Th&#7883; tr&#432;&#7901;ng crypto v&#7851;n ch&#432;a th&#7875; ph&#7909;c h&#7891;i ho&agrave;n to&agrave;n sau c&uacute; s&#7853;p v&agrave;o th&aacute;ng 10, g&acirc;y ra nh&#7919;ng kho&#7843;n l&#7895; l&#7899;n v&agrave; l&agrave;n s&oacute;ng thanh l&yacute; tr&ecirc;n di&#7879;n r&#7897;ng.
D&ugrave; c&oacute; nhi&#7873;u y&#7871;u t&#7889; t&iacute;ch c&#7921;c nh&#432; vi&#7879;c c&#7855;t gi&#7843;m l&atilde;i su&#7845;t, b&#417;m th&ecirc;m thanh kho&#7843;n v&agrave; ch&#7881; s&#7889; USD (DXY) gi&#7843;m, nh&#432;ng &#273;&#7871;n nay v&#7851;n ch&#432;a th&#7845;y m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; m&#7841;nh n&agrave;o c&#7911;a Bitcoin hay to&agrave;n th&#7883; tr&#432;&#7901;ng. &#272;i&#7873;u n&agrave;y khi&#7871;n nhi&#7873;u nh&agrave; &#273;&#7847;u t&#432; c&#7843;m th&#7845;y lo l&#7855;ng. Tuy nhi&ecirc;n, d&#7919; li&#7879;u m&#7899;i cho th&#7845;y, m&#7897;t trong nh&#7919;ng nguy&ecirc;n nh&acirc;n ch&iacute;nh khi&#7871;n th&#7883; tr&#432;&#7901;ng &#273;i xu&#7889;ng l&agrave; &#273;&ograve;n b&#7849;y d&#432; th&#7915;a, &#273;ang d&#7847;n gi&#7843;m b&#7899;t.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-understanding-the-nature-of-the-crypto-market-weakness">T&igrave;m hi&#7875;u v&#7873; b&#7843;n ch&#7845;t s&#7921; suy y&#7871;u c&#7911;a th&#7883; tr&#432;&#7901;ng crypto</h2>

&#272;&#7907;t s&#7853;p th&#7883; tr&#432;&#7901;ng th&aacute;ng 10 &#273;&atilde; khi&#7871;n s&#7889; v&#7883; th&#7871; b&#7883; thanh l&yacute; l&#7853;p k&#7927; l&#7909;c trong l&#7883;ch s&#7917; crypto. <a href="https://vn.beincrypto.com/crypto-black-friday-was-a-coordinated-attack/" target="_blank" rel="noreferrer noopener">BeInCrypto &#273;&#432;a tin h&#417;n</a> 19 t&#7927; USD v&#7883; th&#7871; d&ugrave;ng &#273;&ograve;n b&#7849;y &#273;&atilde; b&#7883; &ldquo;x&oacute;a s&#7893;&rdquo;.
S&#7921; ki&#7879;n n&agrave;y &#273;&#432;&#7907;c g&#7885;i l&agrave; &ldquo;Crypto Black Friday&rdquo;, <a href="https://vn.beincrypto.com/trump-china-tariff-triggers-200-billion-crypto-crash/" target="_blank" rel="noreferrer noopener">b&#7855;t ngu&#7891;n t&#7915; th&ocirc;ng b&aacute;o c&#7911;a T&#7893;ng th&#7889;ng Donald Trump</a> v&#7873; vi&#7879;c &aacute;p m&#7913;c <a href="https://beincrypto.com/learn/trump-tariffs-crypto-guide/" target="_blank" rel="noreferrer noopener">thu&#7871; quan 100% &#273;&#7889;i v&#7899;i h&agrave;ng h&oacute;a Trung Qu&#7889;c</a>. Tuy nhi&ecirc;n, &#273;&#7907;t gi&#7843;m c&ograve;n k&eacute;o d&agrave;i sau &#273;&oacute;, cho th&#7845;y th&#7883; tr&#432;&#7901;ng c&ograve;n nhi&#7873;u &#273;i&#7875;m y&#7871;u s&acirc;u b&ecirc;n trong.
