A whale who shorted ETH 20 times is still holding positions, with a paper loss of $5.19 million

A whale shorting ETH 20x is still holding onto their position, with a paper loss of $5.19 million. They hold 8,000 ETH ($33.6 million), with an opening price of $3,547.73 and a liquidation price of $4,523.14, leaving them with over $300 to go. However, their margin utilization rate is only 50.32%.