S&#7921; t&#432;&#417;ng quan trong 30 ng&agrave;y c&#7911;a Bitcoin v&#7899;i Nasdaq 100 Index &#273;&atilde; t&#259;ng v&#7885;t l&ecirc;n m&#7913;c cao nh&#7845;t trong 3 n&#259;m qua. Trong khi &#273;&oacute;, m&#7889;i li&ecirc;n k&#7871;t c&#7911;a n&oacute; v&#7899;i c&aacute;c t&agrave;i s&#7843;n tr&uacute; &#7849;n an to&agrave;n truy&#7873;n th&#7889;ng, nh&#432; v&agrave;ng, gi&#7843;m g&#7847;n nh&#432; v&#7873; 0.
S&#7921; thay &#273;&#7893;i &#273;&aacute;ng k&#7875; n&agrave;y &#273;&#7863;t ra c&acirc;u h&#7887;i v&#7873; c&acirc;u chuy&#7879;n &ldquo;v&agrave;ng k&#7929; thu&#7853;t s&#7889;&rdquo; c&#7911;a Bitcoin khi n&oacute; hi&#7879;n h&agrave;nh &#273;&#7897;ng gi&#7889;ng nh&#432; m&#7897;t t&agrave;i s&#7843;n c&ocirc;ng ngh&#7879; c&oacute; beta cao h&#417;n l&agrave; m&#7897;t n&#417;i l&#432;u tr&#7919; gi&aacute; tr&#7883; &#7893;n &#273;&#7883;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitcoin-mirrors-tech-stock-volatility-as-market-dynamics-shift">Bitcoin ph&#7843;n chi&#7871;u bi&#7871;n &#273;&#7897;ng c&#7911;a c&#7893; phi&#7871;u c&ocirc;ng ngh&#7879; khi &#273;&#7897;ng l&#7921;c th&#7883; tr&#432;&#7901;ng thay &#273;&#7893;i</h2>

Trong m&#7897;t b&agrave;i &#273;&#259;ng g&#7847;n &#273;&acirc;y tr&ecirc;n X (tr&#432;&#7899;c &#273;&acirc;y l&agrave; Twitter), The Kobeissi Letter &#273;&atilde; nh&#7845;n m&#7841;nh r&#7857;ng m&#7889;i t&#432;&#417;ng quan trong 30 ng&agrave;y c&#7911;a ti&#7873;n &#273;i&#7879;n t&#7917; n&agrave;y v&#7899;i Nasdaq 100 Index &#273;&atilde; &#273;&#7841;t kho&#7843;ng 0.80. &#272;&acirc;y l&agrave; m&#7913;c cao nh&#7845;t k&#7875; t&#7915; n&#259;m 2022 v&agrave; l&agrave; m&#7913;c m&#7841;nh th&#7913; hai trong th&#7853;p k&#7927; qua.
M&#7889;i t&#432;&#417;ng quan c&#7911;a Bitcoin v&#7899;i c&#7893; phi&#7871;u &#273;&atilde; tr&#7903; th&agrave;nh d&#432;&#417;ng v&agrave;o n&#259;m 2020. Trong n&#259;m n&#259;m qua, <a href="https://vn.beincrypto.com/bitcoin-death-cross-price-history-2025/" target="_blank" rel="noreferrer noopener">ti&#7873;n &#273;i&#7879;n t&#7917; l&#7899;n nh&#7845;t &#273;&atilde; th&#432;&#7901;ng</a> di chuy&#7875;n theo h&#432;&#7899;ng t&#432;&#417;ng t&#7921; nh&#432; ch&#7881; s&#7889; c&ocirc;ng ngh&#7879; n&#7863;ng. N&oacute; ch&#7881; ph&aacute; v&#7905; m&ocirc; h&igrave;nh &#273;&oacute; trong c&aacute;c kho&#7843;ng th&#7901;i gian ng&#7855;n n&#259;m 2023.
Xu h&#432;&#7899;ng k&eacute;o d&agrave;i n&agrave;y hi&#7879;n &#273;&atilde; &#273;&#7849;y m&#7889;i t&#432;&#417;ng quan n&#259;m n&#259;m c&#7911;a Bitcoin v&#7899;i Nasdaq l&ecirc;n 0.54. Trong khi &#273;&oacute;, The Kobeissi Letter l&#432;u &yacute; r&#7857;ng Bitcoin g&#7847;n nh&#432; kh&ocirc;ng c&oacute; quan h&#7879; th&#7889;ng k&ecirc; n&agrave;o v&#7899;i c&aacute;c t&agrave;i s&#7843;n th&#432;&#7901;ng &#273;&#432;&#7907;c <a href="https://beincrypto.com/learn/bitcoin-safe-haven-recession/" target="_blank" rel="noreferrer noopener">xem l&agrave; n&#417;i tr&uacute; &#7849;n an to&agrave;n</a>, bao g&#7891;m c&#7843; v&agrave;ng.
