加密货币多头押注下跌？做空狂潮引发市场低迷担忧

做空者押注比特币飙升推动加密货币股票上涨，他们的总兴趣已增加至近 110 亿美元。尽管由于可用股票有限和强劲反弹而面临潜在的轧空，但 M​​icroStrategy 和 Coinbase 仍占该权益的 80% 以上。

Are the Crypto Bulls Betting on a Fall?

加密货币多头是否押注下跌？

The cryptocurrency market has seen a significant increase in short-selling activity, with short interest against stocks tied to digital assets reaching nearly $11 billion. This surge is a sign that many investors are betting on a downturn in the crypto market despite the recent rally in Bitcoin and other digital currencies.

加密货币市场的卖空活动大幅增加，与数字资产相关的股票的卖空利息达到近 110 亿美元。这种飙升表明，尽管比特币和其他数字货币最近有所上涨，但许多投资者仍押注加密货币市场的低迷。

MicroStrategy: A Short Squeeze Target

MicroStrategy：空头挤压目标

MicroStrategy Inc., one of the most heavily shorted stocks in the US, has seen its total short interest rise to more than 20% of its outstanding shares. This indicates that many investors are betting against the company's cryptocurrency-linked business. However, if MicroStrategy's stock price continues to rise, it could trigger a short squeeze, forcing short sellers to buy back their positions and further pushing the price upward.

MicroStrategy Inc. 是美国做空最严重的股票之一，其空头利息总额已升至其已发行股票的 20% 以上。这表明许多投资者正在看空该公司的加密货币相关业务。然而，如果MicroStrategy的股价继续上涨，可能会引发轧空，迫使卖空者回购头寸，进一步推高价格。

Coinbase and Cleanspark: Other Squeeze Candidates

Coinbase 和 Cleanspark：其他挤压候选者

Coinbase Global Inc. and Cleanspark Inc. are two other crypto-linked stocks that are facing significant short interest and are potential candidates for a short squeeze. With both companies' stock prices rallying and a limited number of shares available for shorting, any positive news or market developments could trigger a buying frenzy among short sellers, leading to a rapid rise in prices.

Coinbase Global Inc. 和 Cleanspark Inc. 是另外两只面临大量空头兴趣的加密货币相关股票，并且是轧空的潜在候选者。由于两家公司的股价都在上涨，而且可供做空的股票数量有限，任何利好消息或市场发展都可能引发卖空者的买入狂潮，导致价格迅速上涨。

The Risk of a Crypto Bear Market

加密货币熊市的风险

While short sellers are betting on a decline in the crypto market, it's important to note that the situation could change rapidly. A sustained bull run in Bitcoin or other digital currencies could lead to a reversal of the short-selling trend and significant losses for those betting against the market.

虽然卖空者押注加密货币市场会下跌，但值得注意的是，情况可能会迅速发生变化。比特币或其他数字货币的持续牛市可能会导致卖空趋势逆转，并导致做空市场的人遭受重大损失。

MicroStrategy's Outperformance

MicroStrategy 的卓越表现

MicroStrategy's stock price has outperformed the broader market in 2023, gaining almost 200%. This rally is largely due to the company's significant investment in Bitcoin and its belief in the long-term potential of digital assets. However, MicroStrategy's balance sheet has come under scrutiny, as the company's large debt burden and potential margin calls on its Bitcoin-backed loans could weigh on its financial performance in the event of a crypto market downturn.

MicroStrategy 的股价在 2023 年跑赢大盘，涨幅近 200%。此次上涨很大程度上归功于该公司对比特币的大量投资以及对数字资产长期潜力的信念。然而，MicroStrategy 的资产负债表受到了严格审查，因为该公司的巨额债务负担和比特币支持贷款的潜在追加保证金通知可能会在加密货币市场低迷的情况下影响其财务业绩。

Coinbase's Struggles

Coinbase 的挣扎

Coinbase, the largest cryptocurrency exchange in the US, has faced challenges in 2023 due to a slowdown in crypto trading volumes and regulatory headwinds. The company's revenue declined by 56% year-over-year in the third quarter of 2023, and its stock price has struggled to recover. Despite its recent rollout of new products and services, Coinbase faces an uncertain regulatory environment and competition from other exchanges.

由于加密货币交易量放缓和监管阻力，美国最大的加密货币交易所 Coinbase 在 2023 年面临挑战。该公司2023年第三季度营收同比下降56%，股价难以回升。尽管最近推出了新产品和服务，Coinbase 仍面临着不确定的监管环境和来自其他交易所的竞争。

Cleanspark's Mining Advantage

Cleanspark的挖矿优势

Cleanspark is a cryptocurrency mining company that has benefited from the rising price of Bitcoin and other digital assets. Unlike many other miners, Cleanspark uses sustainable energy sources, providing it with a cost advantage over competitors. However, the company's profitability is tied to the volatility of the crypto market, and a downturn in prices could negatively impact its financial performance.

Cleanspark是一家加密货币挖矿公司，受益于比特币和其他数字资产价格的上涨。与许多其他矿商不同，Cleanspark 使用可持续能源，使其比竞争对手具有成本优势。然而，该公司的盈利能力与加密货币市场的波动性有关，价格下跌可能对其财务业绩产生负面影响。

Short Sellers' Dilemma

卖空者的困境

Short sellers are betting on a decline in the crypto market, but they face significant risks if their positions prove incorrect. A short squeeze, potential regulatory changes, or a sustained bull run in digital assets could all lead to substantial losses for those betting against the market.

卖空者押注加密货币市场会下跌，但如果他们的头寸被证明是错误的，他们将面临重大风险。轧空、潜在的监管变化或数字资产的持续牛市都可能导致那些做空市场的人遭受重大损失。