-113% unrealized loss, the liquidation price is still far away, is this position betting on a black swan or waiting for a pullback?

CoinWorld News: The trader mu, who was previously heavily short, recently reduced their short position by 1,868.58 contracts, roughly equaling $2,234,057.49. Their current position size is $16,630,427.80, with an average price of $774.99. At present, the short position’s current profit and loss is -$5,888,286.52, with a loss ratio of -113.64%. The current price is $1,199.80, and the liquidation price is $1,498.68. This address previously was the largest short in the ZEC crypto market; in the recent period, it has preferred placing high-level short positions in the US stock market, generating over $48 million in profit in the past six months.