$RIVER Another update before bed. The downward trend has started, but the amplitude is still relatively large. Looking at historical data, the big players indeed sold a lot of holdings, but nearly half are still not sold off. The 50-60 price range seems unlikely in the short term; the previous high can still be expected to break through, but that's a matter for later. For example, BEAT is heavily shorted, so it keeps falling. But with river, the probability is quite small, more like CLO. Wait for a breakdown, then go bottom fishing.

Currently, high fees force the short-term traders out, and the big players are closing their long positions mutually. The downward trend traps the high-position longs, forcing them to give up their chips. Those with low leverage can hold on, lose less on fees, but high leverage will lead to liquidation during the drop.
The next market cycle probably has to wait until the first half of the day. Some exchanges haven't changed their fee collection interval to 4 hours; the longs trapped above haven't cut losses and exited, and the shorts below have taken a few fee hits but haven't admitted defeat and exited. Once the open interest increases again and volume picks up, then consider subsequent operations.