Kalshi Trade Records Reveal Dominant Repeating Patterns in Bitcoin and Ether Markets

A recent analysis of Kalshi's public trade records has revealed an unusual pattern in the exchange's Bitcoin and Ether perpetual-futures markets. The study, conducted by CoinDesk, found that a small number of repeating trade sizes accounted for more than half the value traded on these markets.

The analysis showed that trades valued near $5,499 accounted for 57% of the Kalshi Ether perpetual-futures volume from September 17 to 20. This pattern is consistent with automated trading programs executing predetermined dollar amounts, known as 'clips.'

Kalshi's public data does not identify the traders or establish any wrongdoing, but the exchange has been asked about the repeated trades and their target values.