It cost $150 billion and took 16 nations 13 years to build. It is the most
expensive object human beings have ever made. Now SpaceX has been hired for
what one outlet calls “the most expensive demolition job ever commissioned.”
But here is the part almost nobody has caught yet. Elon is NOT building the
replacement. That job is poised to go to a company less than half a percent the
size of SpaceX.



<[link removed]>



Сⅼіϲk hеrе. <[link removed]>





It cost $150 billion and took 16 nations 13 years to build.

It is the most expensive object human beings have ever made.

Now SpaceX has been hired for what one outlet calls “the most expensive
demolition job ever commissioned.”

But here is the part almost nobody has caught yet.

Elon is NOT building the replacement.

That job is poised to go to a company less than half a percent the size of
SpaceX.

It is the real winner in this deal.

Former Wall Street CEO Dylan Jovine has laid out the whole story, including
the tiny firm’s name.

See the Full Story Here »
<[link removed]>
Kelly Maguire • Behind the Markets




DAILY NEWS FOR YOU KALSHI / MARKET SURVEILLANCE



More Than $5 Billion in Repetitive Ether Trades on Kalshi Is Drawing CFTC
Scrutiny

Nearly one million similarly sized trades have appeared in a Kalshi Ether
perpetual-futures market. Regulators are reviewing the activity, while Kalshi
says the pattern reflects its market-making structure rather than wash trading.

KALSHI / ETHER PERPETUALS

$5B+ NOTIONAL VOLUME ~1M SIMILAR TRADES ~$5.5K COMMON TRADE SIZE
Federal regulators are reviewing an unusual pattern of repetitive trading in
Kalshi's Ether perpetual-futures market after nearly one million transactions
appeared at almost identical sizes.
The Wall Street Journal reported that trades clustered around roughly $5,500
have generated more than $5 billion in notional volume over the past month.

IMPORTANT DISTINCTION THE PATTERN IS UNUSUAL. IT IS NOT, BY ITSELF, PROOF OF
WASH TRADING OR COORDINATION. Regulators can examine repeated trade sizes,
counterparties and timing for signs of manipulation, but the publicly reported
pattern does not establish misconduct on its own.

WHAT THE TRADING DATA SHOWS

~1M REPEATED-SIZE TRADES $584M ONE-DAY VOLUME $6.6M OPEN INTEREST
In one 24-hour period, the market recorded more than 136,000 trades worth
roughly $584 million. More than 73,000 transactions clustered around a size of
about $5,426.
That trading volume was dramatically larger than the approximately $6.6
million of open interest outstanding in the contract at the time.

DON'T READ $5 BILLION AS $5 BILLION AT RISK THE FIGURE IS CUMULATIVE
NOTIONAL TRADING VOLUME, NOT MARKET CAPITALIZATION. The same capital can turn
over repeatedly. That means very high transaction volume can coexist with much
smaller open positions.

THIS IS NOT A POLITICAL EVENT CONTRACT

MARKET UNDER REVIEW ETHER
PERPETUAL FUTURE A financial derivatives market linked to the price of Ether.
NOT THE ISSUE HERE ELECTION
PROBABILITY MARKETS The reported $5 billion activity was not concentrated in
Kalshi's political prediction contracts.

WHY THE CFTC IS INVOLVED

DESIGNATED CONTRACT MARKET KALSHIEX OPERATES UNDER CFTC OVERSIGHT, GIVING
THE REGULATOR DIRECT AUTHORITY OVER ITS FUTURES AND EVENT-CONTRACT MARKETS.
Federal rules prohibit fraud, manipulation and certain forms of abusive trading
on registered derivatives exchanges.

WHAT REGULATORS HAVE DONE SO FAR

REVIEW ≠ ENFORCEMENT CASE THE CFTC IS REVIEWING THE DATA BUT HAS NOT
PUBLICLY ANNOUNCED A FORMAL INVESTIGATION OR ENFORCEMENT ACTION. The Journal
reported that the agency was assessing the activity before deciding whether
further investigative steps were warranted.

KALSHI'S EXPLANATION

MARKET MAKERS FIXED-SIZE
RESTING ORDERS Kalshi says liquidity providers repeatedly posted orders of
standardized size. COUNTERPARTIES HUNDREDS OF
TRADERS The company says many unrelated customers traded against those
resting orders.
Kalshi says its systems mechanically prevent accounts from trading against
themselves and that surveillance tools monitor for pre-arranged trades between
counterparties.
The company says it has found no evidence of collusion or wash trading in the
activity under review.

WHY THE PATTERN STILL MATTERS


SAME-SIZE
ORDERS → RAPID
EXECUTION → HUGE
TURNOVER → REGULATORY
REVIEW
Surveillance systems are designed to flag statistical anomalies precisely
because extreme repetition can sometimes reveal behavior that is hard to see
from individual transactions.
But the next step is reconstructing who traded with whom and why. Without
that account-level evidence, repeated order sizes remain a signal to
investigate rather than proof of manipulation.

BROADER KALSHI ISSUE THE REVIEW ARRIVES AS KALSHI EXPANDS FROM EVENT
CONTRACTS INTO MORE CONVENTIONAL FINANCIAL FUTURES. That expansion places the
same exchange infrastructure under scrutiny across both prediction markets and
traditional derivatives products.

THE SIGNAL THE $5 BILLION NUMBER IS EYE-CATCHING. THE REAL REGULATORY
QUESTION IS WHETHER THE REPETITIVE VOLUME REFLECTS NORMAL MARKET-MAKING
MECHANICS OR ARTIFICIAL TRADING ACTIVITY.

03 CORE NOTES What the Kalshi scrutiny actually establishes

01 Nearly one million similarly sized Ether perpetual trades have generated
more than $5 billion in notional volume on Kalshi since August.

02 The CFTC is reviewing the activity but has not publicly announced a
formal enforcement investigation or concluded that market manipulation occurred.

03 Kalshi says the repeated trade sizes came from standardized market-maker
orders and says its surveillance has found no evidence of wash trading or
collusion.


SOURCES $5 Billion Flurry of Nearly Identical Kalshi Trades Draws Scrutiny —
The Wall Street Journal
Kalshi Ether Perpetual Futures Filing — Commodity Futures Trading Commission
Prediction Markets Enforcement Advisory — Commodity Futures Trading Commission
Kalshi Statement on Ether Perpetual Trading Activity


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