The $RIVER trend once again validates the power of the TWAP strategy — the short positions have been significantly stopped out. Currently, the funding rate remains in an extremely negative zone, reflecting a fascinating game among market participants.

From the spread between spot and perpetual futures, the current approximately 3% difference has narrowed, but the overall pattern remains delicate. Bulls can continue to exploit reverse arbitrage through the funding rate, but this opportunity is limited in duration. Once the TWAP trading mechanism on a major exchange ceases to operate, the situation will quickly reverse, and the bulls will also face difficulties. A weak order book indicates a lack of sufficient liquidity buffers in the market, amplifying the risk of price volatility. The entire market is like standing at a critical point — seemingly calm but with underlying currents surging.