Valkyrie Investments has achieved a significant milestone by gaining approval for the first-ever exchange-traded fund (ETF) featuring Ethereum (ETH) futures, leading to a surge in ETH prices and a wave of liquidations.

Within the last 24 hours, ETH prices experienced a notable increase, liquidating more than $11 million worth of ETH short positions. The total liquidation value during this period amounted to $13.78 million, with Ethereum shorts accounting for most of the liquidations.

Liquidations occur when traders close out their positions in the market due to reaching a certain price level, often resulting in losses for the involved traders. Short liquidations happen when traders who have bet on a price decrease are forced to close their positions due to a rise in the cryptocurrency’s price. In contrast, long liquidations occur when traders who have speculated on a price increase are compelled to close their positions due to a price drop.

On the OKX exchange, ETH liquidations reached $4.58 million, with $1.07 million linked to long positions and $3.52 million associated with short positions. Short positions constituted approximately 77% of the liquidations on OKX.

Liquidations on the Binance exchange totaled $3.76 million, with $718.98K from long positions and $3.04 million from short positions. Short positions represented around 81% of the liquidations on Binance.

Over 23,596 traders experienced liquidation events in the past day, resulting in a total liquidation value of $71.12 million. The most significant single liquidation order, valued at $2.00 million, occurred on the Bybit exchange.

Valkyrie Investments, based in Nashville, has become the first of nine ETF issuers to secure approval from the Securities and Exchange Commission (SEC) for an ETF that allows investors to speculate on the future price of Ethereum.

ETH was trading at $1,607.29 at the time of writing, reflecting a 3.13% increase in the last 24 hours.