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&ldquo;Bitcoin ng&agrave;y c&agrave;ng h&agrave;nh &#273;&#7897;ng gi&#7889;ng nh&#432; m&#7897;t c&#7893; phi&#7871;u c&ocirc;ng ngh&#7879; c&oacute; &#273;&ograve;n b&#7849;y cao,&rdquo; b&agrave;i <a href="https://x.com/KobeissiLetter/status/1990248583992410350" target="_blank" rel="noreferrer noopener nofollow">&#273;&#259;ng</a> &#273;&#7885;c.
</blockquote>

H&#417;n n&#7919;a, trong b&aacute;o c&aacute;o m&#7899;i nh&#7845;t, Wintermute ch&#7881; ra m&#7897;t &#273;&#7897;ng l&#7921;c quan tr&#7885;ng h&#417;n: ch&#7845;t l&#432;&#7907;ng c&#7911;a m&#7889;i t&#432;&#417;ng quan &#273;&atilde; thay &#273;&#7893;i. C&ocirc;ng ty gi&#7843;i th&iacute;ch r&#7857;ng m&#7863;c d&ugrave; m&#7889;i t&#432;&#417;ng quan theo h&#432;&#7899;ng v&#7899;i Nasdaq v&#7851;n cao, nh&#432;ng ch&#7845;t l&#432;&#7907;ng c&#7911;a n&oacute; &#273;&atilde; chuy&#7875;n sang h&#432;&#7899;ng gi&#7843;m. &#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave;,
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Khi c&#7893; phi&#7871;u gi&#7843;m, BTC gi&#7843;m m&#7841;nh h&#417;n.</li>

<li>Khi c&#7893; phi&#7871;u t&#259;ng, BTC tham gia y&#7871;u &#7899;t.</li>
</ul>

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&ldquo;Hi&#7879;n t&#7841;i, &#273;&#7897; l&#7879;ch &#273;&oacute; l&agrave; ho&agrave;n to&agrave;n ti&ecirc;u c&#7921;c, cho th&#7845;y r&#7857;ng BTC v&#7851;n giao d&#7883;ch nh&#432; m&#7897;t bi&#7875;u hi&#7879;n beta cao c&#7911;a t&acirc;m l&yacute; r&#7911;i ro, nh&#432;ng ch&#7881; khi n&oacute; &#273;i sai h&#432;&#7899;ng,&rdquo; ph&acirc;n t&iacute;ch ti&#7871;t l&#7897;.
</blockquote>

<img style="height:400px;width:640px;" decoding="async" alt="" class="wp-image-773906 lazy" loading="lazy" src="https://assets.beincrypto.com/img/pwbl0Sh_vkwOxg6jzBQrdIo9x0s=/smart/b7c3ff7776a74ec3af3d14829240342d">S&#7921; t&#432;&#417;ng quan gi&#7919;a Bitcoin v&agrave; Nasdaq. Ngu&#7891;n: <a href="https://www.wintermute.com/insights/views/opinions/btc-and-the-nasdaq-the-correlation-that-only-hurts?utm_source=twitter&amp;utm_medium=social" target="_blank" rel="noreferrer noopener nofollow">Wintermute</a>

&#272;&aacute;ng ch&uacute; &yacute;, &ldquo;kho&#7843;ng c&aacute;ch &#273;au &#273;&#7899;n,&rdquo; &#273;&atilde; t&#259;ng v&#7885;t l&ecirc;n m&#7913;c ch&#432;a t&#7915;ng th&#7845;y k&#7875; t&#7915; cu&#7889;i n&#259;m 2022. &#272;i&#7873;u n&agrave;y d&#7851;n &#273;&#7871;n m&#7897;t s&#7921; b&#7845;t l&#7907;i v&#7873; hi&#7879;u su&#7845;t c&#7845;u tr&uacute;c, n&#417;i <a href="https://beincrypto.com/learn/crypto-vs-stocks-us-recession/" target="_blank" rel="noreferrer noopener">Bitcoin ho&#7841;t &#273;&#7897;ng k&eacute;m trong c&aacute;c m&ocirc;i tr&#432;&#7901;ng r&#7911;i ro cao</a>&mdash;&#273;&#432;&#7907;c &#273;&#7863;c tr&#432;ng b&#7903;i s&#7921; l&#7841;c quan c&#7911;a nh&agrave; &#273;&#7847;u t&#432;&mdash;v&agrave; ph&#7843;n &#7913;ng qu&aacute; m&#7913;c trong c&aacute;c k&#7883;ch b&#7843;n r&#7911;i ro th&#7845;p, l&agrave;m t&#259;ng c&#432;&#7901;ng c&aacute;c &#273;&#7897;ng th&aacute;i gi&#7843;m gi&aacute;.
