<p>Ba t&iacute;n hi&#7879;u v&#297; m&ocirc; quan tr&#7885;ng v&#7915;a thay &#273;&#7893;i, v&agrave; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; c&oacute; th&#7875; &#273;ang &#273;&aacute;nh gi&aacute; th&#7845;p &yacute; ngh&#297;a c&#7911;a &#273;i&#7873;u n&agrave;y &#273;&#7889;i v&#7899;i b&#432;&#7899;c ti&#7871;p theo c&#7911;a c&#7843; th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng v&agrave; th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917;.</p>
<p>L&#7841;m ph&aacute;t v&#7851;n &#7893;n &#273;&#7883;nh nh&#432;ng kh&ocirc;ng gi&#7843;m, thanh kho&#7843;n c&oacute; v&#7867; &#273;&oacute;ng b&#259;ng nh&#432;ng ch&#7881; t&#7841;m th&#7901;i, v&agrave; &#273;i&#7875;m y&#7871;u nh&#7845;t c&#7911;a chu k&#7923; kinh doanh c&oacute; th&#7875; &#273;&atilde; qua. Th&aacute;ng 12, nh&#432; c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7843;nh b&aacute;o, c&oacute; th&#7875; s&#7869; &ldquo;r&#7845;t th&uacute; v&#7883;.&rdquo;</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-inflation-holds-steady-as-policy-pressure-eases">L&#7841;m ph&aacute;t &#7893;n &#273;&#7883;nh khi &aacute;p l&#7921;c ch&iacute;nh s&aacute;ch gi&#7843;m b&#7899;t</h2>

<p>D&#7919; li&#7879;u l&#7841;m ph&aacute;t th&#7901;i gian th&#7921;c t&#7915; Truflation, m&#7897;t ch&#7881; s&#7889; d&#7921;a tr&ecirc;n blockchain, cho th&#7845;y gi&aacute; c&#7843; &#273;ang t&#259;ng v&#7899;i t&#7889;c &#273;&#7897; h&agrave;ng n&#259;m l&agrave; 2.5%, g&#7847;n v&#7899;i <a href="https://vn.beincrypto.com/us-economic-events-bitcoins-110000/" target="_blank" rel="noreferrer noopener">m&#7909;c ti&ecirc;u 2%</a> c&#7911;a C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang. &#272;i&#7873;u n&agrave;y so v&#7899;i 2.3% t&#7915; d&#7919; li&#7879;u ch&iacute;nh th&#7913;c c&#7911;a BLS, cho th&#7845;y l&#7841;m ph&aacute;t &#273;&atilde; &#7893;n &#273;&#7883;nh, kh&ocirc;ng b&ugrave;ng ph&aacute;t tr&#7903; l&#7841;i.</p>
<p>Jurrien Timmer, Gi&aacute;m &#273;&#7889;c v&#297; m&ocirc; to&agrave;n c&#7847;u t&#7841;i Fidelity, cho r&#7857;ng h&#432;&#7899;ng &#273;i nh&#7865; nh&agrave;ng n&agrave;y mang l&#7841;i cho Fed &ldquo;nhi&#7873;u kh&#7843; n&#259;ng&rdquo; h&#432;&#7899;ng t&#7899;i m&#7897;t m&#7913;c l&atilde;i su&#7845;t cu&#7889;i c&ugrave;ng 3.1%. &#272;i&#7873;u n&agrave;y c&oacute; th&#7875; m&#7903; &#273;&#432;&#7901;ng cho m&#7897;t <a href="https://vn.beincrypto.com/what-crypto-whales-are-buying-after-fomc-rate-cuts/">&#273;&#7907;t c&#7855;t gi&#7843;m l&atilde;i su&#7845;t</a> v&agrave;o th&aacute;ng 12.</p>
<p>Tuy nhi&ecirc;n, d&#7919; li&#7879;u ti&ecirc;u d&ugrave;ng ti&#7871;p t&#7909;c cho th&#7845;y &aacute;p l&#7921;c kh&ocirc;ng &#273;&#7891;ng &#273;&#7873;u, &#273;&#7863;c bi&#7879;t trong c&aacute;c l&#297;nh v&#7921;c th&#7921;c ph&#7849;m v&agrave; b&#7843;o hi&#7875;m. &#272;i&#7873;u n&agrave;y l&agrave;m n&#7893;i b&#7853;t s&#7921; ch&ecirc;nh l&#7879;ch gi&#7919;a l&#7841;m ph&aacute;t t&#7893;ng th&#7875; v&agrave; th&#7921;c tr&#7841;ng &#273;au l&ograve;ng c&#7911;a ng&#432;&#7901;i d&acirc;n.</p>
<p>&#272;&#7889;i v&#7899;i th&#7883; tr&#432;&#7901;ng, l&#7841;m ph&aacute;t &#7893;n &#273;&#7883;nh c&oacute; ngh&#297;a l&agrave; &iacute;t <a href="https://vn.beincrypto.com/fed-rate-cut-crypto-november/" target="_blank" rel="noreferrer noopener">th&#7855;t ch&#7863;t ch&iacute;nh s&aacute;ch</a> h&#417;n, nh&#432;ng v&#7851;n ch&#432;a &#273;&#7841;t &#273;&#7871;n m&#7913;c n&#7899;i l&#7887;ng s&acirc;u m&agrave; c&aacute;c t&agrave;i s&#7843;n r&#7911;i ro mong mu&#7889;n.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-liquidity-looks-dead-but-only-for-now">Thanh kho&#7843;n tr&ocirc;ng nh&#432; ch&#7871;t, nh&#432;ng ch&#7881; t&#7841;m th&#7901;i</h2>

