Kalshi’s 15-min gold markets overtake Ether just weeks after launch

Each sentence links inside to the piece that supports it.

Users who were watching Kalshi’s short-dated metal markets saw gold become the larger venue in September, with 542 million contracts and about $5 million in estimated fees. Ether users saw 318 million contracts and $2.6 million in fees in the same month, while Bitcoin stayed ahead of both.

Still unknown is how long this pattern will last beyond September and whether the relative ordering will hold in later months. A later monthly contract and fee update would show whether the gap between gold and Ether narrows, widens, or reverses.

The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.