Jasper De Maere c&#7911;a Wintermute &#273;&atilde; ti&#7871;t l&#7897; r&#7857;ng hai l&#7921;c l&#432;&#7907;ng gi&#7843;i th&iacute;ch t&#7841;i sao &#273;&#7897; l&#7879;ch n&agrave;y xu&#7845;t hi&#7879;n ngay b&acirc;y gi&#7901;. Th&#7913; nh&#7845;t, <a href="https://vn.beincrypto.com/memecoin-mindshare-collapses-2025/" target="_blank" rel="noreferrer noopener">s&#7921; chia s&#7867; t&#432; duy c&#7911;a nh&agrave; &#273;&#7847;u t&#432; &#273;&atilde;</a> chuy&#7875;n h&#432;&#7899;ng sang c&#7893; phi&#7871;u, <a href="https://vn.beincrypto.com/bitcoin-crypto-mining-stock-investment-comparison/" target="_blank" rel="noreferrer noopener">&#273;&#7863;c bi&#7879;t l&agrave; c&ocirc;ng ngh&#7879; v&#7889;n h&oacute;a l&#7899;n</a>. N&oacute; &#273;&atilde; h&#7845;p th&#7909; h&#7847;u h&#7871;t d&ograve;ng ch&#7843;y r&#7911;i ro cao tr&#432;&#7899;c &#273;&acirc;y lu&acirc;n chuy&#7875;n v&agrave;o crypto.
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&ldquo;S&#7921; chen ch&uacute;c chia s&#7867; t&#432; duy n&agrave;y ngh&#297;a l&agrave; BTC v&#7851;n c&oacute; t&#432;&#417;ng quan khi t&acirc;m l&yacute; r&#7911;i ro to&agrave;n c&#7847;u thay &#273;&#7893;i, nh&#432;ng kh&ocirc;ng h&#432;&#7903;ng l&#7907;i t&#7927; l&#7879; t&#432;&#417;ng &#7913;ng khi s&#7921; l&#7841;c quan tr&#7903; l&#7841;i. N&oacute; ph&#7843;n &#7913;ng nh&#432; m&#7897;t &lsquo;&#273;u&ocirc;i beta cao&rsquo; c&#7911;a r&#7911;i ro v&#297; m&ocirc; h&#417;n l&agrave; m&#7897;t c&acirc;u chuy&#7879;n ri&ecirc;ng r&#7869;, y&#7871;u t&#7889; beta gi&#7843;m c&ograve;n gi&#7919; l&#7841;i, y&#7871;u t&#7889; t&#259;ng gi&aacute; kh&ocirc;ng c&oacute;,&rdquo; De Maere ph&aacute;t bi&#7875;u.
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Th&#7913; hai, thanh kho&#7843;n c&#417; c&#7845;u trong crypto v&#7851;n m&#7887;ng. Ngu&#7891;n cung Stablecoin &#273;&atilde; tr&igrave; ho&atilde;n, <a href="https://vn.beincrypto.com/bitcoin-etfs-hit-six-month-withdrawal-peak/" target="_blank" rel="noreferrer noopener">d&ograve;ng ti&#7873;n v&agrave;o ETF &#273;&atilde; gi&#7843;m,</a> v&agrave; &#273;&#7897; s&acirc;u s&agrave;n giao d&#7883;ch ch&#432;a ph&#7909;c h&#7891;i v&#7873; m&#7913;c &#273;&#7847;u n&#259;m 2024. Thanh kho&#7843;n mong manh n&agrave;y l&agrave;m t&#259;ng c&#432;&#7901;ng c&aacute;c &#273;&#7897;ng th&aacute;i gi&#7843;m gi&aacute;, c&#7911;ng c&#7889; &#273;&#7897; l&#7879;ch ti&ecirc;u c&#7921;c.
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&ldquo;L&#7883;ch s&#7917; cho th&#7845;y, lo&#7841;i b&#7845;t c&acirc;n x&#7913;ng ti&ecirc;u c&#7921;c n&agrave;y kh&ocirc;ng xu&#7845;t hi&#7879;n g&#7847;n &#273;&#7847;u m&agrave; th&#432;&#7901;ng xu&#7845;t hi&#7879;n g&#7847;n &#273;&aacute;y. Khi BTC gi&#7843;m m&#7841;nh h&#417;n v&agrave;o nh&#7919;ng ng&agrave;y c&#7893; phi&#7871;u gi&#7843;m x&#7845;u h&#417;n l&agrave; n&oacute; t&#259;ng v&agrave;o nh&#7919;ng ng&agrave;y t&#7889;t, th&#432;&#7901;ng t&iacute;n hi&#7879;u s&#7921; c&#7841;n ki&#7879;t, kh&ocirc;ng ph&#7843;i s&#7913;c m&#7841;nh,&rdquo; b&aacute;o c&aacute;o b&#7893; sung.
