Cathie Wood &#273;ang gi&oacute;ng l&ecirc;n h&#7891;i chu&ocirc;ng c&#7843;nh b&aacute;o v&#7873; v&agrave;ng &#273;&uacute;ng l&uacute;c c&aacute;c th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u ch&#7913;ng ki&#7871;n s&#7921; bi&#7871;n &#273;&#7897;ng d&#7919; d&#7897;i gi&#7919;a c&aacute;c lo&#7841;i t&agrave;i s&#7843;n trong nh&#7919;ng n&#259;m g&#7847;n &#273;&acirc;y.
Khi c&#7893; phi&#7871;u, kim lo&#7841;i qu&yacute; v&agrave; th&#7883; tr&#432;&#7901;ng h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai bi&#7871;n &#273;&#7897;ng m&#7841;nh ch&#7881; trong v&agrave;i gi&#7901;, nh&agrave; s&aacute;ng l&#7853;p ARK Invest nh&#7853;n &#273;&#7883;nh r&#7857;ng &#273;&#7907;t t&#259;ng gi&aacute; m&#7899;i nh&#7845;t c&#7911;a v&agrave;ng mang d&aacute;ng d&#7845;p c&#7911;a m&#7897;t bong b&oacute;ng cu&#7889;i chu k&#7923; &ndash; hi&#7879;n &#273;ang va ch&#7841;m v&#7899;i &#273;&ograve;n b&#7849;y t&agrave;i ch&iacute;nh l&#7899;n, d&ograve;ng ti&#7873;n v&agrave;o &#273;&ocirc;ng &#273;&#7843;o v&agrave; c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng mong manh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-cathie-wood-warns-of-gold-bubble-as-9-trillion-market-shakeout-hits">Cathie Wood c&#7843;nh b&aacute;o bong b&oacute;ng v&agrave;ng khi th&#7883; tr&#432;&#7901;ng 9.000 t&#7927; USD bi&#7871;n &#273;&#7897;ng m&#7841;nh</h2>

Cathie Wood cho r&#7857;ng x&aacute;c su&#7845;t gi&aacute; v&agrave;ng s&#7861;n s&agrave;ng &#273;i&#7873;u ch&#7881;nh r&#7845;t cao, khi v&#7883; l&atilde;nh &#273;&#7841;o Ark Invest ch&#7881; ra m&#7897;t t&iacute;n hi&#7879;u &#273;&#7883;nh gi&aacute; c&#7921;c &#273;oan hi&#7871;m g&#7863;p trong l&#7883;ch s&#7917; t&agrave;i ch&iacute;nh hi&#7879;n &#273;&#7841;i.
Theo ph&acirc;n t&iacute;ch c&#7911;a b&agrave;, v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a v&agrave;ng so v&#7899;i t&#7893;ng l&#432;&#7907;ng cung ti&#7873;n M&#7929; (M2) v&#7915;a l&#7853;p k&#7927; l&#7909;c m&#7899;i, v&#432;&#7907;t qua c&#7843; &#273;&#7881;nh l&#7841;m ph&aacute;t n&#259;m 1980 v&agrave; m&#7913;c t&#7915;ng th&#7845;y trong cu&#7897;c &#272;&#7841;i Suy Tho&aacute;i n&#259;m 1934.
<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;Theo quan &#273;i&#7875;m c&#7911;a ch&uacute;ng t&ocirc;i, bong b&oacute;ng hi&#7879;n t&#7841;i kh&ocirc;ng ph&#7843;i n&#7857;m &#7903; AI, m&agrave; l&agrave; &#7903; v&agrave;ng,&rdquo; Wood <a href="https://x.com/CathieDWood/status/2017025718404993366" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>, cho r&#7857;ng gi&aacute; v&agrave;ng hi&#7879;n nay ng&#7909; &yacute; m&#7897;t cu&#7897;c kh&#7911;ng ho&#7843;ng v&#297; m&ocirc; kh&ocirc;ng gi&#7889;ng v&#7899;i th&#7853;p ni&ecirc;n 1970 l&#7841;m ph&aacute;t hay s&#7921; s&#7909;p &#273;&#7893; mang t&iacute;nh gi&#7843;m ph&aacute;t c&#7911;a nh&#7919;ng n&#259;m 1930.
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B&agrave; c&#361;ng nh&#7853;n &#273;&#7883;nh r&#7857;ng d&ugrave; c&aacute;c ng&acirc;n h&agrave;ng trung &#432;&#417;ng n&#432;&#7899;c ngo&agrave;i &#273;ang &#273;a d&#7841;ng h&oacute;a kh&#7887;i &#273;&#7891;ng USD, nh&#432;ng th&#7883; tr&#432;&#7901;ng tr&aacute;i phi&#7871;u M&#7929; l&#7841;i cho th&#7845;y &#273;i&#7873;u ng&#432;&#7907;c l&#7841;i, khi <a href="https://vn.beincrypto.com/us-10-year-treasury-yield-bitcoin-appeal/" target="_blank" rel="noreferrer noopener">l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u 10 n&#259;m c&#7911;a M&#7929;</a> &#273;&atilde; gi&#7843;m t&#7915; m&#7913;c &#273;&#7881;nh g&#7847;n 5% n&#259;m 2023 v&#7873; m&#7913;c kho&#7843;ng 4.2%.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/8-q_W-mLZ32WPnLPXGsmWQll8v0=/smart/e99f8cdcec1b414ca5edeab5f95ee704" alt="V&#7889;n h&oacute;a v&agrave;ng so v&#7899;i ngu&#7891;n cung ti&#7873;n M2" class="wp-image-797316">V&#7889;n h&oacute;a v&agrave;ng so v&#7899;i ngu&#7891;n cung ti&#7873;n M2. Ngu&#7891;n: <a href="https://x.com/CathieDWood/status/2017025714118123873" target="_blank" rel="noreferrer noopener nofollow">Cathie Wood tr&ecirc;n X</a>

