Kalshi Traders Bet Big on Bitcoin to Hit $67,000 Amid Leverage Frenzy

Kalshi's Bitcoin perpetual futures contracts have generated over $5.5 billion in trading volume in their first two weeks, with traders positioning for a price of $67,000 by mid-August.

This represents a significant shift from the platform's previous focus on binary outcome prediction contracts, and marks a new era of product complexity for Kalshi.

The contracts offer leverage ranging from 5.9x to 6.1x, with funding rates that settle every eight hours, similar to perpetual swaps offered by offshore exchanges like BitMEX and Binance.

CME Group has filed a lawsuit challenging the CFTC's approval of Kalshi's Bitcoin perpetual futures, citing concerns about the product structure and regulation.

The success of Kalshi's new contracts demonstrates substantial demand for regulated leverage products in the US crypto market, which had previously been limited to institutional investors or offshore platforms operating outside US jurisdiction.