This short position, the more it loses, the more it adds.

On-chain monitoring shows that the address referred to as the "Strategy counterparty" on Hyperliquid (0x94d3) has increased its BTC short position by 81 coins, approximately $5.2 million, bringing the total position to $75.2 million.
Unrealized losses stand at $1.82 million, with a loss ratio close to 97%, and the average price has slightly risen from $69,036 to $69,181, with a liquidation price of $79,320.
This address's story began in December last year—at that time, MicroStrategy was continuously accumulating Bitcoin in large amounts, and this address chose to short against it, with a position once reaching $120 million, becoming the largest BTC short on the Hyperliquid platform.
The direction was wrong, but there was no stop-loss; instead, it kept falling and spreading.
The $75.2 million short position is sitting there, with a liquidation line at $79,320. As long as Bitcoin doesn't rise back to this level, the position can continue to hold. But nearly 97% unrealized loss means the account is almost out of ammunition; each time it covers, it's fighting a bigger battle with fewer bullets.
Saylor is buying, this address is selling. Two beliefs, two endings, neither has reached the finish line yet.