Bitcoin’s recent volatility has triggered heavy liquidations in leveraged long positions, with one-hour liquidations reaching $529 million on Aug. 22, including $478 million in longs, followed by another $84 million in crypto long liquidations within an hour on Aug. 23. Against that backdrop, prediction market Kalshi launched what it described as the first spot Bitcoin perpetual futures contract approved by the U.S. Commodity Futures Trading Commission on June 3. The product recorded $5.5 billion in trading volume over its first two weeks. Kalshi CEO Tarek Mansour said the contract gives U.S. institutions access to regulated onshore perpetual trading. Benjamin Schiffrin, director of securities policy at Better Markets, said perpetual futures are high-risk crypto products for retail investors and argued that the CFTC approved the contract without adding extra investor protections. Analyst account Qmo said a large pool of Bitcoin long liquidations sits in the $62,000 to $67,000 range, while trader Money Bunny said short liquidations reached $2.7 billion to $3.5 billion over 24 hours.
Bitcoin’s recent price swings have led to concentrated liquidations in leveraged long positions. On Aug. 22, one-hour liquidations hit $529 million, including $478 million in long positions. On Aug. 23, another $84 million in crypto longs was liquidated within a single hour.
Prediction market Kalshi launched what it said was the first spot Bitcoin perpetual futures contract approved by the U.S. Commodity Futures Trading Commission (CFTC) on June 3. The contract generated $5.5 billion in trading volume in its first two weeks.
Kalshi CEO Tarek Mansour said the product is designed to offer U.S. institutions access to regulated onshore perpetual contract trading.
Benjamin Schiffrin, director of securities policy at Better Markets, said perpetual futures are high-risk crypto products for retail investors and said the CFTC approved the product without imposing additional investor protections.
Analyst account Qmo said there is a large pool of Bitcoin long liquidations between $62,000 and $67,000. Trader Money Bunny said short liquidations totaled between $2.7 billion and $3.5 billion over 24 hours.
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