Did Loracle's short position get squeezed by 74%? Over the weekend, they added to their spot holdings. Are they genuinely optimistic or just forced to cover?

According to Crypto Universe, HYPE whale Loracle transferred about $64.0 million worth of HYPE spot to Hyperliquid and set a short-stop loss. After HYPE rose to $70, its 5x leveraged short position fell to about $60.94 million; its current loss is about $22.58 million (-74%). Over the weekend, it also transferred 893,000 HYPE spot to Hyperliquid, bringing the value up to about $64.0 million, and it has not been sold yet. In the past month, it has cumulatively unlocked 1.115 million HYPE (about $63.51 million), and on May 21 it sold 557,000 HYPE, worth about $33.35 million.