<p>Theo <a href="https://htxofficial.medium.com/htx-crypto-macro-report-u-s-government-shutdown-drains-liquidity-b9c8cea84b17" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a> v&#297; m&ocirc; m&#7899;i nh&#7845;t t&#7915; HTX, <a href="https://vn.beincrypto.com/shutdown-hopes-trump-dividend-talk-lift-bitcoin-to-106k/" target="_blank" rel="noreferrer noopener">s&#7921; &#273;&oacute;ng c&#7917;a c&#7911;a ch&iacute;nh ph&#7911; M&#7929;</a> &#273;&atilde; r&uacute;t h&#417;n 200 t&#7927; USD thanh kho&#7843;n kh&#7887;i h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh.</p>
<p>T&agrave;i kho&#7843;n chung c&#7911;a B&#7897; T&agrave;i ch&iacute;nh (TGA) &#273;&atilde; t&#259;ng t&#7915; kho&#7843;ng 800 t&#7927; USD l&ecirc;n h&#417;n 1 ngh&igrave;n t&#7927; USD. &#272;i&#7873;u n&agrave;y th&#7921;c s&#7921; &#273;&oacute;ng b&#259;ng chi ti&ecirc;u c&#7911;a ch&iacute;nh ph&#7911; v&agrave; th&#7855;t ch&#7863;t ngu&#7891;n v&#7889;n vay &#7903; c&aacute;c ng&acirc;n h&agrave;ng v&agrave; th&#7883; tr&#432;&#7901;ng ti&#7873;n t&#7879;.</p>
<p>&#272;i&#7873;u &#273;&oacute;, h&#417;n t&acirc;m l&yacute; hay s&#7921; n&eacute; tr&aacute;nh r&#7911;i ro, gi&#7843;i th&iacute;ch l&yacute; do t&#7841;i sao thanh kho&#7843;n &ldquo;tr&ocirc;ng nh&#432; ch&#7871;t&rdquo;, nh&#432; Milk Road &#273;&atilde; ch&#7881; ra. Ngay khi Qu&#7889;c h&#7897;i <a href="https://vn.beincrypto.com/bitcoin-shutdown-historical-rally-2025/" target="_blank" rel="noreferrer noopener">gi&#7843;i quy&#7871;t s&#7921; &#273;&oacute;ng c&#7917;a</a>, c&aacute;nh c&#7917;a 1 ngh&igrave;n t&#7927; USD m&#7903; l&#7841;i, c&oacute; th&#7875; k&iacute;ch ho&#7841;t m&#7897;t &#273;&#7907;t t&#259;ng c&#432;&#7901;ng c&#7843; thanh kho&#7843;n t&agrave;i kh&oacute;a v&agrave; th&#7883; tr&#432;&#7901;ng.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;Khi k&#7871;t th&uacute;c &#273;&oacute;ng c&#7917;a, chi ti&ecirc;u s&#7869; ti&#7871;p t&#7909;c &mdash; v&agrave; thanh kho&#7843;n s&#7869; m&#7903; r&#7897;ng,&rdquo; c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7911;a Milk Road <a href="https://milkroad.com/crypto/checking-the-market-s-pulse-nov-25/" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>. &ldquo;&#272;&oacute; s&#7869; l&agrave; tin t&#7889;t.&rdquo;</p>
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-business-cycle-turns-beneath-the-surface">Chu k&#7923; kinh doanh thay &#273;&#7893;i &acirc;m th&#7847;m</h2>

