Blockstream 首席执行官 Adam Back 猛烈抨击 Defiance 2X 做空 MSTR ETF 为“糟糕”

Blockstream 首席执行官 Adam Back 谴责 Defiance 2X Short MSTR ETF“糟糕”，质疑其可行性。该 ETF 的目标是做空 MicroStrategy，该公司持有大量比特币投资组合。考虑到比特币的波动性以及与 MicroStrategy 股票表现的相关性，Back 的主要担忧在于 ETF 的做空策略。

Blockstream CEO Adam Back Warns Against Defiance 2X Short MSTR ETF

Blockstream 首席执行官 Adam Back 对 Defiance 2X 做空 MSTR ETF 发出警告

Blockstream Chief Executive Officer Adam Back has issued a scathing critique of the Defiance 2X Short MSTR ETF, describing it as "awful" and questioning its long-term viability. The ETF, which aims to short MicroStrategy Incorporated, has drawn scrutiny due to its potential impact on the company's substantial Bitcoin holdings.

Blockstream 首席执行官 Adam Back 对 Defiance 2X Short MSTR ETF 发表了严厉批评，称其“糟糕”，并质疑其长期生存能力。该 ETF 旨在做空 MicroStrategy Incorporated，由于其对该公司持有的大量比特币的潜在影响而受到密切关注。

ETF's Inherent Risks

ETF的固有风险

Back's primary concern lies in the inherent risks associated with the ETF's strategy, particularly given Bitcoin's volatility and its close correlation to MicroStrategy's stock price. He argues that the ETF's use of auto rebalancing and its doubling down on short positions could expose investors to significant losses, especially in scenarios where Bitcoin experiences a sharp increase in value.

Back 的主要担忧在于 ETF 策略相关的固有风险，特别是考虑到比特币的波动性及其与 MicroStrategy 股价的密切相关性。他认为，ETF 使用自动再平衡以及加倍空头头寸可能会让投资者遭受重大损失，特别是在比特币价值大幅上涨的情况下。

Compounding Losses with Auto Rebalancing

自动重新平衡导致复合损失

According to Back, auto rebalancing in a volatile market can exacerbate potential losses. He explains that if Bitcoin's price doubles, the ETF would be forced to double down on its short position, leading to exponential losses. This scenario underscores the challenges of managing portfolios with correlated and highly volatile underlying assets.

巴克认为，波动市场中的汽车再平衡可能会加剧潜在损失。他解释说，如果比特币价格翻倍，ETF 将被迫加倍其空头头寸，从而导致指数级损失。这种情况凸显了管理具有相关性和高度波动性基础资产的投资组合的挑战。

Opacity and Risk Assessment

不透明度和风险评估

Back further contends that the ETF's structure may be overly opaque for the volatile nature of Bitcoin and its impact on MicroStrategy's share price. He suggests that investors may be taking on increased risk with no predictable returns, questioning the logic behind the ETF's approach.

Back 进一步指出，鉴于比特币的波动性及其对 MicroStrategy 股价的影响，ETF 的结构可能过于不透明。他表示，投资者可能会承担更大的风险，但回报却无法预测，并对 ETF 做法背后的逻辑提出质疑。

MicroStrategy's Crytpo Investment Strategy

MicroStrategy 的 Crytpo 投资策略

MicroStrategy has garnered attention for its aggressive Bitcoin investment strategy. The company's substantial Bitcoin holdings and subsequent outperformance have attracted investors seeking exposure to Bitcoin through traditional stock markets. Despite criticism regarding the perceived overvaluation of MicroStrategy's shares, Chairman Michael Saylor remains committed to Bitcoin, emphasizing the company's long-term focus.

MicroStrategy 因其激进的比特币投资策略而受到关注。该公司持有大量比特币并随后表现出色，吸引了寻求通过传统股票市场投资比特币的投资者。尽管有人批评 MicroStrategy 股票被认为估值过高，但董事长 Michael Saylor 仍然致力于比特币，强调公司的长期关注点。

Intersection of Corporate Investment and Cryptocurrency

企业投资与加密货币的交叉点

MicroStrategy's status as a publicly traded company with a significant Bitcoin portfolio has made it a prominent player in the intersection of corporate investment and cryptocurrency. Its actions have sparked discussions about the potential implications of institutional involvement in the crypto market and the evolution of Bitcoin as an asset class.

MicroStrategy 作为一家拥有重要比特币投资组合的上市公司，使其成为企业投资和加密货币交叉领域的重要参与者。其行动引发了有关机构参与加密货币市场的潜在影响以及比特币作为一种资产类别的演变的讨论。

Conclusion

结论

Adam Back's warnings highlight the importance of fully understanding the risks associated with financial products that aim to profit from the volatility of correlated assets. While shorting strategies may appear lucrative in certain market conditions, investors must carefully consider the potential for compounding losses and the limitations of auto rebalancing in highly volatile environments.

Adam Back 的警告强调了充分了解旨在从相关资产波动中获利的金融产品相关风险的重要性。虽然做空策略在某些市场条件下可能看起来有利可图，但投资者必须仔细考虑复合损失的可能性以及在高度波动的环境中自动再平衡的局限性。