C&aacute;c &#273;&#7907;t thanh l&yacute; li&ecirc;n ti&#7871;p xu&#7845;t hi&#7879;n trong su&#7889;t th&aacute;ng 11. <a href="https://vn.beincrypto.com/crypto-market-liquidations-2025/" target="_blank" rel="noreferrer noopener">Th&#7883; tr&#432;&#7901;ng &#273;&atilde; ch&#7913;ng ki&#7871;n nhi&#7873;u l&#7847;n b&#7883; thanh l&yacute; v&#7899;i t&#7893;ng gi&aacute; tr&#7883; tr&ecirc;n 1 t&#7927; USD</a> ch&#7881; trong m&#7897;t th&aacute;ng.
Nh&#7919;ng &#273;&#7907;t gi&#7843;m m&#7841;nh n&agrave;y kh&aacute; b&#7845;t th&#432;&#7901;ng khi l&#7841;i kh&ocirc;ng &#273;i k&egrave;m v&#7899;i c&aacute;c y&#7871;u t&#7889; k&iacute;ch th&iacute;ch th&ocirc;ng th&#432;&#7901;ng. V&agrave;o gi&#7919;a th&aacute;ng 11, trang Kobeissi Letter l&#432;u &yacute; gi&aacute; Bitcoin ti&#7871;p t&#7909;c lao d&#7889;c, d&ugrave; cho <a href="https://vn.beincrypto.com/trumps-return-crypto-2025-below-biden-era-highs/" target="_blank" rel="noreferrer noopener">T&#7893;ng th&#7889;ng Trump</a> tuy&ecirc;n b&#7889; s&#7869; &#432;u ti&ecirc;n &#273;&#432;a M&#7929; &ldquo;tr&#7903; th&agrave;nh s&#7889; m&#7897;t v&#7873; crypto&rdquo;.
B&agrave;i vi&#7871;t c&#361;ng ch&#7881; ra r&#7857;ng &aacute;p l&#7921;c ban &#273;&#7847;u &#273;&#7871;n t&#7915; vi&#7879;c c&aacute;c t&#7893; ch&#7913;c l&#7899;n r&uacute;t v&#7889;n. N&#7871;u th&#7883; tr&#432;&#7901;ng ch&#7881; c&oacute; m&#7913;c &#273;&ograve;n b&#7849;y v&#7915;a ph&#7843;i th&igrave; c&oacute; l&#7869; s&#7869; ch&#7881; l&agrave; m&#7897;t pha &#273;i&#7873;u ch&#7881;nh b&igrave;nh th&#432;&#7901;ng, do m&#7845;t c&acirc;n b&#7857;ng t&#7841;m th&#7901;i gi&#7919;a b&ecirc;n mua v&agrave; b&ecirc;n b&aacute;n ch&#7913; kh&ocirc;ng ph&#7843;i l&agrave; m&#7897;t &#273;&#7907;t b&aacute;n th&aacute;o m&#7841;nh nh&#432; v&#7853;y.
<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">
&ldquo;V&#7845;n &#273;&#7873; l&#7899;n x&#7843;y ra khi m&#7913;c &#273;&ograve;n b&#7849;y tr&#7903; n&ecirc;n qu&aacute; cao gi&#7919;a l&uacute;c c&aacute;c d&ograve;ng v&#7889;n b&#7883; th&aacute;o ra nh&#432; th&#7871; n&agrave;y&hellip; &#272;&ograve;n b&#7849;y d&#432; th&#7915;a &#273;&atilde; khi&#7871;n th&#7883; tr&#432;&#7901;ng nh&#7841;y c&#7843;m t&#7899;i m&#7913;c qu&aacute; m&#7913;c,&rdquo; Kobeissi Letter <a href="https://x.com/KobeissiLetter/status/1990172467630117084?s=20" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>.
</blockquote>

Vi&#7879;c b&aacute;n th&aacute;o do thanh l&yacute; &#273;&atilde; t&#7841;o hi&#7879;u &#7913;ng d&acirc;y chuy&#7873;n. M&#7895;i l&agrave;n s&oacute;ng thanh l&yacute; b&#7855;t bu&#7897;c l&#7841;i k&eacute;o gi&aacute; xu&#7889;ng th&#7845;p h&#417;n, k&iacute;ch ho&#7841;t th&ecirc;m c&aacute;c l&#7879;nh thanh l&yacute; m&#7899;i v&agrave; khi&#7871;n th&#7883; tr&#432;&#7901;ng gi&#7843;m c&agrave;ng nhanh v&agrave; m&#7841;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-evidence-of-leverage-reduction-and-market-reset">B&#7857;ng ch&#7913;ng v&#7873; vi&#7879;c gi&#7843;m &#273;&ograve;n b&#7849;y v&agrave; thi&#7871;t l&#7853;p l&#7841;i th&#7883; tr&#432;&#7901;ng</h2>

C&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng &#273;&atilde; thay &#273;&#7893;i r&otilde; r&#7879;t sau c&uacute; s&#7853;p v&#7915;a qua. Theo d&#7919; li&#7879;u t&#7915; Coinglass, ch&#7881; s&#7889; Open Interest c&#7911;a Bitcoin &#273;&atilde; gi&#7843;m m&#7841;nh.
