According to a report by the WSJ, an Ethereum perpetual futures contract market operated by Kalshi has recently seen unusually high-frequency trading, drawing close attention from the U.S. Commodity Futures Trading Commission (CFTC) and industry traders. Public data analysis shows that since August, this single contract market has generated nearly 1 million trades, and more than one-third of the executed trade sizes are highly similarly concentrated at around $5,500. In the past month alone, the total matched trading volume for this specific range exceeded $5 billion, raising suspicions of wash-trading and false volume. Insiders say the institutions participating in these rapid trades include Jump Trading and Wintermute. Kalshi firmly denied the volume-manipulation allegations in a post, saying that its rules clearly prohibit wash sales and that it has implemented self-trade prevention mechanisms. It said the phenomenon is the result of hundreds of different traders taking part, with market makers’ orders repeatedly being consumed by high-speed trading algorithms, and that this is standard behavior during the liquidity incentive program in the new product’s cold-start period.