儘管比特幣飆升，賣空者仍繼續買入加密貨幣股票

What's the Deal with Crypto Stock Short Sellers?

加密貨幣股票賣空者的情況如何？

Contrary to the rallying crypto-linked stocks fueled by Bitcoin's surge, short sellers are doubling down on their multi-billion-dollar bets against them, seeing an inevitable end to the rally.

與比特幣飆升推動的加密貨幣相關股票的上漲相反，賣空者正在加倍押注數十億美元的空頭賭注，認為漲勢不可避免地會結束。

Total short interest, an indicator of contrarian traders' bets against crypto stocks, has soared to nearly $11 billion this year, according to S3 Partners. MicroStrategy and Coinbase account for over 80% of the sector's short interest.

S3 Partners 的數據顯示，作為反向交易者做空加密貨幣股票押注的指標，空頭總額今年已飆升至近 110 億美元。 MicroStrategy 和 Coinbase 佔該行業空頭部位的 80% 以上。

Burning Paper Billions

燒紙數十億

Despite paper losses mounting to nearly $6 billion as Bitcoin's year-to-date ascent lifts the sector, short sellers remain steadfast. "They're either anticipating a Bitcoin rally pullback or hedging against their actual Bitcoin holdings," explains S3's Ihor Dusaniwsky.

儘管隨著比特幣年初至今的上漲提振了該行業，帳面損失已達到近 60 億美元，但賣空者仍然堅定不移。 S3 的 Ihor Dusaniwsky 解釋說：“他們要么預期比特幣反彈回調，要么對沖其實際持有的比特幣。”

MicroStrategy in the Hot Seat

MicroStrategy 陷入困境

Traders betting against crypto stocks have piled into MicroStrategy, increasing their short positions by $974 million in the past 30 days, despite its soaring share price. This surge pushes MicroStrategy's total short interest above 20% of its float, making it one of the most-shorted stocks in the US, rivaling behemoths like Apple and Microsoft.

儘管股價飆升，但做空加密貨幣股票的交易員卻紛紛湧入 MicroStrategy，在過去 30 天內將其空頭部位增加了 9.74 億美元。這一激增使 MicroStrategy 的總空頭利息超過其流通量的 20%，使其成為美國被做空最多的股票之一，可與蘋果和微軟等巨頭相媲美。

Short Squeeze Risk

軋空風險

However, short sellers could face significant losses if their bets prove incorrect. MicroStrategy, Coinbase, and Cleanspark are all poised for short squeezes, where forced buybacks by losing short sellers drive prices higher, pressuring others to follow suit.

然而，如果賣空者的押注被證明是錯誤的，他們可能會面臨重大損失。 MicroStrategy、Coinbase 和 Cleanspark 都做好了軋空的準備，賣空者的損失導致價格被迫回購，從而推高價格，迫使其他公司效仿。

Are They Digging Their Own Graves?

他們是在自掘墳墓嗎？

Given their rally and limited availability of shortable shares, MicroStrategy, Coinbase, and Cleanspark are vulnerable to squeezes. With MicroStrategy already up nearly 200% and Coinbase and Cleanspark up over 60% and 115%, respectively, short sellers might be in for a painful reckoning.

鑑於 MicroStrategy、Coinbase 和 Cleanspark 的反彈和可賣空股票的供應有限，它們容易受到擠壓。隨著 MicroStrategy 已經上漲近 200%，Coinbase 和 Cleanspark 分別上漲超過 60% 和 115%，賣空者可能會面臨痛苦的清算。

Moral of the Story

故事的道德啟示

While short sellers remain skeptical, the crypto stock rally continues unabated. Shorting crypto stocks in an upward market can be a risky proposition, exposing traders to the potential for massive losses if their bets go awry.

儘管賣空者仍持懷疑態度，但加密貨幣股票的漲勢仍有增無減。在上漲的市場中做空加密貨幣股票可能是一個冒險的提議，如果交易者的押注出現問題，交易者可能會面臨巨大損失。