Open Interest (OI) c&#7911;a Bitcoin gi&#7843;m ngh&#297;a l&agrave; c&aacute;c trader &#273;ang &#273;&oacute;ng d&#7847;n c&aacute;c v&#7883; th&#7871; ph&aacute;i sinh v&agrave; h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai, k&eacute;o t&#7893;ng gi&aacute; tr&#7883; h&#7907;p &#273;&#7891;ng ch&#432;a t&#7845;t to&aacute;n gi&#7843;m xu&#7889;ng. N&oacute;i c&aacute;ch kh&aacute;c, ph&#7847;n &#273;&ograve;n b&#7849;y &#273;ang b&#7883; r&uacute;t b&#7899;t kh&#7887;i th&#7883; tr&#432;&#7901;ng.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/zdpoKMJoGHPbSVVr0ie9WONHHZQ=/smart/f69a45e2b22b48aa9d2aaa619b166f5e" alt="Bitcoin Open Interest" class="wp-image-785463">Open Interest c&#7911;a Bitcoin. Ngu&#7891;n: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>

Theo b&aacute;o c&aacute;o t&#7915; Alphractal, trong kho&#7843;ng th&aacute;ng 8 &#273;&#7871;n th&aacute;ng 11, s&#7889; l&#432;&#7907;ng giao d&#7883;ch d&ugrave;ng &#273;&ograve;n b&#7849;y c&#7911;a Bitcoin &#273;&#7841;t m&#7913;c cao nh&#7845;t l&#7883;ch s&#7917;, v&#7899;i t&#7899;i 80 tri&#7879;u giao d&#7883;ch ch&#7881; trong m&#7897;t ng&agrave;y t&#7841;i 19 s&agrave;n giao d&#7883;ch. Hi&#7879;n t&#7841;i, con s&#7889; n&agrave;y &#273;&atilde; gi&#7843;m, v&#7899;i m&#7913;c trung b&igrave;nh 7 ng&agrave;y ch&#7881; c&ograve;n kho&#7843;ng 13 tri&#7879;u giao d&#7883;ch.
<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">
&ldquo;Sau &#273;&#7907;t thanh l&yacute; l&#7899;n h&#7891;i th&aacute;ng 10, th&#7883; tr&#432;&#7901;ng &#273;&atilde; th&#7853;n tr&#7885;ng h&#417;n h&#7859;n v&#7899;i BTC v&agrave; c&#7843; vi&#7879;c d&ugrave;ng &#273;&ograve;n b&#7849;y,&rdquo; <a href="https://x.com/alphractal/status/2003953868569276750" target="_blank" rel="noreferrer noopener nofollow">b&agrave;i &#273;&#259;ng</a> cho bi&#7871;t.
</blockquote>

D&ugrave; &#273;&ograve;n b&#7849;y tr&ecirc;n Bitcoin &#273;ang r&uacute;t gi&#7843;m th&#7845;y r&otilde;, nh&#432;ng v&#7899;i Ethereum th&igrave; c&acirc;u chuy&#7879;n l&#7841;i c&oacute; ph&#7847;n ph&#7913;c t&#7841;p h&#417;n. ETH <a href="https://vn.beincrypto.com/why-whale-ethereum-long-positions-could-face-liquidation/" target="_blank" rel="noreferrer noopener">&#273;&atilde; t&#7915;ng &#273;&#7841;t &#273;&#7881;nh</a> g&#7847;n 50 tri&#7879;u giao d&#7883;ch c&oacute; &#273;&ograve;n b&#7849;y trong n&#259;m 2025. Hi&#7879;n nay, trung b&igrave;nh 7 ng&agrave;y v&#7851;n c&ograve;n &#7903; m&#7913;c cao, kho&#7843;ng 17.5 tri&#7879;u.
