days ago, Polymarket bettors assigned only a 5% chance of Bitcoin dropping below $45,000 before September.
Even as late as yesterday, when market turbulence had already begun, the odds remained between 5% and 15%.
Bitcoin’s price took a severe hit, falling below $55,000 on August 5, and continued its descent to around $50,000 before rebounding to $55,289 at press time.
This sharp decline has triggered over $1 billion in liquidations within the past 24 hours, underscoring the magnitude of the market’s volatility.
The bearish outlook wasn’t limited to Bitcoin, as Ethereum, the second-largest cryptocurrency by market capitalization, also faced a grim forecast on Polymarket.
Traders gave Ethereum just a 3% chance of being priced above $3,000 on August 9, a stark contrast to the 75% probability assigned when the betting pool was created on August 2.
Ethereum’s price has mirrored Bitcoin’s decline, falling 22% in a day and 33% over the week, settling around $2,511 at press time.
The crypto market’s turbulence has also seen Polymarket create a dedicated “Market Crash” tab alongside its U.S. election tab, indicating growing sentiment on a further dip.
Similarly, bettors on the platform have increased the odds of an emergency interest rate cut by the Federal Reserve to 50%, up from 23% just a day earlier, which showed a decision paralysis from bettors on the
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