加密貨幣賣空者押注 110 億美元押注數位資產反彈逆轉

賣空者大力押注加密貨幣相關股票的持續上漲，空頭利息總額達近 110 億美元。超過 80% 的空頭興趣集中在做空 MicroStrategy Inc. 和 Coinbase Global Inc. 上，這表明這些公司被認為特別容易受到加密貨幣市場上升趨勢逆轉的影響。

Crypto Short Sellers Wager $11 Billion on Reversal of Digital-Asset Rally

加密貨幣賣空者押注 110 億美元押注數位資產漲勢逆轉

Short sellers in the cryptocurrency ecosystem have ramped up their bets against listed companies that have benefited from the recent surge in Bitcoin prices, wagering a combined $11 billion that the rally will not endure.

加密貨幣生態系統中的賣空者加大了對受益於近期比特幣價格飆升的上市公司的押注，押注總計 110 億美元，認為比特幣的漲勢不會持續。

According to a report released Monday by S3 Partners LLC, total short interest in the crypto sector has surged this year, with over 80% of the positions targeting MicroStrategy Inc. (MSTR) and Coinbase Global Inc. (COIN).

根據 S3 Partners LLC 週一發布的一份報告，今年加密貨幣領域的空頭興趣總量激增，其中超過 80% 的部位針對 MicroStrategy Inc. (MSTR) 和 Coinbase Global Inc. (COIN)。

Short sellers engage in contrarian trades, predicting a decline in the targeted company's stock price. They borrow shares and sell them in the market, then repurchase them at a lower price later to pocket the difference.

賣空者進行逆向交易，預測目標公司的股價會下跌。他們借入股票並在市場上出售，然後以較低的價格回購，將差價收入囊中。

The surge in short interest coincides with a recent rally in Bitcoin prices, which soared to all-time highs above $60,000 in March. However, some analysts believe that the rally is unsustainable and that a correction is imminent.

空頭興趣的激增與近期比特幣價格的上漲同時發生，比特幣價格在 3 月飆升至 6 萬美元以上的歷史高點。不過，一些分析師認為，漲勢難以持續，回檔迫在眉睫。

MicroStrategy, an analytics firm, has emerged as a major player in the crypto sector by investing heavily in Bitcoin. Coinbase, a cryptocurrency exchange, has also benefited from the increased trading activity.

MicroStrategy 是一家分析公司，透過大力投資比特幣，已成為加密貨幣領域的主要參與者。加密貨幣交易所 Coinbase 也受惠於交易活動的增加。

Other crypto-linked companies with substantial short interest include Marathon Digital Holdings Inc. (MARA), Riot Blockchain Inc. (RIOT), and Silvergate Capital Corp. (SI).

其他持有大量空頭利息的加密貨幣相關公司包括 Marathon Digital Holdings Inc. (MARA)、Riot Blockchain Inc. (RIOT) 和 Silvergate Capital Corp. (SI)。

Short sellers often target companies with high valuations or volatile price movements. The crypto sector has been characterized by both, attracting increased scrutiny from bearish investors.

賣空者通常會瞄準估值高或價格波動劇烈的公司。加密貨幣產業具有這兩方面的特點，吸引了更多看跌投資者的關注。

"The crypto sector is ripe for short squeezes," said Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners. A short squeeze occurs when a surge in buying activity forces short sellers to cover their positions, driving up the stock price.

S3 Partners 預測分析董事總經理 Ihor Dusaniwsky 表示：“加密貨幣行業的軋空時機已經成熟。”當買盤活動激增迫使賣空者回補頭寸，推高股價時，就會出現軋空。

However, short sellers remain undeterred, betting that the crypto rally is overextended and that a correction will eventually materialize. The ongoing battle between bulls and bears in the crypto sector is likely to continue in the coming months, as the market navigates the ongoing volatility and uncertainty surrounding digital assets.

然而，賣空者仍然沒有被嚇倒，他們押注加密貨幣漲勢過度，最終將出現調整。隨著市場應對圍繞數位資產的持續波動和不確定性，加密貨幣領域的多頭和空頭之間的持續鬥爭可能會在未來幾個月繼續下去。