Kalshi, the CFTC-regulated prediction market that expanded into crypto derivatives, denies any federal investigation concerning its ether perpetual futures contracts. Nearly one million trades clustered around identical sizes, roughly $5,500 in notional value each, accumulated to $5 billion in volume within a single month. The volume-to-open-interest ratio reached 174x, a level that can indicate either legitimate high-frequency market-making or wash trading designed to artificially inflate volumes. The company says it has not been contacted by the CFTC and considers these trading patterns to represent normal market-making activity. No formal enforcement action has been announced and the CFTC has neither confirmed nor denied any examination.
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