According to short-selling research firm S3 Partners, short selling of Bitcoin mining stocks has surged 50% to $4.6 billion in the past 30 days. This is the highest level in 2024.

The share prices of Bitcoin mining companies such as Riot, Marathon Digital and CleanSpark have risen by 86%, 55% and 73% respectively since September, far higher than the increase in Bitcoin. Matthew Unterman, managing director of S3 Partners, said that he believes that such a rapid rise may trigger a short squeeze and cause market turmoil.