Blockstream 執行長 Adam Back 猛烈抨擊 Defiance 2X 做空 MSTR ETF 為“糟糕”

Blockstream 執行長 Adam Back 譴責 Defiance 2X Short MSTR ETF“糟糕”，質疑其可行性。該 ETF 的目標是做空 MicroStrategy，該公司持有大量比特幣投資組合。考慮到比特幣的波動性以及與 MicroStrategy 股票表現的相關性，Back 的主要擔憂在於 ETF 的做空策略。

Blockstream CEO Adam Back Warns Against Defiance 2X Short MSTR ETF

Blockstream 執行長 Adam Back 對 Defiance 2X 做空 MSTR ETF 發出警告

Blockstream Chief Executive Officer Adam Back has issued a scathing critique of the Defiance 2X Short MSTR ETF, describing it as "awful" and questioning its long-term viability. The ETF, which aims to short MicroStrategy Incorporated, has drawn scrutiny due to its potential impact on the company's substantial Bitcoin holdings.

Blockstream 執行長 Adam Back 對 Defiance 2X Short MSTR ETF 發表了嚴厲批評，稱其為“糟糕”，並質疑其長期生存能力。該 ETF 旨在做空 MicroStrategy Incorporated，由於對該公司持有的大量比特幣的潛在影響而受到密切關注。

ETF's Inherent Risks

ETF的固有風險

Back's primary concern lies in the inherent risks associated with the ETF's strategy, particularly given Bitcoin's volatility and its close correlation to MicroStrategy's stock price. He argues that the ETF's use of auto rebalancing and its doubling down on short positions could expose investors to significant losses, especially in scenarios where Bitcoin experiences a sharp increase in value.

Back 的主要擔憂在於 ETF 策略相關的固有風險，特別是考慮到比特幣的波動性及其與 MicroStrategy 股價的密切相關性。他認為，ETF 使用自動再平衡以及加倍空頭部位可能會讓投資者遭受重大損失，特別是在比特幣價值大幅上漲的情況下。

Compounding Losses with Auto Rebalancing

自動重新平衡導致複合損失

According to Back, auto rebalancing in a volatile market can exacerbate potential losses. He explains that if Bitcoin's price doubles, the ETF would be forced to double down on its short position, leading to exponential losses. This scenario underscores the challenges of managing portfolios with correlated and highly volatile underlying assets.

巴克認為，波動市場中的汽車再平衡可能會加劇潛在損失。他解釋說，如果比特幣價格翻倍，ETF 將被迫加倍其空頭頭寸，導致指數級損失。這種情況凸顯了管理具有相關性和高度波動性基礎資產的投資組合的挑戰。

Opacity and Risk Assessment

不透明度和風險評估

Back further contends that the ETF's structure may be overly opaque for the volatile nature of Bitcoin and its impact on MicroStrategy's share price. He suggests that investors may be taking on increased risk with no predictable returns, questioning the logic behind the ETF's approach.

Back 進一步指出，鑑於比特幣的波動性及其對 MicroStrategy 股價的影響，ETF 的結構可能過於不透明。他表示，投資人可能承擔更大的風險，但回報卻無法預測，並對 ETF 做法背後的邏輯提出質疑。

MicroStrategy's Crytpo Investment Strategy

MicroStrategy 的 Crytpo 投資策略

MicroStrategy has garnered attention for its aggressive Bitcoin investment strategy. The company's substantial Bitcoin holdings and subsequent outperformance have attracted investors seeking exposure to Bitcoin through traditional stock markets. Despite criticism regarding the perceived overvaluation of MicroStrategy's shares, Chairman Michael Saylor remains committed to Bitcoin, emphasizing the company's long-term focus.

MicroStrategy 因其激進的比特幣投資策略而受到關注。該公司持有大量比特幣並隨後表現出色，吸引了尋求透過傳統股票市場投資比特幣的投資者。儘管有人批評 MicroStrategy 股票被認為估值過高，但董事長 Michael Saylor 仍然致力於比特幣，強調該公司的長期關注點。

Intersection of Corporate Investment and Cryptocurrency

企業投資與加密貨幣的交叉點

MicroStrategy's status as a publicly traded company with a significant Bitcoin portfolio has made it a prominent player in the intersection of corporate investment and cryptocurrency. Its actions have sparked discussions about the potential implications of institutional involvement in the crypto market and the evolution of Bitcoin as an asset class.

MicroStrategy 作為一家擁有重要比特幣投資組合的上市公司，使其成為企業投資和加密貨幣交叉領域的重要參與者。其行動引發了有關機構參與加密貨幣市場的潛在影響以及比特幣作為一種資產類別的演變的討論。

Conclusion

結論

Adam Back's warnings highlight the importance of fully understanding the risks associated with financial products that aim to profit from the volatility of correlated assets. While shorting strategies may appear lucrative in certain market conditions, investors must carefully consider the potential for compounding losses and the limitations of auto rebalancing in highly volatile environments.

Adam Back 的警告強調了充分了解旨在從相關資產波動中獲利的金融產品相關風險的重要性。雖然做空策略在某些市場條件下看起來有利可圖，但投資者必須仔細考慮複合損失的可能性以及在高度波動的環境中自動再平衡的限制。