<p>Trong khi <a href="https://vn.beincrypto.com/ism-pmi-predictive-power-bitcoin-cycle-extension/" target="_blank" rel="noreferrer noopener">Ch&#7881; s&#7889; S&#7843;n xu&#7845;t ISM</a> v&#7851;n d&#432;&#7899;i 50, c&ograve;n trong v&ugrave;ng suy tho&aacute;i, &#273;&#417;n h&agrave;ng m&#7899;i &#273;&atilde; t&#259;ng t&#7915; 48.9 l&ecirc;n 49.4. &#272;&oacute; l&agrave; m&#7897;t s&#7921; gia t&#259;ng nh&#7887;, nh&#432;ng theo l&#7883;ch s&#7917;, ch&#7881; s&#7889; n&agrave;y th&#432;&#7901;ng t&#259;ng tr&#432;&#7899;c khi t&#259;ng tr&#432;&#7903;ng r&#7897;ng h&#417;n ph&#7909;c h&#7891;i.</p>
<img style="height:400px;width:640px;" decoding="async" alt="United States ISM Manufacturing PMI " class="wp-image-771490 lazy" loading="lazy" src="https://assets.beincrypto.com/img/IXf19pjuC-M29DkDxf5VUZC6X2k=/smart/bcc02b4e8f084aab8914f5962dbe400d">Ch&#7881; s&#7889; PMI S&#7843;n xu&#7845;t ISM c&#7911;a Hoa K&#7923;. Ngu&#7891;n: <a href="https://tradingeconomics.com/united-states/business-confidence" target="_blank" rel="noreferrer noopener nofollow">Trading Economics</a>

<p>B&#7845;t k&#7923; gi&aacute; tr&#7883; n&agrave;o c&#7911;a Ch&#7881; s&#7889; Qu&#7843;n l&yacute; Mua s&#7855;m ISM (PMI) d&#432;&#7899;i 50 &#273;&#7873;u th&#7875; hi&#7879;n s&#7921; thu h&#7865;p trong l&#297;nh v&#7921;c n&agrave;y. K&#7871;t qu&#7843; n&agrave;y t&#7841;o ra m&#7897;t c&acirc;u chuy&#7879;n v&#7873; s&#7921; y&#7871;u k&eacute;m kinh t&#7871; t&aacute;c &#273;&#7897;ng l&ecirc;n t&acirc;m l&yacute; &#273;&#7889;i v&#7899;i c&aacute;c t&agrave;i s&#7843;n r&#7911;i ro h&#417;n.</p>
<img style="height:400px;width:640px;" decoding="async" alt="United States ISM Purchasing Managers Index chart from 2013 to present" class="wp-image-771316 lazy" style="width:877px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/aWoG1srD0-q0N2UwEId2cKNVE-Y=/smart/f63113e157e7470e99884ee7878a2e9d">ISM PMI &#7903; m&#7913;c 48.7 cho th&#7845;y s&#7921; suy tho&aacute;i s&#7843;n xu&#7845;t v&agrave;o th&aacute;ng 10/2025. Ngu&#7891;n: Milk Road qua X

