RIVER's recent performance has indeed attracted a lot of attention. From market feedback, the trading costs for short positions have become outrageously high—statistics show that the funding rate has accumulated to levels of 300%-500%, which is quite rare in the crypto world.

Everywhere you look in the trading arena, there are voices of being trapped, with some losing five or six thousand, and others already in five-figure losses. Why is the price still holding there under such circumstances? It's simple—there are too many bears. Instead, it has become the best "fuel" for the market makers; they don't need to sell off aggressively, just earning the funding rate is already quite comfortable.

From a technical perspective, opening a short position even at the 60 level is unprofitable due to the continuous erosion of costs. Conversely, they have to keep paying the funding rate to the opposing side. That's why many traders are choosing to stay on the sidelines.

Will there be a rebound? Levels of 80, 100, or even 150 are possible. The key is to completely liquidate all short positions so that the market has a basis to decline. Without this step, the price will remain stable. The real opportunity might have to wait longer—until the hype completely subsides and the price drops to around 15, at which point even opening long positions can be comfortably profitable.

In the short term, there might be another round of speculation before the New Year, but the fundamentals are not strong enough to support it. Blindly chasing highs is not recommended.