&#272;i&#7873;u n&agrave;y cho th&#7845;y, c&aacute;c trader &#273;ang gi&#7843;m b&#7899;t giao d&#7883;ch d&ugrave;ng &#273;&ograve;n b&#7849;y tr&ecirc;n Bitcoin h&#417;n c&aacute;c coin kh&aacute;c. Chuy&ecirc;n gia NoLimit <a href="https://x.com/nolimitgains/status/2003783570213515380" target="_blank" rel="noreferrer noopener nofollow">b&#7893; sung</a> r&#7857;ng, &#273;&#7889;i v&#7899;i c&aacute;c altcoin, hi&#7879;n t&#7841;i t&igrave;nh h&igrave;nh l&agrave; &ldquo;&#273;ang lo&#7841;i b&#7887; ph&#7847;n &#273;&ograve;n b&#7849;y qu&aacute; m&#7913;c&rdquo; &ndash; &#273;&acirc;y l&agrave; t&iacute;n hi&#7879;u t&iacute;ch c&#7921;c cho th&#7883; tr&#432;&#7901;ng.
Nh&#432; v&#7853;y, d&ugrave; th&#7883; tr&#432;&#7901;ng v&#7851;n c&ograve;n y&#7871;u, nh&#432;ng vi&#7879;c &#273;&ograve;n b&#7849;y d&#432; th&#7915;a gi&#7843;m xu&#7889;ng cho th&#7845;y r&#7911;i ro c&#7845;u tr&uacute;c l&#7899;n nh&#7845;t &#273;&atilde; suy y&#7871;u &#273;i ph&#7847;n n&agrave;o. N&#7871;u xu h&#432;&#7899;ng n&agrave;y c&ograve;n ti&#7871;p t&#7909;c, th&#7883; tr&#432;&#7901;ng crypto c&oacute; th&#7875; s&#7869; c&oacute; n&#7873;n t&#7843;ng v&#7919;ng ch&atilde;i h&#417;n &#273;&#7875; ph&#7909;c h&#7891;i trong t&#432;&#417;ng lai.

Cách một nguồn gây áp lực lớn lên thị trường trong năm 2025 có thể đang giảm dần

Th&#7883; tr&#432;&#7901;ng crypto v&#7851;n ch&#432;a th&#7875; ph&#7909;c h&#7891;i ho&agrave;n to&agrave;n sau c&uacute; s&#7853;p v&agrave;o th&aacute;ng 10, g&acirc;y ra nh&#7919;ng kho&#7843;n l&#7895; l&#7899;n v&agrave; l&agrave;n s&oacute;ng thanh l&yacute; tr&ecirc;n di&#7879;n r&#7897;ng.
D&ugrave; c&oacute; nhi&#7873;u y&#7871;u t&#7889; t&iacute;ch c&#7921;c nh&#432; vi&#7879;c c&#7855;t gi&#7843;m l&atilde;i su&#7845;t, b&#417;m th&ecirc;m thanh kho&#7843;n v&agrave; ch&#7881; s&#7889; USD (DXY) gi&#7843;m, nh&#432;ng &#273;&#7871;n nay v&#7851;n ch&#432;a th&#7845;y m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; m&#7841;nh n&agrave;o c&#7911;a Bitcoin hay to&agrave;n th&#7883; tr&#432;&#7901;ng. &#272;i&#7873;u n&agrave;y khi&#7871;n nhi&#7873;u nh&agrave; &#273;&#7847;u t&#432; c&#7843;m th&#7845;y lo l&#7855;ng. Tuy nhi&ecirc;n, d&#7919; li&#7879;u m&#7899;i cho th&#7845;y, m&#7897;t trong nh&#7919;ng nguy&ecirc;n nh&acirc;n ch&iacute;nh khi&#7871;n th&#7883; tr&#432;&#7901;ng &#273;i xu&#7889;ng l&agrave; &#273;&ograve;n b&#7849;y d&#432; th&#7915;a, &#273;ang d&#7847;n gi&#7843;m b&#7899;t.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-understanding-the-nature-of-the-crypto-market-weakness">T&igrave;m hi&#7875;u v&#7873; b&#7843;n ch&#7845;t s&#7921; suy y&#7871;u c&#7911;a th&#7883; tr&#432;&#7901;ng crypto</h2>

&#272;&#7907;t s&#7853;p th&#7883; tr&#432;&#7901;ng th&aacute;ng 10 &#273;&atilde; khi&#7871;n s&#7889; v&#7883; th&#7871; b&#7883; thanh l&yacute; l&#7853;p k&#7927; l&#7909;c trong l&#7883;ch s&#7917; crypto. <a href="https://vn.beincrypto.com/crypto-black-friday-was-a-coordinated-attack/" target="_blank" rel="noreferrer noopener">BeInCrypto &#273;&#432;a tin h&#417;n</a> 19 t&#7927; USD v&#7883; th&#7871; d&ugrave;ng &#273;&ograve;n b&#7849;y &#273;&atilde; b&#7883; &ldquo;x&oacute;a s&#7893;&rdquo;.
