Was Kalshi Caught Wash Trading $5 Billion?

Traders on Kalshi have made almost one million identical trades in a single market since August… an obviously unusual activity that has now caught the eyes the CFTC. The wash trading allegations began last weekend when “Beni,” a pseudonymous quant analyst, claimed Kalshi’s 24-hour trading volume of ether perpetual contracts was $539 million, while open interest was just $3.1 million. Kalshi has denied the claims. Read more →

BlackRock is out with a new paper arguing that AI could become a meaningful new source of demand for digital assets, with autonomous agents increasingly using stablecoins to pay for data, services and computing power. It also sees a potential knock-on effect for networks like Ethereum, where more stablecoin activity could mean more demand for blockspace and network services. The more futuristic piece is compute itself. BlackRock thinks standardized claims on computing capacity could eventually be traded, financed or even used as collateral onchain. Read more →

Chainalysis has a new No. 1 for global crypto adoption with Brazil, knocking India off the top spot after two straight years. The U.S. holds at No. 2, while India falls to sixth under a revamped methodology that now weighs service activity, peer-to-peer transfers, cross-border flows and onchain balances. The more interesting backdrop is how sticky usage proved during the bear market. According to the report, crypto’s total market cap fell roughly 50% over the period, yet measured economic activity slipped just 1.6%, while cross-border stablecoin transfers jumped 77.5%. Read more →

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