Looking at the RIVER situation, the dealer's cards are far from being played out.

The key data right now clearly indicates the issue: the short position holdings have already accumulated to 6.19M. What does this level mean? It signifies ample fuel for a short squeeze. From another perspective, the average cost basis for the bullish whales is only around 18.6U, giving them a low-cost advantage that allows them to hold their positions comfortably. In the context where spot market sales are sluggish, they shift to the futures market to tightly control the market, using the continuously decreasing funding rates to repeatedly siphon off short sellers.

The logic behind this strategy is very clear: as long as the short sellers still hold positions, negative funding rates will keep running, and the whale's harvesting mechanism will continue to operate. The big sell-off won't happen too early; it will occur when the short sellers are completely drained and have no desire to bottom fish anymore.

From the current rhythm, the bulls are still in the accumulation phase. The next target points to 40U or even higher. Short-term fluctuations might scare some people, but based on the position data and cost structure, it looks more like a bullish feast is brewing. Investors holding short positions need to realize how heavy the opponent's chips are.