S&#7921; ki&#7879;n n&agrave;y &#273;&#432;&#7907;c g&#7885;i l&agrave; &ldquo;Crypto Black Friday&rdquo;, <a href="https://vn.beincrypto.com/trump-china-tariff-triggers-200-billion-crypto-crash/" target="_blank" rel="noreferrer noopener">b&#7855;t ngu&#7891;n t&#7915; th&ocirc;ng b&aacute;o c&#7911;a T&#7893;ng th&#7889;ng Donald Trump</a> v&#7873; vi&#7879;c &aacute;p m&#7913;c <a href="https://beincrypto.com/learn/trump-tariffs-crypto-guide/" target="_blank" rel="noreferrer noopener">thu&#7871; quan 100% &#273;&#7889;i v&#7899;i h&agrave;ng h&oacute;a Trung Qu&#7889;c</a>. Tuy nhi&ecirc;n, &#273;&#7907;t gi&#7843;m c&ograve;n k&eacute;o d&agrave;i sau &#273;&oacute;, cho th&#7845;y th&#7883; tr&#432;&#7901;ng c&ograve;n nhi&#7873;u &#273;i&#7875;m y&#7871;u s&acirc;u b&ecirc;n trong.
C&aacute;c &#273;&#7907;t thanh l&yacute; li&ecirc;n ti&#7871;p xu&#7845;t hi&#7879;n trong su&#7889;t th&aacute;ng 11. <a href="https://vn.beincrypto.com/crypto-market-liquidations-2025/" target="_blank" rel="noreferrer noopener">Th&#7883; tr&#432;&#7901;ng &#273;&atilde; ch&#7913;ng ki&#7871;n nhi&#7873;u l&#7847;n b&#7883; thanh l&yacute; v&#7899;i t&#7893;ng gi&aacute; tr&#7883; tr&ecirc;n 1 t&#7927; USD</a> ch&#7881; trong m&#7897;t th&aacute;ng.
Nh&#7919;ng &#273;&#7907;t gi&#7843;m m&#7841;nh n&agrave;y kh&aacute; b&#7845;t th&#432;&#7901;ng khi l&#7841;i kh&ocirc;ng &#273;i k&egrave;m v&#7899;i c&aacute;c y&#7871;u t&#7889; k&iacute;ch th&iacute;ch th&ocirc;ng th&#432;&#7901;ng. V&agrave;o gi&#7919;a th&aacute;ng 11, trang Kobeissi Letter l&#432;u &yacute; gi&aacute; Bitcoin ti&#7871;p t&#7909;c lao d&#7889;c, d&ugrave; cho <a href="https://vn.beincrypto.com/trumps-return-crypto-2025-below-biden-era-highs/" target="_blank" rel="noreferrer noopener">T&#7893;ng th&#7889;ng Trump</a> tuy&ecirc;n b&#7889; s&#7869; &#432;u ti&ecirc;n &#273;&#432;a M&#7929; &ldquo;tr&#7903; th&agrave;nh s&#7889; m&#7897;t v&#7873; crypto&rdquo;.
