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

CoinFeed reported on June 9th that, 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, only about 9% lower than the current S&P 500 level of approximately 7600 points. This means that if the index continues to rise under high leverage, the account will face a high risk of liquidation.