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Unusual repetitive trades dominate Kalshi's bitcoin and ether perpetual futures volumes.

Market News
22 Sep 2026
Coindesk
View Source
Neutral
Unusual repetitive trades dominate Kalshi's bitcoin and ether perpetual futures volumes.

Analysis of Kalshi's bitcoin and ether perpetual futures markets reveals that a small number of recurring trade sizes account for over half the trading volume. For ether, trades near $5,499 made up 57% of volume sampled from Sept. 17-20, while bitcoin trades of about $2,500 and $5,000 accounted for 54%. This pattern, consistent with automated trading bots executing fixed-dollar trades, raises questions about the true liquidity and diversity of market participants. Kalshi has not disclosed who is behind these trades or their purpose, leaving uncertainty about whether this activity reflects genuine market interest or volume inflation.

Kalshi's bitcoin and ether perpetual futures volume patterns are detailed here with Pluang market data as of Sep 22, 2026 19:03 WIB. Of 50 major cryptocurrencies priced on Pluang, 26 rose and 22 fell today. Notable movers include BCH (Bitcoin Cash) at Rp4.854.653 with a 1-day change of +2.54%, AAVE (Aave) at Rp2.535.840 down 2.53%, and ADA (Cardano) at Rp4.406 up 2.47%. The most notable figure is BCH's typical hold time on Pluang of 68 days.

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