</blockquote>

D&#7919; li&#7879;u th&#7883; tr&#432;&#7901;ng ti&#7871;p t&#7909;c c&#7911;ng c&#7889; &#273;i&#7873;u n&agrave;y. Trong 41 ng&agrave;y qua, l&#297;nh v&#7921;c crypto &#273;&atilde; m&#7845;t 1.1 ngh&igrave;n t&#7927; USD trong v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng, t&#432;&#417;ng &#7913;ng v&#7899;i 27 t&#7927; USD m&#7895;i ng&agrave;y. B&#7843;n th&acirc;n Bitcoin &#273;&atilde; gi&#7843;m 25% trong th&aacute;ng qua, <a href="https://vn.beincrypto.com/bitcoin-is-forming-hidden-pattern-reversal-next/" target="_blank" rel="noreferrer noopener">di chuy&#7875;n xu&#7889;ng d&#432;&#7899;i 95,000 USD</a> gi&#7919;a &#273;&#7907;t b&aacute;n th&aacute;o r&#7897;ng h&#417;n.
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&ldquo;H&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai th&#7883; tr&#432;&#7901;ng ch&#7913;ng kho&aacute;n M&#7929; v&#7915;a m&#7903; c&#7917;a v&agrave; ho&agrave;n to&agrave;n kh&ocirc;ng b&#7883; lay chuy&#7875;n b&#7903;i s&#7921; suy gi&#7843;m c&#7911;a crypto cu&#7889;i tu&#7847;n n&agrave;y. M&#7863;c d&ugrave; crypto &#273;&atilde; m&#7845;t -100 t&#7927; USD k&#7875; t&#7915; th&#7913; S&aacute;u, h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai th&#7883; tr&#432;&#7901;ng ch&#7913;ng kho&aacute;n M&#7929; v&#7851;n M&Agrave;U XANH,&rdquo; The Kobeissi Letter <a href="https://x.com/KobeissiLetter/status/1990213293827301547?s=20" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a>.
</blockquote>

H&#417;n n&#7919;a, v&agrave;ng &#273;&atilde; v&#432;&#7907;t qua 4,100 USD m&#7895;i ounce, v&#432;&#7907;t tr&#7897;i h&#417;n Bitcoin 25 &#273;i&#7875;m ph&#7847;n tr&#259;m k&#7875; t&#7915; &#273;&#7847;u th&aacute;ng 10. Theo The Kobeissi Letter,
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&ldquo;B&#7843;n ch&#7845;t c&ocirc; l&#7853;p c&#7911;a s&#7921; suy gi&#7843;m -25% crypto c&agrave;ng h&#7895; tr&#7907; quan &#273;i&#7875;m c&#7911;a ch&uacute;ng t&ocirc;i: &#272;&acirc;y l&agrave; m&#7897;t th&#7883; tr&#432;&#7901;ng &lsquo;g&#7845;u&rsquo; d&#7921;a tr&ecirc;n &#273;&ograve;n b&#7849;y v&agrave; thanh l&yacute; c&#7911;a crypto.&rdquo;
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T&#7893;ng quan l&#7841;i, nh&#7919;ng ph&aacute;t tri&#7875;n n&agrave;y &#273;&#7863;t ra c&acirc;u h&#7887;i quan tr&#7885;ng cho c&aacute;c nh&agrave; &#273;&#7847;u t&#432;: Li&#7879;u Bitcoin c&oacute; th&#7875; v&#7851;n &#273;&#432;&#7907;c xem l&agrave; m&#7897;t t&agrave;i s&#7843;n tr&uacute; &#7849;n an to&agrave;n kh&ocirc;ng? V&#7899;i m&#7889;i t&#432;&#417;ng quan gia t&#259;ng, thanh kho&#7843;n m&#7887;ng manh v&agrave; ph&#7843;n &#7913;ng gi&#7843;m gi&aacute; v&#432;&#7907;t tr&#7897;i s&#7921; tham gia t&#259;ng gi&aacute;, d&#7919; li&#7879;u hi&#7879;n t&#7841;i ch&#7881; ra m&#7897;t th&#7883; tr&#432;&#7901;ng n&#417;i Bitcoin h&agrave;nh &#273;&#7897;ng gi&#7889;ng nh&#432; m&#7897;t t&agrave;i s&#7843;n &#273;&#7847;u c&#417; c&oacute; beta cao h&#417;n l&agrave; m&#7897;t bi&#7879;n ph&aacute;p ph&ograve;ng th&#7911; an to&agrave;n.
Li&#7879;u &#273;&#7897;ng l&#7921;c n&agrave;y c&oacute; t&#7841;m th&#7901;i hay b&#7845;t bi&#7871;n s&#7869; ph&#7909; thu&#7897;c v&agrave;o c&aacute;ch t&acirc;m l&yacute; r&#7911;i ro, &#273;i&#7873;u ki&#7879;n thanh kho&#7843;n v&agrave; v&#7883; tr&iacute; c&#7911;a nh&agrave; &#273;&#7847;u t&#432; ph&aacute;t tri&#7875;n trong nh&#7919;ng th&aacute;ng t&#7899;i.

