Longs Cashing Out. Closing or Settling?

I previously commented on someone else's charts that a large player was selling BTC to buy longs and would settle or close them as the market rose. This chart shows that playing out to a T.

I am curious whether they are closing or settling. Based on the way BTCUSDLONGS dribbles off between large moves, I think they are probably closing as a market-maker. Regardless, the longs are making out great.