B&agrave;i vi&#7871;t c&#361;ng ch&#7881; ra r&#7857;ng &aacute;p l&#7921;c ban &#273;&#7847;u &#273;&#7871;n t&#7915; vi&#7879;c c&aacute;c t&#7893; ch&#7913;c l&#7899;n r&uacute;t v&#7889;n. N&#7871;u th&#7883; tr&#432;&#7901;ng ch&#7881; c&oacute; m&#7913;c &#273;&ograve;n b&#7849;y v&#7915;a ph&#7843;i th&igrave; c&oacute; l&#7869; s&#7869; ch&#7881; l&agrave; m&#7897;t pha &#273;i&#7873;u ch&#7881;nh b&igrave;nh th&#432;&#7901;ng, do m&#7845;t c&acirc;n b&#7857;ng t&#7841;m th&#7901;i gi&#7919;a b&ecirc;n mua v&agrave; b&ecirc;n b&aacute;n ch&#7913; kh&ocirc;ng ph&#7843;i l&agrave; m&#7897;t &#273;&#7907;t b&aacute;n th&aacute;o m&#7841;nh nh&#432; v&#7853;y.
<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">
&ldquo;V&#7845;n &#273;&#7873; l&#7899;n x&#7843;y ra khi m&#7913;c &#273;&ograve;n b&#7849;y tr&#7903; n&ecirc;n qu&aacute; cao gi&#7919;a l&uacute;c c&aacute;c d&ograve;ng v&#7889;n b&#7883; th&aacute;o ra nh&#432; th&#7871; n&agrave;y&hellip; &#272;&ograve;n b&#7849;y d&#432; th&#7915;a &#273;&atilde; khi&#7871;n th&#7883; tr&#432;&#7901;ng nh&#7841;y c&#7843;m t&#7899;i m&#7913;c qu&aacute; m&#7913;c,&rdquo; Kobeissi Letter <a href="https://x.com/KobeissiLetter/status/1990172467630117084?s=20" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>.
</blockquote>

Vi&#7879;c b&aacute;n th&aacute;o do thanh l&yacute; &#273;&atilde; t&#7841;o hi&#7879;u &#7913;ng d&acirc;y chuy&#7873;n. M&#7895;i l&agrave;n s&oacute;ng thanh l&yacute; b&#7855;t bu&#7897;c l&#7841;i k&eacute;o gi&aacute; xu&#7889;ng th&#7845;p h&#417;n, k&iacute;ch ho&#7841;t th&ecirc;m c&aacute;c l&#7879;nh thanh l&yacute; m&#7899;i v&agrave; khi&#7871;n th&#7883; tr&#432;&#7901;ng gi&#7843;m c&agrave;ng nhanh v&agrave; m&#7841;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-evidence-of-leverage-reduction-and-market-reset">B&#7857;ng ch&#7913;ng v&#7873; vi&#7879;c gi&#7843;m &#273;&ograve;n b&#7849;y v&agrave; thi&#7871;t l&#7853;p l&#7841;i th&#7883; tr&#432;&#7901;ng</h2>

C&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng &#273;&atilde; thay &#273;&#7893;i r&otilde; r&#7879;t sau c&uacute; s&#7853;p v&#7915;a qua. Theo d&#7919; li&#7879;u t&#7915; Coinglass, ch&#7881; s&#7889; Open Interest c&#7911;a Bitcoin &#273;&atilde; gi&#7843;m m&#7841;nh.
Open Interest (OI) c&#7911;a Bitcoin gi&#7843;m ngh&#297;a l&agrave; c&aacute;c trader &#273;ang &#273;&oacute;ng d&#7847;n c&aacute;c v&#7883; th&#7871; ph&aacute;i sinh v&agrave; h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai, k&eacute;o t&#7893;ng gi&aacute; tr&#7883; h&#7907;p &#273;&#7891;ng ch&#432;a t&#7845;t to&aacute;n gi&#7843;m xu&#7889;ng. N&oacute;i c&aacute;ch kh&aacute;c, ph&#7847;n &#273;&ograve;n b&#7849;y &#273;ang b&#7883; r&uacute;t b&#7899;t kh&#7887;i th&#7883; tr&#432;&#7901;ng.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/zdpoKMJoGHPbSVVr0ie9WONHHZQ=/smart/f69a45e2b22b48aa9d2aaa619b166f5e" alt="Bitcoin Open Interest" class="wp-image-785463">Open Interest c&#7911;a Bitcoin. Ngu&#7891;n: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>

Theo b&aacute;o c&aacute;o t&#7915; Alphractal, trong kho&#7843;ng th&aacute;ng 8 &#273;&#7871;n th&aacute;ng 11, s&#7889; l&#432;&#7907;ng giao d&#7883;ch d&ugrave;ng &#273;&ograve;n b&#7849;y c&#7911;a Bitcoin &#273;&#7841;t m&#7913;c cao nh&#7845;t l&#7883;ch s&#7917;, v&#7899;i t&#7899;i 80 tri&#7879;u giao d&#7883;ch ch&#7881; trong m&#7897;t ng&agrave;y t&#7841;i 19 s&agrave;n giao d&#7883;ch. Hi&#7879;n t&#7841;i, con s&#7889; n&agrave;y &#273;&atilde; gi&#7843;m, v&#7899;i m&#7913;c trung b&igrave;nh 7 ng&agrave;y ch&#7881; c&ograve;n kho&#7843;ng 13 tri&#7879;u giao d&#7883;ch.
