Kalshi Launches CFTC-Approved Spot Bitcoin Perpetual Futures, Trading Volume Reaches $5.5 Billion in First Two Weeks

Kalshi launched the first CFTC-approved spot Bitcoin perpetual futures contract on June 3, with a clearing volume of $5.5 billion in the first two weeks. Recent volatility in Bitcoin has led to concentrated liquidations of leveraged long positions, with a single hour on August 22 seeing liquidations of $529 million, including $478 million in long positions; on August 23, an additional $84 million in crypto long positions were liquidated within an hour. Kalshi CEO Tarek Mansour stated that the product offers regulated domestic perpetual contract trading for U.S. institutions. Benjamin Schiffrin, Director of Securities Policy at Better Markets, pointed out that perpetual futures are high-risk crypto products for retail investors, and no additional investor protections were set when the CFTC approved them. Analysis account Qmo noted that there is a significant liquidation pool for Bitcoin long positions in the $62,000 to $67,000 range; trader Money Bunny revealed that short liquidations reached between $2.7 billion and $3.5 billion within 24 hours.

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