This whale has been holding since dropping from $110k and still hasn't sold; with a 160% unrealized profit, is it truly a believer in the bear market or just waiting for liquidation?

CoinWorld News, the long-term short BTC whale address XYZ100's long position unrealized profit narrows. The address's profit and loss increased from +$2,293,375.39 (+111.35%) to +$3,361,264.68 (+161.38%), with an average price of $24,538.84. Currently, BTC's current price is $29,789.00, the liquidation price is $26,985.56, and the position size is $19,071,555.28. This address entered a short position when Bitcoin's price reached $111.5k, and so far, the unrealized profit is huge but the position has not been reduced.