$RAVE just officially surpassed $19 USD and continues to set a new all-time high. More notably, the total liquidation value for the day reached $29.16 million — a significant figure.

The question is: Who exactly is trying to short RAVE in this context?
When an asset continuously hits new highs, it usually reflects two factors: strong capital inflows and widespread FOMO psychology. But the derivatives market tells a different story. Every time the price surges rapidly, there is always a group of traders who believe that “the top has arrived,” that the increase is irrational, and that a sharp correction is imminent. They choose to go short, hoping to catch a reversal.
The problem is, in a strong upward trend, trying to predict the top is often very costly.
$29.16 million in liquidations is not just a number; it’s evidence that many short positions were wiped out as the price continued to climb. In the crypto market, the most dangerous thing is not high prices, but going against the momentum before clear signs of weakness appear.
Interestingly, each large short liquidation incident inadvertently becomes “fuel” for the next rally. When short positions are forcibly closed, buy-to-cover (short squeeze) orders are triggered, pushing the price even higher. And that cycle continues.
So, who is shorting RAVE?