Kalshi’s prediction markets business is drawing sharply more attention from web users—at the same time as legal challenges intensify over how certain contracts should be regulated. New traffic estimates reviewed by Cointelegraph show that US visits to Kalshi surged over the past year, reflecting the platform’s rapid mainstream reach.

According to Similarweb traffic data analyzed by Cointelegraph, Kalshi logged 15.4 million visits from the United States in July, up about 1,520% from just under 1 million in August 2025. The US also remained the dominant source of site activity, accounting for nearly 80% of Kalshi’s traffic in July versus 72.8% in August 2025.

Key takeaways

• Kalshi’s US web traffic reached 15.4 million visits in July, roughly a 1,520% jump versus August 2025, based on Similarweb estimates.
• US users remained the largest share of traffic, at nearly 80% in July compared with 72.8% a year earlier.
• Trading growth appears to be outpacing traffic growth, with monthly notional volume rising to about $40 billion in August from $874 million a year earlier, per Dune Analytics.
• Sports-related contracts represented 83% of Kalshi’s trading volume in July, underscoring why regulatory scrutiny remains focused on event terms.
• Even as traffic increased, Canada and the UK—jurisdictions where Kalshi’s member agreement restricts direct access—still contributed a small share of visits.

Traffic surges as the legal fight escalates

The visibility boost comes during a period of heightened scrutiny of prediction markets in the US. Kalshi has faced legal challenges tied to whether its sports contracts should fall under federal oversight or instead be treated as state-regulated gambling. The dispute has reached the US Supreme Court, after New Jersey took the matter to the Supreme Court, according to earlier coverage.

While web traffic is not the same thing as regulatory status, the strong jump in US visits helps explain why the company’s expanding contract catalog is attracting both user interest and legal attention. The geographic concentration also matters: with the US supplying most of Kalshi’s traffic, any ruling affecting how Kalshi structures or offers certain contracts could quickly reverberate through its core customer base.

Trading volume grows faster than visits

Kalshi’s traffic gains have coincided with even larger growth in trading activity. Dune Analytics’ prediction market data dashboard, as cited by Cointelegraph, shows that Kalshi recorded about $40 billion in monthly notional trading volume in August. That compares with roughly $874 million a year earlier, an increase of around 4,500%.

Looking across the broader prediction-market sector, the same Dune Analytics dashboard indicates that monthly notional volume rose to $50.7 billion from about $2 billion over the same period. Kalshi accounted for nearly 79% of that latest total, meaning the company is not only growing but also increasingly dominant within the category.

Sports contracts were central to this activity. Barron’s reported Thursday that sports-related contracts made up 83% of Kalshi’s trading volume in July. That skew is notable because it aligns with the regulatory focus of the ongoing court dispute—raising the stakes for what happens next if courts determine that certain event contracts should be handled differently.

International interest rises, even where access is restricted

Kalshi’s audience has expanded beyond the United States, though its traffic footprint remains heavily weighted toward the US. Similarweb estimates reviewed by Cointelegraph show that Canada generated about 450,000 visits to Kalshi’s website in July, up from roughly 50,000 in August 2025. UK visits also increased, reaching 296,000 in July from 31,000 a year earlier.

However, both countries fall into a category of restricted jurisdictions under Kalshi’s member agreement, which currently prohibits users from directly accessing or trading on the platform. Kalshi previously addressed this by partnering with Canadian financial services firm Wealthsimple in June to provide access to nearly 4,000 eligible Kalshi contracts through a separate app, as described in Kalshi’s announcement.

Even with visit counts increasing, the share of traffic from these restricted jurisdictions declined over the same period. From August 2025 to July 2026, Canada’s share slipped to 2.3% from 3.8%, while the UK’s share fell to 1.5% from 2.4%—suggesting that Kalshi’s overall growth is outpacing growth in these regions or that US traffic is rising even more quickly.

Cointelegraph reached out to Kalshi for comment on traffic from restricted jurisdictions but had not received a response by publication.

