为什么这么多持怀疑态度的投资者做空比特币矿业股票？

根据卖空研究公司 S3 Partners 的数据，过去 30 天内，针对比特币矿商的空头利息飙升了 50%，达到 46 亿美元。

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.

比特币矿业股近期吸引了卖空者的大量关注，根据卖空研究公司 S3 Partners 的数据，过去 30 天内卖空兴趣增加了 50%，达到 46 亿美元，为 2024 年卖空活动的最高水平。

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.

这种空头兴趣尤其值得关注，因为人们普遍预计，如果唐纳德·特朗普赢得美国总统大选，比特币将会飙升，事实上，自特朗普于 11 月 5 日宣布获胜以来，比特币已经飙升了 27%，创下了历史新高。 89,000 美元。

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

此外，分析师预计这种领先的加密货币最早将在今年达到六位数。

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 董事总经理马修·翁特曼 (Matthew Unterman) 在接受 DL News 采访时表示，现在，矿业股的卖空者面临着轧空的可能性。

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.

卖空者通过借入股票并将其在市场上出售来获利，并预计其价格会下跌。当价格确实下跌时，卖空者买入股票并返还股票，保留差价。

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

这种策略本质上是有风险的，因为多头投资者只能损失其初始投资，而卖空者可能损失更多。

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.

股价大幅上涨对于卖空者来说可能是灾难性的。当股票价格大幅上涨，卖空者被迫买入股票以抵消损失时，就会发生轧空。

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

这种购买反过来又推高了股票的价格。

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.

在市场的潮起潮落中，有时矿业股的表现会超过比特币，这会促使风险承受能力强的投资者在预期缺口缩小时抛售这些股票。

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 日比特币触及最后一个主要低点以来，Riot 上涨了 86%，Marathon Digital 上涨了约 55%，CleanSpark 上涨了 73%，而同期比特币上涨了 65%。

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

然而，在过去的24小时内，矿工的跌幅在5%到20%之间。

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

“市场上有很多力量不希望价格上涨，”加密货币投资者迈克·阿尔弗雷德 (Mike Alfred) 周四表示。

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.

与 MicroStrategy 等公司不同，矿业股的市值往往较小，这意味着大额交易可能会对价格走势产生不成比例的影响。

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.

阿尔弗雷德表示，这意味着随着“被严重低估”的矿业股投资者追赶整体市场情绪，该股还有相当大的上涨潜力。

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

“现在你正在查看你的投资组合并思考，‘我该如何添加？’你想要做多一切，”他说。

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.

许多分析师将比特币的“欣快区”归因于机构投资者，ETF 资金流入激增就证明了这一点，随着提供商的增加，比特币和以太坊价格也随之上涨。

In contrast, retail participation remains notably low.

相比之下，零售参与度仍然很低。

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

“没有任何零售兴趣，”阿尔弗雷德说。