Nearly 1 million trades totaling approximately $5 billion on a Kalshi Ethereum price prediction market have exhibited highly similar patterns since August, according to a Wall Street Journal analysis of public trading data. Over one-third of recent transactions executed rapidly with individual trade sizes clustering around $5,500, raising concerns among U.S. federal regulators and market participants. Kalshi has characterized the activity as normal market behavior. The platform’s public data does not disclose trader identities, and reports have not identified any confirmed regulatory violations related to these transactions.