Bitcoin giảm mạnh hơn so với công nghệ khi liên kết với Nasdaq thắt chặt và Skew chuyển sang tiêu cực

S&#7921; t&#432;&#417;ng quan trong 30 ng&agrave;y c&#7911;a Bitcoin v&#7899;i Nasdaq 100 Index &#273;&atilde; t&#259;ng v&#7885;t l&ecirc;n m&#7913;c cao nh&#7845;t trong 3 n&#259;m qua. Trong khi &#273;&oacute;, m&#7889;i li&ecirc;n k&#7871;t c&#7911;a n&oacute; v&#7899;i c&aacute;c t&agrave;i s&#7843;n tr&uacute; &#7849;n an to&agrave;n truy&#7873;n th&#7889;ng, nh&#432; v&agrave;ng, gi&#7843;m g&#7847;n nh&#432; v&#7873; 0.
S&#7921; thay &#273;&#7893;i &#273;&aacute;ng k&#7875; n&agrave;y &#273;&#7863;t ra c&acirc;u h&#7887;i v&#7873; c&acirc;u chuy&#7879;n &ldquo;v&agrave;ng k&#7929; thu&#7853;t s&#7889;&rdquo; c&#7911;a Bitcoin khi n&oacute; hi&#7879;n h&agrave;nh &#273;&#7897;ng gi&#7889;ng nh&#432; m&#7897;t t&agrave;i s&#7843;n c&ocirc;ng ngh&#7879; c&oacute; beta cao h&#417;n l&agrave; m&#7897;t n&#417;i l&#432;u tr&#7919; gi&aacute; tr&#7883; &#7893;n &#273;&#7883;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitcoin-mirrors-tech-stock-volatility-as-market-dynamics-shift">Bitcoin ph&#7843;n chi&#7871;u bi&#7871;n &#273;&#7897;ng c&#7911;a c&#7893; phi&#7871;u c&ocirc;ng ngh&#7879; khi &#273;&#7897;ng l&#7921;c th&#7883; tr&#432;&#7901;ng thay &#273;&#7893;i</h2>

Trong m&#7897;t b&agrave;i &#273;&#259;ng g&#7847;n &#273;&acirc;y tr&ecirc;n X (tr&#432;&#7899;c &#273;&acirc;y l&agrave; Twitter), The Kobeissi Letter &#273;&atilde; nh&#7845;n m&#7841;nh r&#7857;ng m&#7889;i t&#432;&#417;ng quan trong 30 ng&agrave;y c&#7911;a ti&#7873;n &#273;i&#7879;n t&#7917; n&agrave;y v&#7899;i Nasdaq 100 Index &#273;&atilde; &#273;&#7841;t kho&#7843;ng 0.80. &#272;&acirc;y l&agrave; m&#7913;c cao nh&#7845;t k&#7875; t&#7915; n&#259;m 2022 v&agrave; l&agrave; m&#7913;c m&#7841;nh th&#7913; hai trong th&#7853;p k&#7927; qua.
M&#7889;i t&#432;&#417;ng quan c&#7911;a Bitcoin v&#7899;i c&#7893; phi&#7871;u &#273;&atilde; tr&#7903; th&agrave;nh d&#432;&#417;ng v&agrave;o n&#259;m 2020. Trong n&#259;m n&#259;m qua, <a href="https://vn.beincrypto.com/bitcoin-death-cross-price-history-2025/" target="_blank" rel="noreferrer noopener">ti&#7873;n &#273;i&#7879;n t&#7917; l&#7899;n nh&#7845;t &#273;&atilde; th&#432;&#7901;ng</a> di chuy&#7875;n theo h&#432;&#7899;ng t&#432;&#417;ng t&#7921; nh&#432; ch&#7881; s&#7889; c&ocirc;ng ngh&#7879; n&#7863;ng. N&oacute; ch&#7881; ph&aacute; v&#7905; m&ocirc; h&igrave;nh &#273;&oacute; trong c&aacute;c kho&#7843;ng th&#7901;i gian ng&#7855;n n&#259;m 2023.
Xu h&#432;&#7899;ng k&eacute;o d&agrave;i n&agrave;y hi&#7879;n &#273;&atilde; &#273;&#7849;y m&#7889;i t&#432;&#417;ng quan n&#259;m n&#259;m c&#7911;a Bitcoin v&#7899;i Nasdaq l&ecirc;n 0.54. Trong khi &#273;&oacute;, The Kobeissi Letter l&#432;u &yacute; r&#7857;ng Bitcoin g&#7847;n nh&#432; kh&ocirc;ng c&oacute; quan h&#7879; th&#7889;ng k&ecirc; n&agrave;o v&#7899;i c&aacute;c t&agrave;i s&#7843;n th&#432;&#7901;ng &#273;&#432;&#7907;c <a href="https://beincrypto.com/learn/bitcoin-safe-haven-recession/" target="_blank" rel="noreferrer noopener">xem l&agrave; n&#417;i tr&uacute; &#7849;n an to&agrave;n</a>, bao g&#7891;m c&#7843; v&agrave;ng.
