加密貨幣多頭押注下跌？做空狂潮引發市場低迷擔憂

做空者押注比特幣飆升推動加密貨幣股票上漲，他們的總興趣已增加至近 110 億美元。儘管由於可用股票有限和強勁反彈而面臨潛在的軋空，但 M​​icroStrategy 和 Coinbase 仍佔該權益的 80% 以上。

Are the Crypto Bulls Betting on a Fall?

加密貨幣多頭是否押注下跌？

The cryptocurrency market has seen a significant increase in short-selling activity, with short interest against stocks tied to digital assets reaching nearly $11 billion. This surge is a sign that many investors are betting on a downturn in the crypto market despite the recent rally in Bitcoin and other digital currencies.

加密貨幣市場的賣空活動大幅增加，與數位資產相關的股票的賣空利息達到近 110 億美元。這種飆升表明，儘管比特幣和其他數位貨幣最近有所上漲，但許多投資者仍押注加密貨幣市場的低迷。

MicroStrategy: A Short Squeeze Target

MicroStrategy：空頭擠壓目標

MicroStrategy Inc., one of the most heavily shorted stocks in the US, has seen its total short interest rise to more than 20% of its outstanding shares. This indicates that many investors are betting against the company's cryptocurrency-linked business. However, if MicroStrategy's stock price continues to rise, it could trigger a short squeeze, forcing short sellers to buy back their positions and further pushing the price upward.

MicroStrategy Inc. 是美國做空最嚴重的股票之一，其空頭利息總額已升至其已發行股票的 20% 以上。這表明許多投資者正在看空該公司的加密貨幣相關業務。然而，如果MicroStrategy的股價持續上漲，可能會引發軋空，迫使賣空者回購頭寸，進一步推高價格。

Coinbase and Cleanspark: Other Squeeze Candidates

Coinbase 和 Cleanspark：其他擠壓候選人

Coinbase Global Inc. and Cleanspark Inc. are two other crypto-linked stocks that are facing significant short interest and are potential candidates for a short squeeze. With both companies' stock prices rallying and a limited number of shares available for shorting, any positive news or market developments could trigger a buying frenzy among short sellers, leading to a rapid rise in prices.

Coinbase Global Inc. 和 Cleanspark Inc. 是另外兩隻面臨大量空頭興趣的加密貨幣相關股票，並且是軋空的潛在候選人。由於兩家公司的股價都在上漲，而且可供做空的股票數量有限，任何利好消息或市場發展都可能引發賣空者的買入狂潮，導致價格迅速上漲。

The Risk of a Crypto Bear Market

加密貨幣熊市的風險

While short sellers are betting on a decline in the crypto market, it's important to note that the situation could change rapidly. A sustained bull run in Bitcoin or other digital currencies could lead to a reversal of the short-selling trend and significant losses for those betting against the market.

雖然賣空者押注加密貨幣市場會下跌，但值得注意的是，情況可能會迅速改變。比特幣或其他數位貨幣的持續多頭市場可能會導致賣空趨勢逆轉，並導致做空市場的人遭受重大損失。

MicroStrategy's Outperformance

MicroStrategy 的卓越表現

MicroStrategy's stock price has outperformed the broader market in 2023, gaining almost 200%. This rally is largely due to the company's significant investment in Bitcoin and its belief in the long-term potential of digital assets. However, MicroStrategy's balance sheet has come under scrutiny, as the company's large debt burden and potential margin calls on its Bitcoin-backed loans could weigh on its financial performance in the event of a crypto market downturn.

MicroStrategy 的股價在 2023 年跑贏大盤，漲幅近 200%。此次上漲很大程度上歸功於該公司對比特幣的大量投資以及對數位資產長期潛力的信念。然而，MicroStrategy 的資產負債表受到了嚴格審查，因為該公司的巨額債務負擔和比特幣支持貸款的潛在追加保證金通知可能會在加密貨幣市場低迷的情況下影響其財務表現。

Coinbase's Struggles

Coinbase 的掙扎

Coinbase, the largest cryptocurrency exchange in the US, has faced challenges in 2023 due to a slowdown in crypto trading volumes and regulatory headwinds. The company's revenue declined by 56% year-over-year in the third quarter of 2023, and its stock price has struggled to recover. Despite its recent rollout of new products and services, Coinbase faces an uncertain regulatory environment and competition from other exchanges.

由於加密貨幣交易量放緩和監管阻力，美國最大的加密貨幣交易所 Coinbase 在 2023 年面臨挑戰。該公司2023年第三季營收年減56%，股價難以回升。儘管最近推出了新產品和服務，Coinbase 仍面臨不確定的監管環境和其他交易所的競爭。

Cleanspark's Mining Advantage

Cleanspark的挖礦優勢

Cleanspark is a cryptocurrency mining company that has benefited from the rising price of Bitcoin and other digital assets. Unlike many other miners, Cleanspark uses sustainable energy sources, providing it with a cost advantage over competitors. However, the company's profitability is tied to the volatility of the crypto market, and a downturn in prices could negatively impact its financial performance.

Cleanspark是一家加密貨幣挖礦公司，受益於比特幣和其他數位資產價格的上漲。與許多其他礦商不同，Cleanspark 使用永續能源，使其比競爭對手具有成本優勢。然而，該公司的獲利能力與加密貨幣市場的波動性有關，而價格下跌可能對其財務表現產生負面影響。

Short Sellers' Dilemma

賣空者的困境

Short sellers are betting on a decline in the crypto market, but they face significant risks if their positions prove incorrect. A short squeeze, potential regulatory changes, or a sustained bull run in digital assets could all lead to substantial losses for those betting against the market.

賣空者押注加密貨幣市場會下跌，但如果他們的部位被證明是錯誤的，他們將面臨重大風險。軋空、潛在的監管變化或數位資產的持續牛市都可能導致那些做空市場的人遭受重大損失。