<p>S&#7921; kh&aacute;c bi&#7879;t n&agrave;y gi&#7919;a &#273;&#417;n h&agrave;ng hi&#7879;n t&#7841;i v&agrave; t&#432;&#417;ng lai t&#7841;o ra m&#7897;t s&#7889; b&#7845;t &#273;&#7883;nh v&#7873; tri&#7875;n v&#7885;ng kinh t&#7871;. Ba t&iacute;n hi&#7879;u n&agrave;y t&#7841;o ra b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng kh&aacute; &#273;a d&#7841;ng:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>L&#7841;m ph&aacute;t v&#7851;n &#7893;n &#273;&#7883;nh, t&#7841;o &#273;i&#7873;u ki&#7879;n cho &#273;i&#7873;u ch&#7881;nh ch&iacute;nh s&aacute;ch. </li>

<li>S&#7843;n xu&#7845;t &#273;ang y&#7871;u, nh&#432;ng c&aacute;c l&#297;nh v&#7921;c h&#432;&#7899;ng &#273;&#7871;n t&#432;&#417;ng lai &#273;ang c&#7843;i thi&#7879;n. </li>

<li>Thanh kho&#7843;n v&#7851;n &#273;ang &#273;&oacute;ng b&#259;ng nh&#432;ng c&oacute; kh&#7843; n&#259;ng s&#7869; &#273;&#432;&#7907;c gi&#7843;i ph&oacute;ng. </li>
</ul>

<p>M&#7897;t khi ch&iacute;nh ph&#7911; <a href="https://beincrypto.com/bitcoin-shutdown-historical-rally-2025/" target="_blank" rel="noreferrer noopener">gi&#7843;i quy&#7871;t t&igrave;nh tr&#7841;ng &#273;&oacute;ng c&#7917;a c&#7911;a m&igrave;nh</a>, th&#7883; tr&#432;&#7901;ng c&oacute; th&#7875; ch&#7913;ng ki&#7871;n nh&#7919;ng thay &#273;&#7893;i nhanh ch&oacute;ng v&agrave; &#273;&aacute;ng ch&uacute; &yacute;.</p>


Ba tín hiệu vĩ mô vừa thay đổi, khiến tháng 11 và tháng 12 trở thành tâm điểm chú ý

<p>Ba t&iacute;n hi&#7879;u v&#297; m&ocirc; quan tr&#7885;ng v&#7915;a thay &#273;&#7893;i, v&agrave; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; c&oacute; th&#7875; &#273;ang &#273;&aacute;nh gi&aacute; th&#7845;p &yacute; ngh&#297;a c&#7911;a &#273;i&#7873;u n&agrave;y &#273;&#7889;i v&#7899;i b&#432;&#7899;c ti&#7871;p theo c&#7911;a c&#7843; th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng v&agrave; th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917;.</p>
<p>L&#7841;m ph&aacute;t v&#7851;n &#7893;n &#273;&#7883;nh nh&#432;ng kh&ocirc;ng gi&#7843;m, thanh kho&#7843;n c&oacute; v&#7867; &#273;&oacute;ng b&#259;ng nh&#432;ng ch&#7881; t&#7841;m th&#7901;i, v&agrave; &#273;i&#7875;m y&#7871;u nh&#7845;t c&#7911;a chu k&#7923; kinh doanh c&oacute; th&#7875; &#273;&atilde; qua. Th&aacute;ng 12, nh&#432; c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7843;nh b&aacute;o, c&oacute; th&#7875; s&#7869; &ldquo;r&#7845;t th&uacute; v&#7883;.&rdquo;</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-inflation-holds-steady-as-policy-pressure-eases">L&#7841;m ph&aacute;t &#7893;n &#273;&#7883;nh khi &aacute;p l&#7921;c ch&iacute;nh s&aacute;ch gi&#7843;m b&#7899;t</h2>

