The CFTC is reviewing trading activity in Kalshi's ether perpetual futures market before deciding whether to launch an enforcement investigation. The review focuses on unusual trading patterns that have emerged in the prediction market platform's ETH contracts. More than one-third of recent trades clustered around the $5,500 price level, with total volume exceeding $5 billion over the past month. This concentrated trading activity has prompted regulatory scrutiny as the agency determines whether the patterns warrant a formal enforcement action.