Will the 2023 Chess World Champion be the highest rated player at any point before the 2025 Chess World Championship match?

The 2023 chess world championship will be played between Ian Nepominiachi and Ding Liren, but they are 2nd and 3rd highest ranking players according with FIDE's classical chess ranking.

If at any point during his "reign" the winner of the match becomes the #1 in classical rating, the market resolves to YES.

(Games played DURING the 2025 chess world championship match don't count)

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Why is this market going down as Ian is more likely to win?