Address 0x97f8 significantly shorted S&P 500 contracts on-chain, with a notional size exceeding 110 million USD

According to Lookonchain, an address "0x97f8" opened a short position on the S&P 500 related contract xyz:SP500 today, using 50x leverage to short 15,001 contracts, with a notional size of approximately $111.6 million. The current liquidation price for this position is 8294.9 points, which is only about 9% buffer space compared to the current S&P 500 level of around 7600 points, meaning that if the index continues to rise in a high-leverage environment, the account will face a high risk of liquidation.