Bitcoin, ether perpetual volumes on Kalshi are dominated by an unusual, repetitive trade, data shows
CoinDesk found one $5,499 trade size accounting for 57% of sampled ether-perpetual volume, while recurring $2,500 and $5,000 trade sizes made up 54% of sampled bitcoin-perpetual volume.
A small number of repeating trade sizes accounted for more than half the value traded on Kalshi's bitcoin and ether perpetual-futures markets, according to a CoinDesk analysis of the exchange's public trade records.
On the ether market, trades valued within $2 of $5,499 accounted for $7.7 million, or 57%, of the $13.5 million in transactions CoinDesk analyzed from Sept. 17 through Sept. 20. On bitcoin, two recurring trade sizes worth about $2,500 and $5,000 accounted for 54% of the $8.5 million data sampled over the same period.
Volume is one of the first metrics traders use to judge how active and liquid a market is — in other words, whether they can buy or sell without significantly moving the price.
When bitcoin traded near $76,300, the pair was 327 and 655 contracts, while on Monday it was 307 and 614.