<p>D&#7919; li&#7879;u l&#7841;m ph&aacute;t th&#7901;i gian th&#7921;c t&#7915; Truflation, m&#7897;t ch&#7881; s&#7889; d&#7921;a tr&ecirc;n blockchain, cho th&#7845;y gi&aacute; c&#7843; &#273;ang t&#259;ng v&#7899;i t&#7889;c &#273;&#7897; h&agrave;ng n&#259;m l&agrave; 2.5%, g&#7847;n v&#7899;i <a href="https://vn.beincrypto.com/us-economic-events-bitcoins-110000/" target="_blank" rel="noreferrer noopener">m&#7909;c ti&ecirc;u 2%</a> c&#7911;a C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang. &#272;i&#7873;u n&agrave;y so v&#7899;i 2.3% t&#7915; d&#7919; li&#7879;u ch&iacute;nh th&#7913;c c&#7911;a BLS, cho th&#7845;y l&#7841;m ph&aacute;t &#273;&atilde; &#7893;n &#273;&#7883;nh, kh&ocirc;ng b&ugrave;ng ph&aacute;t tr&#7903; l&#7841;i.</p>
<p>Jurrien Timmer, Gi&aacute;m &#273;&#7889;c v&#297; m&ocirc; to&agrave;n c&#7847;u t&#7841;i Fidelity, cho r&#7857;ng h&#432;&#7899;ng &#273;i nh&#7865; nh&agrave;ng n&agrave;y mang l&#7841;i cho Fed &ldquo;nhi&#7873;u kh&#7843; n&#259;ng&rdquo; h&#432;&#7899;ng t&#7899;i m&#7897;t m&#7913;c l&atilde;i su&#7845;t cu&#7889;i c&ugrave;ng 3.1%. &#272;i&#7873;u n&agrave;y c&oacute; th&#7875; m&#7903; &#273;&#432;&#7901;ng cho m&#7897;t <a href="https://vn.beincrypto.com/what-crypto-whales-are-buying-after-fomc-rate-cuts/">&#273;&#7907;t c&#7855;t gi&#7843;m l&atilde;i su&#7845;t</a> v&agrave;o th&aacute;ng 12.</p>
<p>Tuy nhi&ecirc;n, d&#7919; li&#7879;u ti&ecirc;u d&ugrave;ng ti&#7871;p t&#7909;c cho th&#7845;y &aacute;p l&#7921;c kh&ocirc;ng &#273;&#7891;ng &#273;&#7873;u, &#273;&#7863;c bi&#7879;t trong c&aacute;c l&#297;nh v&#7921;c th&#7921;c ph&#7849;m v&agrave; b&#7843;o hi&#7875;m. &#272;i&#7873;u n&agrave;y l&agrave;m n&#7893;i b&#7853;t s&#7921; ch&ecirc;nh l&#7879;ch gi&#7919;a l&#7841;m ph&aacute;t t&#7893;ng th&#7875; v&agrave; th&#7921;c tr&#7841;ng &#273;au l&ograve;ng c&#7911;a ng&#432;&#7901;i d&acirc;n.</p>
<p>&#272;&#7889;i v&#7899;i th&#7883; tr&#432;&#7901;ng, l&#7841;m ph&aacute;t &#7893;n &#273;&#7883;nh c&oacute; ngh&#297;a l&agrave; &iacute;t <a href="https://vn.beincrypto.com/fed-rate-cut-crypto-november/" target="_blank" rel="noreferrer noopener">th&#7855;t ch&#7863;t ch&iacute;nh s&aacute;ch</a> h&#417;n, nh&#432;ng v&#7851;n ch&#432;a &#273;&#7841;t &#273;&#7871;n m&#7913;c n&#7899;i l&#7887;ng s&acirc;u m&agrave; c&aacute;c t&agrave;i s&#7843;n r&#7911;i ro mong mu&#7889;n.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-liquidity-looks-dead-but-only-for-now">Thanh kho&#7843;n tr&ocirc;ng nh&#432; ch&#7871;t, nh&#432;ng ch&#7881; t&#7841;m th&#7901;i</h2>