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&ldquo;Bitcoin ng&agrave;y c&agrave;ng h&agrave;nh &#273;&#7897;ng gi&#7889;ng nh&#432; m&#7897;t c&#7893; phi&#7871;u c&ocirc;ng ngh&#7879; c&oacute; &#273;&ograve;n b&#7849;y cao,&rdquo; b&agrave;i <a href="https://x.com/KobeissiLetter/status/1990248583992410350" target="_blank" rel="noreferrer noopener nofollow">&#273;&#259;ng</a> &#273;&#7885;c.
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H&#417;n n&#7919;a, trong b&aacute;o c&aacute;o m&#7899;i nh&#7845;t, Wintermute ch&#7881; ra m&#7897;t &#273;&#7897;ng l&#7921;c quan tr&#7885;ng h&#417;n: ch&#7845;t l&#432;&#7907;ng c&#7911;a m&#7889;i t&#432;&#417;ng quan &#273;&atilde; thay &#273;&#7893;i. C&ocirc;ng ty gi&#7843;i th&iacute;ch r&#7857;ng m&#7863;c d&ugrave; m&#7889;i t&#432;&#417;ng quan theo h&#432;&#7899;ng v&#7899;i Nasdaq v&#7851;n cao, nh&#432;ng ch&#7845;t l&#432;&#7907;ng c&#7911;a n&oacute; &#273;&atilde; chuy&#7875;n sang h&#432;&#7899;ng gi&#7843;m. &#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave;,
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Khi c&#7893; phi&#7871;u gi&#7843;m, BTC gi&#7843;m m&#7841;nh h&#417;n.</li>

<li>Khi c&#7893; phi&#7871;u t&#259;ng, BTC tham gia y&#7871;u &#7899;t.</li>
</ul>

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&ldquo;Hi&#7879;n t&#7841;i, &#273;&#7897; l&#7879;ch &#273;&oacute; l&agrave; ho&agrave;n to&agrave;n ti&ecirc;u c&#7921;c, cho th&#7845;y r&#7857;ng BTC v&#7851;n giao d&#7883;ch nh&#432; m&#7897;t bi&#7875;u hi&#7879;n beta cao c&#7911;a t&acirc;m l&yacute; r&#7911;i ro, nh&#432;ng ch&#7881; khi n&oacute; &#273;i sai h&#432;&#7899;ng,&rdquo; ph&acirc;n t&iacute;ch ti&#7871;t l&#7897;.
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<img style="height:400px;width:640px;"decoding="async" alt="" class="wp-image-773906 lazy" loading="lazy" src="https://assets.beincrypto.com/img/pwbl0Sh_vkwOxg6jzBQrdIo9x0s=/smart/b7c3ff7776a74ec3af3d14829240342d">S&#7921; t&#432;&#417;ng quan gi&#7919;a Bitcoin v&agrave; Nasdaq. Ngu&#7891;n: <a href="https://www.wintermute.com/insights/views/opinions/btc-and-the-nasdaq-the-correlation-that-only-hurts?utm_source=twitter&amp;utm_medium=social" target="_blank" rel="noreferrer noopener nofollow">Wintermute</a>

&#272;&aacute;ng ch&uacute; &yacute;, &ldquo;kho&#7843;ng c&aacute;ch &#273;au &#273;&#7899;n,&rdquo; &#273;&atilde; t&#259;ng v&#7885;t l&ecirc;n m&#7913;c ch&#432;a t&#7915;ng th&#7845;y k&#7875; t&#7915; cu&#7889;i n&#259;m 2022. &#272;i&#7873;u n&agrave;y d&#7851;n &#273;&#7871;n m&#7897;t s&#7921; b&#7845;t l&#7907;i v&#7873; hi&#7879;u su&#7845;t c&#7845;u tr&uacute;c, n&#417;i <a href="https://beincrypto.com/learn/crypto-vs-stocks-us-recession/" target="_blank" rel="noreferrer noopener">Bitcoin ho&#7841;t &#273;&#7897;ng k&eacute;m trong c&aacute;c m&ocirc;i tr&#432;&#7901;ng r&#7911;i ro cao</a>&mdash;&#273;&#432;&#7907;c &#273;&#7863;c tr&#432;ng b&#7903;i s&#7921; l&#7841;c quan c&#7911;a nh&agrave; &#273;&#7847;u t&#432;&mdash;v&agrave; ph&#7843;n &#7913;ng qu&aacute; m&#7913;c trong c&aacute;c k&#7883;ch b&#7843;n r&#7911;i ro th&#7845;p, l&agrave;m t&#259;ng c&#432;&#7901;ng c&aacute;c &#273;&#7897;ng th&aacute;i gi&#7843;m gi&aacute;.
