CoinDesk analysis has uncovered a notable pattern in the trading activity of Bitcoin and ether perpetual contracts on the Kalshi platform. The findings indicate that an unusual and highly repetitive trading behavior significantly impacts the overall volume for these digital assets, suggesting a concentrated or systematic approach to trading these specific perpetual instruments.
Specifically, for ether perpetuals, a single trade size amounting to $5,499 was responsible for a substantial 57 percent of the sampled volume. Similarly, when examining Bitcoin perpetual volumes, recurring trade sizes of $2,500 and $5,000 collectively constituted 54 percent of the sampled activity. These figures highlight how a limited number of distinct trade values account for more than half of the recorded volumes for both cryptocurrencies on Kalshi.