Kalshi Records New Volumes as Crypto Market Flips Bullish

The crypto market has shifted bullish over the past three days, with a total of $313 billion added to its market cap. The market cap rose from $2.19 trillion to $2.5 trillion during this period.

Kalshi, a cryptocurrency derivatives platform, set two new records on August 19: daily crypto spot volume reached $268.89 million and daily perp open interest hit $18.69 million.

However, it's essential to note that Kalshi does not run a traditional spot order book; its 'spot' volumes are actually event-based contracts with no liquidation. These records thus measure attention rather than conviction.

The open interest metric, on the other hand, shows what positions stayed on the table after the close, which is a bet on continuation. The record OI reading on August 19 indicates traders were carrying leveraged exposure overnight instead of scalping in and out during the session.