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Valkyrie Investments has reached a notable achievement by obtaining approval for the inaugural exchange-traded fund (ETF) that includes Ethereum (ETH) futures, resulting in a rise in ETH prices and a series of liquidations.
In the past 24 hours, ETH prices saw a significant uptick, leading to the liquidation of over $11 million in ETH short positions. The overall liquidation value during this timeframe was $13.78 million, with Ethereum shorts making up the majority of the liquidations.
Liquidations take place when traders exit their positions in the market upon hitting a specific price point, often leading to losses for those traders. Short liquidations occur when traders who have anticipated a price decline are compelled to close their positions due to an increase in the cryptocurrency’s price. Conversely, long liquidations happen when traders who have predicted a price rise are forced to exit their positions because of a price drop.
On the OKX exchange, ETH liquidations reached $4.58 million, with $1.07 million related to long positions and $3.52 million tied to short positions. Short positions accounted for roughly 77% of the liquidations on OKX.
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Liquidations on the Binance exchange amounted to $3.76 million, with $718.98K from long positions and $3.04 million from short positions. Short positions represented about 81% of the liquidations on Binance.
More than 23,596 traders faced liquidation events in the last day, culminating in a total liquidation value of $71.12 million. The largest single liquidation order, worth $2.00 million, took place on the Bybit exchange.
Valkyrie Investments, headquartered in Nashville, has become the first among nine ETF issuers to receive approval from the Securities and Exchange Commission (SEC) for an ETF that enables investors to speculate on the future price of Ethereum.
At the time of this report, ETH was trading at $1,607.29, indicating a 3.13% increase over the last 24 hours.
The post Valkyrie’s Ethereum ETF Futures Approval Sparks ETH Rally and Liquidations appeared first on BitcoinWorld.
