為什麼這麼多懷疑的投資者做空比特幣礦業股票？

根據賣空研究公司 S3 Partners 的數據，過去 30 天內，針對比特幣礦商的空頭利息飆升了 50%，達到 46 億美元。

Bitcoin mining stocks have attracted a lot of attention from short sellers recently, with short interest increasing by 50% in the past 30 days to reach $4.6 billion, the highest level of short selling activity in 2024, according to short selling research firm S3 Partners.

比特幣礦業股近期吸引了賣空者的大量關注，根據賣空研究公司 S3 Partners 的數據，過去 30 天內賣空興趣增加了 50%，達到 46 億美元，為 2024 年賣空活動的最高水平。

This level of short interest is particularly noteworthy given that Bitcoin was widely expected to surge if Donald Trump won the US presidential election, and indeed it has soared by 27% since Trump's victory was announced on November 5, hitting an all-time high north of $89,000.

這種空頭興趣尤其值得關注，因為人們普遍預計，如果唐納德·川普贏得美國總統大選，比特幣將會飆升，事實上，自川普於11 月5 日宣布獲勝以來，比特幣已經飆升了27%，創下了歷史新高。

Moreover, analysts are projecting the leading cryptocurrency to hit six digits as early as this year.

此外，分析師預計這種領先的加密貨幣最早將在今年達到六位數。

Now, short sellers in mining stocks are facing the possibility of a short squeeze, according to Matthew Unterman, managing director at S3 Partners, who spoke to DL News.

S3 Partners 董事總經理 Matthew Unterman 在接受 DL News 採訪時表示，現在，礦業股的賣空者面臨著軋空的可能性。

Short sellers profit by borrowing stock and selling it in the market, anticipating that its price will decrease. When the price does fall, short sellers buy the stock and return the shares, keeping the difference.

賣空者透過借入股票並將其在市場上出售來獲利，並預計其價格會下跌。當價格確實下跌時，賣空者買入股票並返還股票，保留差價。

This strategy is inherently risky, as long investors can only lose their initial investment, whereas short sellers can lose significantly more.

這種策略本質上是有風險的，因為多頭投資者只能損失其初始投資，而賣空者可能會損失更多。

Sharp gains in stock prices can be disastrous for short sellers. A short squeeze occurs when a stock's price rises so dramatically that short sellers are compelled to buy the stock to offset their losses.

股價大幅上漲對賣空者來說可能是災難性的。當股票價格大幅上漲，賣空者被迫買進股票以抵銷損失時，就會發生軋空。

This buying, in turn, drives the stock's price even higher.

這種購買反過來又推高了股票的價格。

In the ebb and flow of the markets, there are periods when mining stocks outpace Bitcoin, prompting risk-tolerant investors to sell those shares short in anticipation of the gap closing.

在市場的潮起潮落中，有時礦業股的表現會超過比特幣，這會促使風險承受能力強的投資者在預期缺口縮小時拋售這些股票。

For instance, since Bitcoin's last major low on September 6, Riot is up 86%, Marathon Digital is up about 55%, and CleanSpark gained 73%, while Bitcoin is up 65% during the same period.

例如，自 9 月 6 日比特幣觸及最後一個主要低點以來，Riot 上漲了 86%，Marathon Digital 上漲了約 55%，CleanSpark 上漲了 73%，而同期比特幣上漲了 65%。

However, in the past 24 hours, miners have dropped between 5% and 20%.

然而，在過去的24小時內，礦工的跌幅在5%到20%之間。

“There are a lot of forces in the market that prefer they don’t go up,” crypto investor Mike Alfred stated on Thursday.

「市場上有很多力量不希望價格上漲，」加密貨幣投資者 Mike Alfred 週四表示。

Unlike companies like MicroStrategy, mining stocks tend to have smaller market capitalisations, which means that large trades can have a disproportionate impact on price movements.

與 MicroStrategy 等公司不同，礦業股的市值往往較小，這意味著大額交易可能會對價格走勢產生不成比例的影響。

According to Alfred, this implies that there's considerably more upside potential as investors in “wildly undervalued” mining stocks catch up to the overall market sentiment.

阿爾弗雷德表示，這意味著隨著「被嚴重低估」的礦業股投資者追趕整體市場情緒，該股還有相當大的上漲潛力。

“Now you're looking at your portfolio and thinking, ‘How can I add?’ You want to be long everything,” he said.

“現在你正在查看你的投資組合併思考，’我該如何添加？’你想要做多一切，」他說。

Many analysts attribute Bitcoin's “euphoria zone” to institutional investors, evidenced by the surging ETF inflows that have propelled Bitcoin and Ethereum prices as providers ramp up.

許多分析師將比特幣的「欣快區」歸因於機構投資者，ETF 資金流入激增就證明了這一點，隨著提供者的增加，比特幣和以太坊價格也隨之上漲。

In contrast, retail participation remains notably low.

相比之下，零售參與度仍然很低。

“There's no retail interest whatsoever,” stated Alfred.

「沒有任何零售興趣，」阿爾弗雷德說。