Kalshi's Unusual Trading Pattern Raises Concerns

Kalshi's Bitcoin and Ether perpetual-futures markets have seen an unusual trading pattern, where a small number of repeating trade sizes accounted for more than half the value traded.

Data from CoinDesk analysis of Kalshi's public trade records shows that on the Ether market, trades valued within $2 of $5,499 accounted for 57% of the $13.5 million in transactions between Sept. 17 and Sept. 20.

The pattern is consistent with one or more automated trading programs executing predetermined dollar amounts, known as 'clips.'