加密貨幣漲勢因賣空者押注激增而受挫

儘管近期比特幣價格飆升，但賣空者仍持懷疑態度，押注數十億美元做空與加密貨幣相關的股票。這筆空頭利息已達到 110 億美元，其中 MicroStrategy 和 Coinbase 佔超過 80%。賣空者因比特幣上漲而面臨潛在損失，但他們堅持對沖直接比特幣投資或預期回調的策略。風險包括軋空，即賣空者必須買進股票才能退出虧損頭寸，進而推高價格。

Bullish Cryptocurrency Rally Faces Headwinds as Short Sellers Ramp Up Bets

由於賣空者加大押注，看漲的加密貨幣漲勢面臨阻力

Despite the surge in the cryptocurrency market, buoyed by Bitcoin's significant price appreciation, skepticism among short sellers remains palpable. Billions of dollars have been wagered against the sustainability of the cryptocurrency-linked stock rally, as investors continue to bet on a potential downturn.

儘管受比特幣價格大幅上漲的推動，加密貨幣市場大幅上漲，但賣空者的懷疑情緒仍然顯而易見。隨著投資者繼續押注潛在的低迷，數十億美元的賭注押在與加密貨幣相關的股票上漲的可持續性上。

Short sellers, as a class of investors, speculate on the decline in the value of a stock or asset. Their strategy involves borrowing shares of the asset from a broker and selling them on the open market at the current price. The goal is to purchase the same number of shares later at a lower price, return the borrowed shares to the broker, and profit from the price difference.

賣空者作為一類投資者，對股票或資產價值的下跌進行投機。他們的策略包括從經紀人那裡借入資產份額，然後以當前價格在公開市場上出售。目標是稍後以較低的價格購買相同數量的股票，將借入的股票返還給經紀人，並從價差中獲利。

According to a recent report from S3 Partners LLC, cited by Bloomberg, the short interest in cryptocurrency-linked stocks has soared to approximately $11 billion this year. Notably, the bulk of this short interest is concentrated in MicroStrategy Inc. and Coinbase Global Inc., accounting for over 80% of the total bets against the crypto sector.

彭博社引述 S3 Partners LLC 最近的一份報告稱，今年加密貨幣相關股票的空頭興趣已飆升至約 110 億美元。值得注意的是，大部分空頭部位集中在 MicroStrategy Inc. 和 Coinbase Global Inc.，佔加密貨幣產業總押注的 80% 以上。

Despite the substantial paper losses incurred by short sellers, as Bitcoin's year-to-date gain of over 150% has bolstered cryptocurrency-linked stocks, they remain undeterred, intensifying their positions against the sector.

儘管賣空者遭受了巨額帳面損失，但由於比特幣今年迄今超過 150% 的漲幅提振了與加密貨幣相關的股票，他們仍然沒有被嚇倒，並加強了對該行業的持倉。

"The increase in short selling is indicative of some investors either trying to anticipate a pullback in the Bitcoin rally or using it to hedge their direct Bitcoin investments," said Ihor Dusaniwsky, managing director of predictive analytics at S3.

S3 預測分析董事總經理 Ihor Dusaniwsky 表示：「賣空活動的增加表明，一些投資者要么試圖預測比特幣反彈的回調，要么利用它來對沖他們的直接比特幣投資。”

However, the persistence of short sellers targeting crypto-linked stocks poses risks, particularly if the market trajectory does not align with their bearish forecasts. Bloomberg, citing S3, identified MicroStrategy, Coinbase, and Cleanspark Inc. as susceptible to short squeezes.

然而，針對加密貨幣相關股票的賣空者持續存在會帶來風險，特別是如果市場軌跡與他們的看跌預測不一致的話。彭博社引述 S3 的話說，MicroStrategy、Coinbase 和 Cleanspark Inc. 容易受到軋空的影響。

A short squeeze occurs when short sellers are forced to buy back stocks to exit their losing positions, inadvertently driving prices up and exerting additional pressure on other short sellers. This phenomenon has the potential to exacerbate losses for short sellers, as stock prices can rise rapidly under such circumstances.

當賣空者被迫回購股票以退出虧損部位時，就會出現軋空，從而無意中推高價格，並對其他賣空者施加額外壓力。這種現像有可能加劇賣空者的損失，因為在這種情況下股價可能會迅速上漲。

Year-to-date, MicroStrategy's stock has surged by approximately 167%, while Coinbase and Cleanspark have experienced gains of 58.60% and 85.16%, respectively, highlighting the potential for significant short squeezes.

今年迄今為止，MicroStrategy 的股價已飆升約 167%，而 Coinbase 和 Cleanspark 的漲幅分別為 58.60% 和 85.16%，凸顯了大幅軋空的可能性。

Amid these market dynamics, the broader cryptocurrency sector has also witnessed substantial liquidations. Data from Coinglass indicates that over $190 million worth of positions have been liquidated in the last 24 hours alone.

在這些市場動態中，更廣泛的加密貨幣產業也出現了大規模清算。 Coinglass 的數據顯示，僅在過去 24 小時內就有價值超過 1.9 億美元的部位被清算。

Most of these liquidations were long positions, accounting for approximately 61.45%. Binance traders faced the brunt of these liquidations, experiencing losses of $81.33 million, surpassing the liquidations on OKX, which amounted to $70 million.

這些平倉大部分為多頭頭寸，佔比約為61.45%。幣安交易員在這些清算中首當其衝，遭受了 8,133 萬美元的損失，超過了 OKX 的 7,000 萬美元的清算損失。

The period of liquidations coincides with a slight retracement in Bitcoin's price from its 24-hour high above $71,000 to a current trading price of $69,879.

清算期間恰逢比特幣價格從 71,000 美元上方的 24 小時高點小幅回撤至當前交易價格 69,879 美元。

As the cryptocurrency market continues to navigate these volatile conditions, it remains to be seen whether the bullish sentiment will prevail or the skepticism of short sellers will be vindicated.

隨著加密貨幣市場繼續在這些動盪的環境中度過，看漲情緒是否會佔上風，或者賣空者的懷疑是否會得到證實，還有待觀察。