RIVER's recent on-chain fluctuations are worth paying attention to. From a fee rate perspective, it is currently at a negative value of -0.81%, which typically indicates that short positions are relatively crowded. More interesting is the liquidation data — a total of 10,385 contracts were liquidated, with short positions accounting for the vast majority, as many as 9,469 (91%), while long positions only totaled 916.

What signals does this reveal? On one hand, open interest (OI) has increased by 10.14%, indicating growing market participation. On the other hand, the price has risen by 4.32% within the 15-minute cycle, and despite this increase, so many shorts are being liquidated, reflecting a clear shift in market sentiment — longs are increasing positions in trend, while shorts are accelerating their exit.

Overall, RIVER shows a strong short squeeze trend. The large-scale liquidation of shorts and the active addition of longs create a stark contrast, with sufficient trend momentum, suggesting the possibility of further upward movement in the short term.