加密货币卖空者押注 110 亿美元押注数字资产反弹逆转

卖空者大力押注加密货币相关股票的持续上涨，空头利息总额达到近 110 亿美元。超过 80% 的空头兴趣集中在做空 MicroStrategy Inc. 和 Coinbase Global Inc. 上，这表明这些公司被认为特别容易受到加密货币市场上升趋势逆转的影响。

Crypto Short Sellers Wager $11 Billion on Reversal of Digital-Asset Rally

加密货币卖空者押注 110 亿美元押注数字资产涨势逆转

Short sellers in the cryptocurrency ecosystem have ramped up their bets against listed companies that have benefited from the recent surge in Bitcoin prices, wagering a combined $11 billion that the rally will not endure.

加密货币生态系统中的卖空者加大了对受益于近期比特币价格飙升的上市公司的押注，押注总计 110 亿美元，认为比特币的涨势不会持续。

According to a report released Monday by S3 Partners LLC, total short interest in the crypto sector has surged this year, with over 80% of the positions targeting MicroStrategy Inc. (MSTR) and Coinbase Global Inc. (COIN).

根据 S3 Partners LLC 周一发布的一份报告，今年加密货币领域的空头兴趣总量激增，其中超过 80% 的头寸针对 MicroStrategy Inc. (MSTR) 和 Coinbase Global Inc. (COIN)。

Short sellers engage in contrarian trades, predicting a decline in the targeted company's stock price. They borrow shares and sell them in the market, then repurchase them at a lower price later to pocket the difference.

卖空者进行逆向交易，预测目标公司的股价会下跌。他们借入股票并在市场上出售，然后以较低的价格回购，将差价收入囊中。

The surge in short interest coincides with a recent rally in Bitcoin prices, which soared to all-time highs above $60,000 in March. However, some analysts believe that the rally is unsustainable and that a correction is imminent.

空头兴趣的激增与近期比特币价格的上涨同时发生，比特币价格在 3 月份飙升至 60,000 美元以上的历史高点。不过，一些分析师认为，涨势难以持续，回调迫在眉睫。

MicroStrategy, an analytics firm, has emerged as a major player in the crypto sector by investing heavily in Bitcoin. Coinbase, a cryptocurrency exchange, has also benefited from the increased trading activity.

MicroStrategy 是一家分析公司，通过大力投资比特币，已成为加密货币领域的主要参与者。加密货币交易所 Coinbase 也受益于交易活动的增加。

Other crypto-linked companies with substantial short interest include Marathon Digital Holdings Inc. (MARA), Riot Blockchain Inc. (RIOT), and Silvergate Capital Corp. (SI).

其他持有大量空头利息的加密货币相关公司包括 Marathon Digital Holdings Inc. (MARA)、Riot Blockchain Inc. (RIOT) 和 Silvergate Capital Corp. (SI)。

Short sellers often target companies with high valuations or volatile price movements. The crypto sector has been characterized by both, attracting increased scrutiny from bearish investors.

卖空者通常会瞄准估值高或价格波动剧烈的公司。加密货币行业具有这两方面的特点，吸引了看跌投资者的更多关注。

"The crypto sector is ripe for short squeezes," said Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners. A short squeeze occurs when a surge in buying activity forces short sellers to cover their positions, driving up the stock price.

S3 Partners 预测分析董事总经理 Ihor Dusaniwsky 表示：“加密货币行业的轧空时机已经成熟。”当买盘活动激增迫使卖空者回补头寸，推高股价时，就会出现轧空。

However, short sellers remain undeterred, betting that the crypto rally is overextended and that a correction will eventually materialize. The ongoing battle between bulls and bears in the crypto sector is likely to continue in the coming months, as the market navigates the ongoing volatility and uncertainty surrounding digital assets.

然而，卖空者仍然没有被吓倒，他们押注加密货币涨势过度，并且最终将出现调整。随着市场应对围绕数字资产的持续波动和不确定性，加密货币领域的多头和空头之间的持续斗争可能会在未来几个月继续下去。