A series of rapid trades totaling $5 billion on the prediction market Kalshi has attracted scrutiny from market observers.
The trades, each valued at nearly $5,500, occurred in a single market on the platform within a short time frame.
Kalshi has defended the activity, stating that the trades represent normal market behavior.
The near-identical size of the orders raised questions about whether they were coordinated or automated.
Prediction markets allow users to bet on the outcome of future events, from elections to economic data releases.
Large volumes of similar trades can indicate algorithmic trading or a single actor using multiple accounts.
Kalshi says its systems are designed to handle high-frequency activity and that no rules were violated.
