加密货币涨势因卖空者押注激增而受挫

尽管近期比特币价格飙升，但卖空者仍持怀疑态度，押注数十亿美元做空与加密货币相关的股票。这一空头利息已达到 110 亿美元，其中 MicroStrategy 和 Coinbase 占比超过 80%。卖空者因比特币上涨而面临潜在损失，但他们坚持对冲直接比特币投资或预期回调的策略。风险包括轧空，即卖空者必须买入股票才能退出亏损头寸，从而推高价格。

Bullish Cryptocurrency Rally Faces Headwinds as Short Sellers Ramp Up Bets

由于卖空者加大押注，看涨的加密货币涨势面临阻力

Despite the surge in the cryptocurrency market, buoyed by Bitcoin's significant price appreciation, skepticism among short sellers remains palpable. Billions of dollars have been wagered against the sustainability of the cryptocurrency-linked stock rally, as investors continue to bet on a potential downturn.

尽管受比特币价格大幅上涨的推动，加密货币市场大幅上涨，但卖空者的怀疑情绪仍然显而易见。随着投资者继续押注潜在的低迷，数十亿美元的赌注押在与加密货币相关的股票上涨的可持续性上。

Short sellers, as a class of investors, speculate on the decline in the value of a stock or asset. Their strategy involves borrowing shares of the asset from a broker and selling them on the open market at the current price. The goal is to purchase the same number of shares later at a lower price, return the borrowed shares to the broker, and profit from the price difference.

卖空者作为一类投资者，对股票或资产价值的下跌进行投机。他们的策略包括从经纪人那里借入资产份额，然后以当前价格在公开市场上出售。目标是稍后以较低的价格购买相同数量的股票，将借入的股票返还给经纪人，并从价差中获利。

According to a recent report from S3 Partners LLC, cited by Bloomberg, the short interest in cryptocurrency-linked stocks has soared to approximately $11 billion this year. Notably, the bulk of this short interest is concentrated in MicroStrategy Inc. and Coinbase Global Inc., accounting for over 80% of the total bets against the crypto sector.

彭博社援引 S3 Partners LLC 最近的一份报告称，今年加密货币相关股票的空头兴趣已飙升至约 110 亿美元。值得注意的是，大部分空头头寸集中在 MicroStrategy Inc. 和 Coinbase Global Inc.，占加密货币行业总押注的 80% 以上。

Despite the substantial paper losses incurred by short sellers, as Bitcoin's year-to-date gain of over 150% has bolstered cryptocurrency-linked stocks, they remain undeterred, intensifying their positions against the sector.

尽管卖空者遭受了巨额账面损失，但由于比特币今年迄今超过 150% 的涨幅提振了与加密货币相关的股票，他们仍然没有被吓倒，并加强了对该行业的持仓。

"The increase in short selling is indicative of some investors either trying to anticipate a pullback in the Bitcoin rally or using it to hedge their direct Bitcoin investments," said Ihor Dusaniwsky, managing director of predictive analytics at S3.

S3 预测分析董事总经理伊霍尔·杜萨尼夫斯基 (Ihor Dusaniwsky) 表示：“卖空活动的增加表明，一些投资者要么试图预测比特币反弹的回调，要么利用它来对冲他们的直接比特币投资。”

However, the persistence of short sellers targeting crypto-linked stocks poses risks, particularly if the market trajectory does not align with their bearish forecasts. Bloomberg, citing S3, identified MicroStrategy, Coinbase, and Cleanspark Inc. as susceptible to short squeezes.

然而，针对加密货币相关股票的卖空者持续存在会带来风险，特别是如果市场轨迹与他们的看跌预测不一致的话。彭博社援引 S3 的话说，MicroStrategy、Coinbase 和 Cleanspark Inc. 容易受到轧空的影响。

A short squeeze occurs when short sellers are forced to buy back stocks to exit their losing positions, inadvertently driving prices up and exerting additional pressure on other short sellers. This phenomenon has the potential to exacerbate losses for short sellers, as stock prices can rise rapidly under such circumstances.

当卖空者被迫回购股票以退出亏损头寸时，就会出现轧空，从而无意中推高价格，并对其他卖空者施加额外压力。这种现象有可能加剧卖空者的损失，因为在这种情况下股价可能会迅速上涨。

Year-to-date, MicroStrategy's stock has surged by approximately 167%, while Coinbase and Cleanspark have experienced gains of 58.60% and 85.16%, respectively, highlighting the potential for significant short squeezes.

今年迄今为止，MicroStrategy 的股价已飙升约 167%，而 Coinbase 和 Cleanspark 的涨幅分别为 58.60% 和 85.16%，凸显了大幅轧空的可能性。

Amid these market dynamics, the broader cryptocurrency sector has also witnessed substantial liquidations. Data from Coinglass indicates that over $190 million worth of positions have been liquidated in the last 24 hours alone.

在这些市场动态中，更广泛的加密货币行业也出现了大规模清算。 Coinglass 的数据显示，仅在过去 24 小时内就有价值超过 1.9 亿美元的头寸被清算。

Most of these liquidations were long positions, accounting for approximately 61.45%. Binance traders faced the brunt of these liquidations, experiencing losses of $81.33 million, surpassing the liquidations on OKX, which amounted to $70 million.

这些平仓大部分为多头头寸，占比约为61.45%。币安交易员在这些清算中首当其冲，遭受了 8133 万美元的损失，超过了 OKX 的 7000 万美元的清算损失。

The period of liquidations coincides with a slight retracement in Bitcoin's price from its 24-hour high above $71,000 to a current trading price of $69,879.

清算期间恰逢比特币价格从 71,000 美元上方的 24 小时高点小幅回撤至当前交易价格 69,879 美元。

As the cryptocurrency market continues to navigate these volatile conditions, it remains to be seen whether the bullish sentiment will prevail or the skepticism of short sellers will be vindicated.

随着加密货币市场继续在这些动荡的环境中度过，看涨情绪是否会占上风，或者卖空者的怀疑是否会得到证实，还有待观察。