Jasper De Maere c&#7911;a Wintermute &#273;&atilde; ti&#7871;t l&#7897; r&#7857;ng hai l&#7921;c l&#432;&#7907;ng gi&#7843;i th&iacute;ch t&#7841;i sao &#273;&#7897; l&#7879;ch n&agrave;y xu&#7845;t hi&#7879;n ngay b&acirc;y gi&#7901;. Th&#7913; nh&#7845;t, <a href="https://vn.beincrypto.com/memecoin-mindshare-collapses-2025/" target="_blank" rel="noreferrer noopener">s&#7921; chia s&#7867; t&#432; duy c&#7911;a nh&agrave; &#273;&#7847;u t&#432; &#273;&atilde;</a> chuy&#7875;n h&#432;&#7899;ng sang c&#7893; phi&#7871;u, <a href="https://vn.beincrypto.com/bitcoin-crypto-mining-stock-investment-comparison/" target="_blank" rel="noreferrer noopener">&#273;&#7863;c bi&#7879;t l&agrave; c&ocirc;ng ngh&#7879; v&#7889;n h&oacute;a l&#7899;n</a>. N&oacute; &#273;&atilde; h&#7845;p th&#7909; h&#7847;u h&#7871;t d&ograve;ng ch&#7843;y r&#7911;i ro cao tr&#432;&#7899;c &#273;&acirc;y lu&acirc;n chuy&#7875;n v&agrave;o crypto.
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&ldquo;S&#7921; chen ch&uacute;c chia s&#7867; t&#432; duy n&agrave;y ngh&#297;a l&agrave; BTC v&#7851;n c&oacute; t&#432;&#417;ng quan khi t&acirc;m l&yacute; r&#7911;i ro to&agrave;n c&#7847;u thay &#273;&#7893;i, nh&#432;ng kh&ocirc;ng h&#432;&#7903;ng l&#7907;i t&#7927; l&#7879; t&#432;&#417;ng &#7913;ng khi s&#7921; l&#7841;c quan tr&#7903; l&#7841;i. N&oacute; ph&#7843;n &#7913;ng nh&#432; m&#7897;t &lsquo;&#273;u&ocirc;i beta cao&rsquo; c&#7911;a r&#7911;i ro v&#297; m&ocirc; h&#417;n l&agrave; m&#7897;t c&acirc;u chuy&#7879;n ri&ecirc;ng r&#7869;, y&#7871;u t&#7889; beta gi&#7843;m c&ograve;n gi&#7919; l&#7841;i, y&#7871;u t&#7889; t&#259;ng gi&aacute; kh&ocirc;ng c&oacute;,&rdquo; De Maere ph&aacute;t bi&#7875;u.
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Th&#7913; hai, thanh kho&#7843;n c&#417; c&#7845;u trong crypto v&#7851;n m&#7887;ng. Ngu&#7891;n cung Stablecoin &#273;&atilde; tr&igrave; ho&atilde;n, <a href="https://vn.beincrypto.com/bitcoin-etfs-hit-six-month-withdrawal-peak/" target="_blank" rel="noreferrer noopener">d&ograve;ng ti&#7873;n v&agrave;o ETF &#273;&atilde; gi&#7843;m,</a> v&agrave; &#273;&#7897; s&acirc;u s&agrave;n giao d&#7883;ch ch&#432;a ph&#7909;c h&#7891;i v&#7873; m&#7913;c &#273;&#7847;u n&#259;m 2024. Thanh kho&#7843;n mong manh n&agrave;y l&agrave;m t&#259;ng c&#432;&#7901;ng c&aacute;c &#273;&#7897;ng th&aacute;i gi&#7843;m gi&aacute;, c&#7911;ng c&#7889; &#273;&#7897; l&#7879;ch ti&ecirc;u c&#7921;c.
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&ldquo;L&#7883;ch s&#7917; cho th&#7845;y, lo&#7841;i b&#7845;t c&acirc;n x&#7913;ng ti&ecirc;u c&#7921;c n&agrave;y kh&ocirc;ng xu&#7845;t hi&#7879;n g&#7847;n &#273;&#7847;u m&agrave; th&#432;&#7901;ng xu&#7845;t hi&#7879;n g&#7847;n &#273;&aacute;y. Khi BTC gi&#7843;m m&#7841;nh h&#417;n v&agrave;o nh&#7919;ng ng&agrave;y c&#7893; phi&#7871;u gi&#7843;m x&#7845;u h&#417;n l&agrave; n&oacute; t&#259;ng v&agrave;o nh&#7919;ng ng&agrave;y t&#7889;t, th&#432;&#7901;ng t&iacute;n hi&#7879;u s&#7921; c&#7841;n ki&#7879;t, kh&ocirc;ng ph&#7843;i s&#7913;c m&#7841;nh,&rdquo; b&aacute;o c&aacute;o b&#7893; sung.