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&ldquo;Sau &#273;&#7907;t thanh l&yacute; l&#7899;n h&#7891;i th&aacute;ng 10, th&#7883; tr&#432;&#7901;ng &#273;&atilde; th&#7853;n tr&#7885;ng h&#417;n h&#7859;n v&#7899;i BTC v&agrave; c&#7843; vi&#7879;c d&ugrave;ng &#273;&ograve;n b&#7849;y,&rdquo; <a href="https://x.com/alphractal/status/2003953868569276750" target="_blank" rel="noreferrer noopener nofollow">b&agrave;i &#273;&#259;ng</a> cho bi&#7871;t.
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D&ugrave; &#273;&ograve;n b&#7849;y tr&ecirc;n Bitcoin &#273;ang r&uacute;t gi&#7843;m th&#7845;y r&otilde;, nh&#432;ng v&#7899;i Ethereum th&igrave; c&acirc;u chuy&#7879;n l&#7841;i c&oacute; ph&#7847;n ph&#7913;c t&#7841;p h&#417;n. ETH <a href="https://vn.beincrypto.com/why-whale-ethereum-long-positions-could-face-liquidation/" target="_blank" rel="noreferrer noopener">&#273;&atilde; t&#7915;ng &#273;&#7841;t &#273;&#7881;nh</a> g&#7847;n 50 tri&#7879;u giao d&#7883;ch c&oacute; &#273;&ograve;n b&#7849;y trong n&#259;m 2025. Hi&#7879;n nay, trung b&igrave;nh 7 ng&agrave;y v&#7851;n c&ograve;n &#7903; m&#7913;c cao, kho&#7843;ng 17.5 tri&#7879;u.
&#272;i&#7873;u n&agrave;y cho th&#7845;y, c&aacute;c trader &#273;ang gi&#7843;m b&#7899;t giao d&#7883;ch d&ugrave;ng &#273;&ograve;n b&#7849;y tr&ecirc;n Bitcoin h&#417;n c&aacute;c coin kh&aacute;c. Chuy&ecirc;n gia NoLimit <a href="https://x.com/nolimitgains/status/2003783570213515380" target="_blank" rel="noreferrer noopener nofollow">b&#7893; sung</a> r&#7857;ng, &#273;&#7889;i v&#7899;i c&aacute;c altcoin, hi&#7879;n t&#7841;i t&igrave;nh h&igrave;nh l&agrave; &ldquo;&#273;ang lo&#7841;i b&#7887; ph&#7847;n &#273;&ograve;n b&#7849;y qu&aacute; m&#7913;c&rdquo; &ndash; &#273;&acirc;y l&agrave; t&iacute;n hi&#7879;u t&iacute;ch c&#7921;c cho th&#7883; tr&#432;&#7901;ng.
Nh&#432; v&#7853;y, d&ugrave; th&#7883; tr&#432;&#7901;ng v&#7851;n c&ograve;n y&#7871;u, nh&#432;ng vi&#7879;c &#273;&ograve;n b&#7849;y d&#432; th&#7915;a gi&#7843;m xu&#7889;ng cho th&#7845;y r&#7911;i ro c&#7845;u tr&uacute;c l&#7899;n nh&#7845;t &#273;&atilde; suy y&#7871;u &#273;i ph&#7847;n n&agrave;o. N&#7871;u xu h&#432;&#7899;ng n&agrave;y c&ograve;n ti&#7871;p t&#7909;c, th&#7883; tr&#432;&#7901;ng crypto c&oacute; th&#7875; s&#7869; c&oacute; n&#7873;n t&#7843;ng v&#7919;ng ch&atilde;i h&#417;n &#273;&#7875; ph&#7909;c h&#7891;i trong t&#432;&#417;ng lai.