Traders with a bearish bias saw massive liquidations in the last four days as Bitcoin surged 17 percent to a price of $44,700. What Happened According to data from on-chain analytics platform CryptoQuant, $229 million worth of short positions were liquidated in the crypto perpetual futures market after Bitcoin breached the $43,800 mark. $BTC market price($43.8K) spiked by +17.4% in the past 4 days – $229.2M short positions were liquidated in the perpetual markets in the past 4 days – Aggregated funding rate is currently negative Set Funding Rate Alert https://t.co/Ceg4lh6mqL pic.twitter.com/WUnlU3PJW4 — CryptoQuant.com (@cryptoquant_com) February 8, 2022 As of early Tuesday morning, data showed that aggregated funding rates were negative, meaning that despite the high-value liquidations, most traders are still betting on lower prices. Funding rates typically indicate traders’ sentiment in the perpetual swaps market. Negative funding rates indicate that short position traders are dominant and are willing to pay …