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D&#7919; li&#7879;u th&#7883; tr&#432;&#7901;ng ti&#7871;p t&#7909;c c&#7911;ng c&#7889; &#273;i&#7873;u n&agrave;y. Trong 41 ng&agrave;y qua, l&#297;nh v&#7921;c crypto &#273;&atilde; m&#7845;t 1.1 ngh&igrave;n t&#7927; USD trong v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng, t&#432;&#417;ng &#7913;ng v&#7899;i 27 t&#7927; USD m&#7895;i ng&agrave;y. B&#7843;n th&acirc;n Bitcoin &#273;&atilde; gi&#7843;m 25% trong th&aacute;ng qua, <a href="https://vn.beincrypto.com/bitcoin-is-forming-hidden-pattern-reversal-next/" target="_blank" rel="noreferrer noopener">di chuy&#7875;n xu&#7889;ng d&#432;&#7899;i 95,000 USD</a> gi&#7919;a &#273;&#7907;t b&aacute;n th&aacute;o r&#7897;ng h&#417;n.
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&ldquo;H&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai th&#7883; tr&#432;&#7901;ng ch&#7913;ng kho&aacute;n M&#7929; v&#7915;a m&#7903; c&#7917;a v&agrave; ho&agrave;n to&agrave;n kh&ocirc;ng b&#7883; lay chuy&#7875;n b&#7903;i s&#7921; suy gi&#7843;m c&#7911;a crypto cu&#7889;i tu&#7847;n n&agrave;y. M&#7863;c d&ugrave; crypto &#273;&atilde; m&#7845;t -100 t&#7927; USD k&#7875; t&#7915; th&#7913; S&aacute;u, h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai th&#7883; tr&#432;&#7901;ng ch&#7913;ng kho&aacute;n M&#7929; v&#7851;n M&Agrave;U XANH,&rdquo; The Kobeissi Letter <a href="https://x.com/KobeissiLetter/status/1990213293827301547?s=20" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a>.
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H&#417;n n&#7919;a, v&agrave;ng &#273;&atilde; v&#432;&#7907;t qua 4,100 USD m&#7895;i ounce, v&#432;&#7907;t tr&#7897;i h&#417;n Bitcoin 25 &#273;i&#7875;m ph&#7847;n tr&#259;m k&#7875; t&#7915; &#273;&#7847;u th&aacute;ng 10. Theo The Kobeissi Letter,
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&ldquo;B&#7843;n ch&#7845;t c&ocirc; l&#7853;p c&#7911;a s&#7921; suy gi&#7843;m -25% crypto c&agrave;ng h&#7895; tr&#7907; quan &#273;i&#7875;m c&#7911;a ch&uacute;ng t&ocirc;i: &#272;&acirc;y l&agrave; m&#7897;t th&#7883; tr&#432;&#7901;ng &lsquo;g&#7845;u&rsquo; d&#7921;a tr&ecirc;n &#273;&ograve;n b&#7849;y v&agrave; thanh l&yacute; c&#7911;a crypto.&rdquo;
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T&#7893;ng quan l&#7841;i, nh&#7919;ng ph&aacute;t tri&#7875;n n&agrave;y &#273;&#7863;t ra c&acirc;u h&#7887;i quan tr&#7885;ng cho c&aacute;c nh&agrave; &#273;&#7847;u t&#432;: Li&#7879;u Bitcoin c&oacute; th&#7875; v&#7851;n &#273;&#432;&#7907;c xem l&agrave; m&#7897;t t&agrave;i s&#7843;n tr&uacute; &#7849;n an to&agrave;n kh&ocirc;ng? V&#7899;i m&#7889;i t&#432;&#417;ng quan gia t&#259;ng, thanh kho&#7843;n m&#7887;ng manh v&agrave; ph&#7843;n &#7913;ng gi&#7843;m gi&aacute; v&#432;&#7907;t tr&#7897;i s&#7921; tham gia t&#259;ng gi&aacute;, d&#7919; li&#7879;u hi&#7879;n t&#7841;i ch&#7881; ra m&#7897;t th&#7883; tr&#432;&#7901;ng n&#417;i Bitcoin h&agrave;nh &#273;&#7897;ng gi&#7889;ng nh&#432; m&#7897;t t&agrave;i s&#7843;n &#273;&#7847;u c&#417; c&oacute; beta cao h&#417;n l&agrave; m&#7897;t bi&#7879;n ph&aacute;p ph&ograve;ng th&#7911; an to&agrave;n.
Li&#7879;u &#273;&#7897;ng l&#7921;c n&agrave;y c&oacute; t&#7841;m th&#7901;i hay b&#7845;t bi&#7871;n s&#7869; ph&#7909; thu&#7897;c v&agrave;o c&aacute;ch t&acirc;m l&yacute; r&#7911;i ro, &#273;i&#7873;u ki&#7879;n thanh kho&#7843;n v&agrave; v&#7883; tr&iacute; c&#7911;a nh&agrave; &#273;&#7847;u t&#432; ph&aacute;t tri&#7875;n trong nh&#7919;ng th&aacute;ng t&#7899;i.