Regulatory scrutiny follows $5 billion in similar trades on Kalshi's ETH market

An analysis of public trading data by The Wall Street Journal revealed that a prediction market for Ethereum prices on Kalshi has seen nearly one million highly similar transactions totaling approximately $5 billion since August. Over one-third of these trades in recent weeks were executed rapidly, with individual amounts concentrated around $5,500. While the pattern has drawn attention from US federal regulators, Kalshi maintains that the activity is normal. No identities of the traders have been disclosed, and no violations have been formally established.