Kalshi faces scrutiny over nearly one million Ether perpetual-futures trades executed at almost identical dollar amounts, with more than one-third of recent activity clustered around $5,500. Those trades generated more than $5 billion in Ether perpetual volume over the past month, according to a Wall Street Journal analysis. Pseudonymous analyst Beni said the $5,500 orders represented as much as 58% of Kalshi's Ether perpetual volume on four separate days. Kalshi said wash trading is explicitly prohibited, that it has found no evidence of collusion or wash trades, and that repeated order sizes reflect market makers posting fixed-size resting orders that multiple traders fill. Crypto lead IcoBeast also said critics had conflated prediction-market trading with Kalshi's perpetual-futures business. The CFTC, which oversees U.S. prediction markets, did not immediately respond to a request for comment.