Trading in Perpetual Futures Hit $1 Billion on Kalshi in the First Week. Here's What That Means for the Crypto Market
Yahoo Finance ·
Globally, perpetual futures are one of the most popular ways to speculate on the future prices of cryptocurrencies. But until recently, U.S-based customers had almost no way to get involved. That changed in early June, when prediction market Kalshi became the first U.S. regulator-approved platform to offer perpetual futures trading to its customers. By all accounts, this new financial product has been a smash success. In the first 24 hours, trading volume on Kalshi hit $100 million. In the first week, total trading volume rocketed past $1 billion. This is obviously big business, and one that could reshape the way people invest in crypto. Perhaps not surprisingly, trading in perpetual futures is taking off as the crypto market has been in steep decline. Market bellwether Bitcoin ( BTC +2.54% ) is down more than 30% for the year, and more speculative altcoins are down as much as 60% for the year. It's hard to make money in a market like that.
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