CFTC Investigates Unusual $5 Billion Trading Pattern on Kalshi Ethereum Perpetuals

The CFTC is reviewing suspicious trading activity on Kalshi’s Ethereum perpetual futures market following a Wall Street Journal report. Data shows nearly one million trades since August were clustered around a $5,500 order size, totaling over $5 billion in volume. While the pattern has raised concerns regarding potential wash trading, Kalshi denies these allegations, attributing the activity to market makers maintaining fixed resting orders. Firms including Jump Trading and Wintermute were identified as participants, though they maintain that their activities are legitimate and not coordinated.