What investors and users should watch next

Kalshi’s traffic and volume growth point to strong demand for event-based markets, especially sports-driven contracts, but the company’s legal situation remains the key uncertainty. With the Supreme Court dispute now in view, readers should watch how court outcomes or compliance changes affect Kalshi’s product offerings—particularly contract types that have drawn the most regulatory attention.

The impact of hardware wallet provider Trezor’s data breach was larger than initially estimated, expanding to an additional 67,000 US customers.

The breach may endanger more US users who ordered between November 2019 and August 2021, Trezor said in a Friday X post, citing the latest update from its shipping provider, ShipMonk. 

These customers had their full details exposed, including name, email, number, shipping address and order specifics. Trezor blamed the shipping provider for not deleting the data from these orders, despite saying it had received written assurances from ShipMonk.

While Trezor systems were not compromised, the data breach may threaten the digital asset holdings of the 67,000 customers, as attackers may use the information for phishing attacks impersonating Trezor, in a bid to steal users’ seed phrases controlling their wallets.

In August, Trezor initially estimated that only 14,000 users had their data exposed through the shipping provider. Trezor reported in January 2024 that about 66,000 users were at risk of phishing attacks if they had contacted the company’s support team since December 2021.  

Phishing attacks and social engineering don’t require exploiting code vulnerabilities. Still, these impersonation-based scams drove the majority of the crypto industry’s losses in the first quarter of the year, accounting for $306 million of the total $482 million lost, according to blockchain security company Hacken. 

In July, a crypto investor lost nearly $1 million after signing a malicious phishing token approval transaction on Ethereum. 

Related: Thai businessmen sue Tether for freezing $42M in $61M pig butchering case

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Ethereum price rebounded nearly 6% from its 24-hour low to trade near $2,524 on Sept. 4, but the recovery has brought ETH back to a resistance zone that has rejected several breakout attempts.

Ethereum price rebounds toward $2,550

According to data from crypto.news, Ethereum (ETH) price was trading around $2,524 at the time of writing, up approximately 5.7% over the previous 24 hours. The rebound followed a fall to roughly $2,370, leaving ETH about 6.5% above its intraday low.

The recovery coincided with a broader crypto rally that lifted Bitcoin above $81,000. US markets also moved higher after Federal Reserve Governor Christopher Waller said he could support keeping interest rates unchanged if inflation continued to ease.

Waller’s comments reduced expectations for a rate increase at the Fed’s Sept. 15–16 meeting. Treasury yields and the US dollar declined as traders adjusted their interest-rate positions.

Weak US employment data added to the shift. The ADP National Employment Report showed private employers created 38,000 jobs in August, below economists’ estimate of about 47,000. The reading gave rate-sensitive assets further room to recover before the official US employment report.

Despite the rebound, ETH has not confirmed a breakout. The price reached an intraday high of approximately $2,547 before returning below $2,550, leaving the same resistance that stopped earlier advances intact.

Whale transfers add supply risk

Blockchain tracker Lookonchain reported that one large holder received 167,855 ETH, then began transferring the tokens toward centralized exchanges.

The wallet deposited 70,739 ETH, worth approximately $174 million at the time, into several exchanges over two days. It still held 97,115 ETH, valued at nearly $237 million, when the activity was reported.

Exchange deposits can precede sales, but transfers alone do not prove that every token was sold. The remaining balance also means that reports that the holder fully liquidated the entire 167,855 ETH position are not supported by the available on-chain data.

The transfers nevertheless created a potential source of market supply as ETH struggled around $2,550. Continued deposits could pressure the recovery, particularly if the price loses its short-term support levels.

US spot Ethereum exchange-traded funds have provided another source of demand. The products recorded $141.39 million in net inflows on Sep. 3, according to data attributed to SoSoValue.

Technical indicators favor buyers below resistance

The 4-hour ETH/USDT chart shows the price trading at $2,523.79, close to the Bollinger Band’s upper boundary at $2,544.17. The middle band, which tracks the 20-period simple moving average, stands at $2,444.67.