<p>Theo <a href="https://htxofficial.medium.com/htx-crypto-macro-report-u-s-government-shutdown-drains-liquidity-b9c8cea84b17" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a> v&#297; m&ocirc; m&#7899;i nh&#7845;t t&#7915; HTX, <a href="https://vn.beincrypto.com/shutdown-hopes-trump-dividend-talk-lift-bitcoin-to-106k/" target="_blank" rel="noreferrer noopener">s&#7921; &#273;&oacute;ng c&#7917;a c&#7911;a ch&iacute;nh ph&#7911; M&#7929;</a> &#273;&atilde; r&uacute;t h&#417;n 200 t&#7927; USD thanh kho&#7843;n kh&#7887;i h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh.</p>
<p>T&agrave;i kho&#7843;n chung c&#7911;a B&#7897; T&agrave;i ch&iacute;nh (TGA) &#273;&atilde; t&#259;ng t&#7915; kho&#7843;ng 800 t&#7927; USD l&ecirc;n h&#417;n 1 ngh&igrave;n t&#7927; USD. &#272;i&#7873;u n&agrave;y th&#7921;c s&#7921; &#273;&oacute;ng b&#259;ng chi ti&ecirc;u c&#7911;a ch&iacute;nh ph&#7911; v&agrave; th&#7855;t ch&#7863;t ngu&#7891;n v&#7889;n vay &#7903; c&aacute;c ng&acirc;n h&agrave;ng v&agrave; th&#7883; tr&#432;&#7901;ng ti&#7873;n t&#7879;.</p>
<p>&#272;i&#7873;u &#273;&oacute;, h&#417;n t&acirc;m l&yacute; hay s&#7921; n&eacute; tr&aacute;nh r&#7911;i ro, gi&#7843;i th&iacute;ch l&yacute; do t&#7841;i sao thanh kho&#7843;n &ldquo;tr&ocirc;ng nh&#432; ch&#7871;t&rdquo;, nh&#432; Milk Road &#273;&atilde; ch&#7881; ra. Ngay khi Qu&#7889;c h&#7897;i <a href="https://vn.beincrypto.com/bitcoin-shutdown-historical-rally-2025/" target="_blank" rel="noreferrer noopener">gi&#7843;i quy&#7871;t s&#7921; &#273;&oacute;ng c&#7917;a</a>, c&aacute;nh c&#7917;a 1 ngh&igrave;n t&#7927; USD m&#7903; l&#7841;i, c&oacute; th&#7875; k&iacute;ch ho&#7841;t m&#7897;t &#273;&#7907;t t&#259;ng c&#432;&#7901;ng c&#7843; thanh kho&#7843;n t&agrave;i kh&oacute;a v&agrave; th&#7883; tr&#432;&#7901;ng.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;Khi k&#7871;t th&uacute;c &#273;&oacute;ng c&#7917;a, chi ti&ecirc;u s&#7869; ti&#7871;p t&#7909;c &mdash; v&agrave; thanh kho&#7843;n s&#7869; m&#7903; r&#7897;ng,&rdquo; c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7911;a Milk Road <a href="https://milkroad.com/crypto/checking-the-market-s-pulse-nov-25/" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>. &ldquo;&#272;&oacute; s&#7869; l&agrave; tin t&#7889;t.&rdquo;</p>
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-business-cycle-turns-beneath-the-surface">Chu k&#7923; kinh doanh thay &#273;&#7893;i &acirc;m th&#7847;m</h2>

<p>Trong khi <a href="https://vn.beincrypto.com/ism-pmi-predictive-power-bitcoin-cycle-extension/" target="_blank" rel="noreferrer noopener">Ch&#7881; s&#7889; S&#7843;n xu&#7845;t ISM</a> v&#7851;n d&#432;&#7899;i 50, c&ograve;n trong v&ugrave;ng suy tho&aacute;i, &#273;&#417;n h&agrave;ng m&#7899;i &#273;&atilde; t&#259;ng t&#7915; 48.9 l&ecirc;n 49.4. &#272;&oacute; l&agrave; m&#7897;t s&#7921; gia t&#259;ng nh&#7887;, nh&#432;ng theo l&#7883;ch s&#7917;, ch&#7881; s&#7889; n&agrave;y th&#432;&#7901;ng t&#259;ng tr&#432;&#7899;c khi t&#259;ng tr&#432;&#7903;ng r&#7897;ng h&#417;n ph&#7909;c h&#7891;i.</p>
<img style="height:400px;width:640px;"decoding="async" alt="United States ISM Manufacturing PMI " class="wp-image-771490 lazy" loading="lazy" src="https://assets.beincrypto.com/img/IXf19pjuC-M29DkDxf5VUZC6X2k=/smart/bcc02b4e8f084aab8914f5962dbe400d">Ch&#7881; s&#7889; PMI S&#7843;n xu&#7845;t ISM c&#7911;a Hoa K&#7923;. Ngu&#7891;n: <a href="https://tradingeconomics.com/united-states/business-confidence" target="_blank" rel="noreferrer noopener nofollow">Trading Economics</a>

