The CFTC is reviewing nearly one million similarly sized ether perpetual futures trades on Kalshi. According to The Wall Street Journal, the trades generated more than $5 billion in volume over the past month. More than one third of recent trades in a single Kalshi market clustered around $5,500, raising questions about whether the volume reflected genuine activity. The CFTC is reviewing the pattern before deciding whether to investigate, according to the Journal, but has declined to comment or announce any finding of misconduct.