Ethereum’s 4-hour relative strength index has risen to 66.87, while its RSI moving average sits at 50.18. Momentum therefore favors buyers, but the indicator is approaching the 70 level commonly associated with overbought conditions.

A close above the upper Bollinger Band and $2,550 would strengthen the breakout case. The next visible resistance zones would sit near $2,600 and $2,700 before the psychological $3,000 mark.

Failure at $2,550 would keep $2,500 as the first level to watch. Below it, the Bollinger Band midpoint near $2,445 could serve as the next support, followed by the lower band at $2,345.

The daily chart offers a stronger medium-term signal. ETH remains above its Supertrend line at $2,223.45, while Chaikin Money Flow stands at 0.24. A positive CMF reading indicates that buying pressure has exceeded selling pressure over the indicator’s measurement period.

Losing $2,445 would weaken the short-term recovery without ending the broader daily uptrend. A move below $2,345 would place the recent low near $2,370 and the wider $2,300 support area at risk.

Liquidation map puts $2,550 in focus

The 24-hour CoinGlass liquidation heatmap shows one of the nearest overhead liquidity concentrations between approximately $2,535 and $2,550. A move through that band could force leveraged short positions to close, adding buying pressure to a confirmed breakout.

The strongest nearby downside concentration appears around $2,485–$2,490. Additional liquidation bands are visible near $2,460 and $2,400.

The map therefore places ETH between two close pools of leveraged exposure. A break above $2,550 could trigger a short squeeze, while a fall below $2,490 could accelerate a move toward $2,460.

CoinGlass reported approximately $115 million in ETH futures liquidations over the previous 24 hours. Open interest stood near $34.23 billion, showing that a large amount of leveraged positioning remained in the market after the recovery.

Analysts see $3,000 after a confirmed breakout

Analyst Ted Pillows said ETH had tested $2,550 and faced another rejection. He argued that a weekly close above the level could allow Ethereum to move quickly toward $3,000.

Market commentator Lucky also described $3,000 as a possible longer-term target, pointing to a breakout from a descending channel and a successful retest visible on his chart. His projection called for a potential 56% advance, although the forecast depends on ETH retaining its reclaimed trend structure.

I honestly believe $ETH to $3K feels like a matter of time.

Ethereum is the backbone of crypto for a reason. It sits at the center of a massive part of the ecosystem, and when ETH starts moving aggressively, the broader market often follows.

The next few months have the… pic.twitter.com/rgSJP5AOiA

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— Lucky (@LLuciano_BTC) September 4, 2026

Neither target is confirmed while Ethereum remains below $2,550. The immediate test is whether buyers can absorb selling around that level without allowing the price to fall beneath $2,490 and the 4-hour Bollinger midpoint.

For US traders, the official August jobs report and next week’s inflation readings could determine whether falling Treasury yields continue to support ETH. Stronger-than-expected data or renewed inflation pressure could restore rate-hike expectations and challenge the rebound.

South Korea’s Financial Services Commission (FSC) has laid out a three-phase plan to build the legal and technical groundwork for issuing tokenized securities—an effort that, if executed on schedule, would clarify how onchain securities could fit within the country’s existing capital markets framework.

In a press release issued Friday, the FSC said tokenized securities are expected to gain formal legal recognition starting Feb. 4, 2027, following an update to the Act on Electronic Registration of Stocks and Bonds. The initiative also points toward a later phase connecting tokenized issuance and payments with stablecoins.

Key takeaways

• The FSC plans to recognize tokenized securities legally from Feb. 4, 2027 via amendments to the Act on Electronic Registration of Stocks and Bonds.
• Phase one covers legal recognition for tokenized versions of selected instruments, including certain funds and bonds, along with unlisted stocks and fractional investment securities.
• Phase two would broaden tokenization to apply to all publicly offered securities.
• Phase three targets onchain payment flows linked to stablecoins, indicating regulators see stablecoins as part of the settlement picture.
• Before launching the roadmap, the FSC intends to collaborate with the Korea Securities Depository (KSD) on the necessary tokenization infrastructure.

