Maximum long positions + ZEC large short positions, is this guy hedging or playing both sides?

CoinWorld News reports that the CL short position has increased by 7,599.13 ZEC, approximately $1,031,848.79, with the total position reaching $11,091,310.08. The average price has decreased from $101.64 to $101.43. Currently, the short position is at a profit and loss of +$66,299.57 (+0.95%), with the current price at $100.83 and the liquidation price at $160.45. This address shorted ZEC at $184, previously experiencing an unrealized loss of $21 million, later turning profitable, and recently becoming the largest long position in the S&P 500, with a scale exceeding $70 million.