<p>B&#7845;t k&#7923; gi&aacute; tr&#7883; n&agrave;o c&#7911;a Ch&#7881; s&#7889; Qu&#7843;n l&yacute; Mua s&#7855;m ISM (PMI) d&#432;&#7899;i 50 &#273;&#7873;u th&#7875; hi&#7879;n s&#7921; thu h&#7865;p trong l&#297;nh v&#7921;c n&agrave;y. K&#7871;t qu&#7843; n&agrave;y t&#7841;o ra m&#7897;t c&acirc;u chuy&#7879;n v&#7873; s&#7921; y&#7871;u k&eacute;m kinh t&#7871; t&aacute;c &#273;&#7897;ng l&ecirc;n t&acirc;m l&yacute; &#273;&#7889;i v&#7899;i c&aacute;c t&agrave;i s&#7843;n r&#7911;i ro h&#417;n.</p>
<img style="height:400px;width:640px;"decoding="async" alt="United States ISM Purchasing Managers Index chart from 2013 to present" class="wp-image-771316 lazy" style="width:877px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/aWoG1srD0-q0N2UwEId2cKNVE-Y=/smart/f63113e157e7470e99884ee7878a2e9d">ISM PMI &#7903; m&#7913;c 48.7 cho th&#7845;y s&#7921; suy tho&aacute;i s&#7843;n xu&#7845;t v&agrave;o th&aacute;ng 10/2025. Ngu&#7891;n: Milk Road qua X

<p>S&#7921; kh&aacute;c bi&#7879;t n&agrave;y gi&#7919;a &#273;&#417;n h&agrave;ng hi&#7879;n t&#7841;i v&agrave; t&#432;&#417;ng lai t&#7841;o ra m&#7897;t s&#7889; b&#7845;t &#273;&#7883;nh v&#7873; tri&#7875;n v&#7885;ng kinh t&#7871;. Ba t&iacute;n hi&#7879;u n&agrave;y t&#7841;o ra b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng kh&aacute; &#273;a d&#7841;ng:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>L&#7841;m ph&aacute;t v&#7851;n &#7893;n &#273;&#7883;nh, t&#7841;o &#273;i&#7873;u ki&#7879;n cho &#273;i&#7873;u ch&#7881;nh ch&iacute;nh s&aacute;ch. </li>

<li>S&#7843;n xu&#7845;t &#273;ang y&#7871;u, nh&#432;ng c&aacute;c l&#297;nh v&#7921;c h&#432;&#7899;ng &#273;&#7871;n t&#432;&#417;ng lai &#273;ang c&#7843;i thi&#7879;n. </li>

<li>Thanh kho&#7843;n v&#7851;n &#273;ang &#273;&oacute;ng b&#259;ng nh&#432;ng c&oacute; kh&#7843; n&#259;ng s&#7869; &#273;&#432;&#7907;c gi&#7843;i ph&oacute;ng. </li>
</ul>

<p>M&#7897;t khi ch&iacute;nh ph&#7911; <a href="https://beincrypto.com/bitcoin-shutdown-historical-rally-2025/" target="_blank" rel="noreferrer noopener">gi&#7843;i quy&#7871;t t&igrave;nh tr&#7841;ng &#273;&oacute;ng c&#7917;a c&#7911;a m&igrave;nh</a>, th&#7883; tr&#432;&#7901;ng c&oacute; th&#7875; ch&#7913;ng ki&#7871;n nh&#7919;ng thay &#273;&#7893;i nhanh ch&oacute;ng v&agrave; &#273;&aacute;ng ch&uacute; &yacute;.</p>