A date-specific shift toward legal recognition

Until now, tokenized securities have faced regulatory uncertainty in many jurisdictions—typically tied to questions about legal status, transfer mechanisms, and settlement. South Korea’s plan attempts to remove at least one major friction point by tying recognition of tokenized securities to a concrete legislative timetable.

The FSC said that beginning Feb. 4, 2027, tokenized securities would be recognized as digitized forms of securities after the scheduled update to the Act on Electronic Registration of Stocks and Bonds takes effect. This is intended to align the tokenized form with the legal infrastructure already used for registering and handling stocks and bonds electronically.

The roadmap is described as part of the implementation of amended versions of the Capital Markets Act and the Electronic Securities Act, which the FSC framed as the country’s first tokenized securities framework.

What the three phases cover

The FSC’s approach is staged, moving from recognition of specific instruments to broader application and then toward a more integrated onchain settlement model.

Phase one focuses on bringing tokenized securities into the regulatory and legal fold for a limited set of products. According to the FSC, legal recognition would apply to tokenized securities that include:

• institutional money market funds
• bonds
• unlisted stocks
• fractional investment securities

Phase two would expand tokenization to all publicly offered securities. For market participants, this sequencing matters: it suggests that issuers and intermediaries will be expected to adapt operational and compliance processes first for a controlled set of instruments, before the rulebook potentially broadens to cover a wider universe of public offerings.

Phase three is the most ambitious and forward-looking. The FSC said it aims to enable onchain payments connected to stablecoins. While the announcement stops short of detailing technical standards or regulatory limits for stablecoins in this context, the fact that stablecoin-linked payments are included in the final phase indicates regulators are thinking beyond token issuance alone and toward settlement and custody-to-payment workflows.

Rulemaking steps and the role of market infrastructure

Alongside the legislative timeline, the FSC laid out additional near-term administrative work. It said it plans to propose revisions to relevant subordinate regulations by the end of September—a step that typically determines how the law will function in practice, including the operational rules that govern issuance, transfer, and compliance.

Importantly, the FSC also indicated it would decide the timetable for phase two and phase three after the subordinate revisions are prepared, meaning that the later phases are not fully locked in by the Feb. 4, 2027 recognition date.

Before the roadmap begins, the FSC said it would work with the Korea Securities Depository (KSD) to develop the tokenization infrastructure required for the framework. For investors and firms, that matters because successful tokenization depends heavily on the readiness of core market plumbing—interfaces with registries, confirmation of ownership records, and the ability to reconcile onchain activity with established capital markets processes.

Why the roadmap signals a tightening regulatory stance

This announcement comes as South Korean regulators have been steadily moving closer to a defined regime for tokenized assets. Earlier, the FSC had indicated that it would publish detailed tokenized securities rules to bring them under the country’s capital markets framework in 2027, according to reporting on the FSC’s prior stance.

In addition, South Korea has been experimenting with tokenized settlement concepts outside of securities issuance. In April, the Ministry of Economy and Finance announced a pilot project using tokenized deposits for executing government operational spending, with a full rollout planned for the fourth quarter of 2026. That effort is separate from the FSC’s tokenized securities framework, but it reinforces the broader regulatory direction: using tokenization not only for trading or issuance, but potentially for real-world payments and operational transfers.

Viewed together, the FSC’s roadmap suggests South Korea is trying to reconcile two priorities that often clash in tokenization discussions: preserving the legal certainty of traditional capital markets while making room for blockchain-based representation and, eventually, onchain payment rails.

At the same time, the phased nature of the plan leaves practical questions open. The biggest uncertainty for market participants is likely how quickly phase two and phase three will move after the subordinate regulations are drafted, and what technical and compliance requirements will accompany stablecoin-linked onchain payments.

For readers watching this space, the next signals to track are the FSC’s subordinate regulation revisions due by the end of September and the details that emerge from its coordination with the KSD—especially anything clarifying how settlement, custody records, and stablecoin-linked payment flows will be handled under the updated legal framework.