B&agrave; c&#7843;nh b&aacute;o r&#7857;ng n&#7871;u &#273;&#7891;ng USD s&#7899;m ph&#7909;c h&#7891;i, c&oacute; th&#7875; l&agrave;m ch&#7845;m d&#7913;t <a href="https://vn.beincrypto.com/crypto-gold-silver-capital-rotation-analysis/" target="_blank" rel="noreferrer noopener">&#273;&agrave; t&#259;ng c&#7911;a v&agrave;ng</a> gi&#7889;ng nh&#432; giai &#273;o&#7841;n t&#7915; 1980 &#273;&#7871;n 2000, khi gi&aacute; v&agrave;ng t&#7915;ng gi&#7843;m h&#417;n 60%.
Tuy v&#7853;y, kh&ocirc;ng ph&#7843;i ai c&#361;ng &#273;&#7891;ng t&igrave;nh v&#7899;i quan &#273;i&#7875;m c&#7911;a Wood. M&#7897;t s&#7889; nh&agrave; giao d&#7883;ch v&#297; m&ocirc; ph&#7843;n bi&#7879;n r&#7857;ng t&#7927; l&#7879; v&agrave;ng/M2 kh&ocirc;ng c&ograve;n l&agrave; ch&#7881; b&aacute;o &#273;&aacute;ng tin c&#7853;y trong <a href="https://vn.beincrypto.com/fed-rate-cut-crypto-november/" target="_blank" rel="noreferrer noopener">k&#7927; nguy&ecirc;n t&agrave;i ch&iacute;nh k&#7929; thu&#7853;t s&#7889; h&#7853;u QE</a> nh&#432; hi&#7879;n nay.
Theo m&#7897;t s&#7889; chuy&ecirc;n gia, bi&#7875;u &#273;&#7891; n&oacute;i tr&ecirc;n kh&ocirc;ng nh&#7845;t thi&#7871;t cho th&#7845;y v&agrave;ng &#273;ang trong t&igrave;nh tr&#7841;ng bong b&oacute;ng m&agrave; ch&#7911; y&#7871;u ph&#7843;n &aacute;nh vi&#7879;c c&aacute;c ch&#7881; s&#7889; cung ti&#7873;n truy&#7873;n th&#7889;ng &#273;&atilde; m&#7845;t d&#7847;n gi&aacute; tr&#7883; nh&#432; m&#7897;t ngu&#7891;n th&ocirc;ng tin tham kh&#7843;o th&#7883; tr&#432;&#7901;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-9-trillion-volatility-shock-shows-how-leverage-and-crowded-trades-fueled-a-market-flush">C&uacute; s&#7889;c bi&#7871;n &#273;&#7897;ng 9,000 t&#7927; USD cho th&#7845;y &#273;&ograve;n b&#7849;y v&agrave; giao d&#7883;ch &#273;&ocirc;ng ng&#432;&#7901;i &#273;&atilde; khi&#7871;n th&#7883; tr&#432;&#7901;ng lao d&#7889;c nh&#432; th&#7871; n&agrave;o</h2>

Nh&#7919;ng b&igrave;nh lu&#7853;n n&agrave;y &#273;&#432;&#7907;c &#273;&#432;a ra trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng v&#7915;a tr&#7843;i qua m&#7897;t <a href="https://vn.beincrypto.com/crypto-liquidations-bitcoin-ethereum-crash-sentiment/" target="_blank" rel="noreferrer noopener">b&agrave;i ki&#7875;m tra s&#7913;c ch&#7883;u &#273;&#7921;ng</a> c&#7921;c l&#7899;n. Ch&#7881; trong m&#7897;t phi&ecirc;n giao d&#7883;ch, v&agrave;ng b&#7889;c h&#417;i kho&#7843;ng 8%, &ldquo;b&#7889;c h&#417;i&rdquo; g&#7847;n 3,000 t&#7927; USD v&#7889;n h&oacute;a. Gi&aacute; b&#7841;c gi&#7843;m h&#417;n 12%, k&eacute;o theo m&#7913;c gi&#7843;m kho&#7843;ng 750 t&#7927; USD gi&aacute; tr&#7883;.
Th&#7883; tr&#432;&#7901;ng c&#7893; phi&#7871;u M&#7929; c&#361;ng ch&#7883;u &#7843;nh h&#432;&#7903;ng m&#7841;nh, khi S&amp;P 500 v&agrave; Nasdaq m&#7845;t h&#417;n 1,000 t&#7927; USD v&#7889;n h&oacute;a trong phi&ecirc;n tr&#432;&#7899;c khi b&#7853;t t&#259;ng tr&#7903; l&#7841;i l&uacute;c ch&#7889;t phi&ecirc;n.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/TZlLME5OToZ1eHxWWqS1B-eaOB4=/smart/6d7a10591a15477585cb0bf19b5dbcd5" alt="" class="wp-image-797318">Hi&#7879;u su&#7845;t gi&aacute; v&agrave;ng (XAU), b&#7841;c (XAG), v&agrave; S&amp;P500 (SPX). Ngu&#7891;n: <a href="https://www.tradingview.com/x/QZy4HPue/">TradingView</a>

&#272;&#7871;n cu&#7889;i phi&ecirc;n, ph&#7847;n l&#7899;n gi&aacute; tr&#7883; &#273;&atilde; ph&#7909;c h&#7891;i tr&#7903; l&#7841;i. <a href="https://vn.beincrypto.com/markets-crashed-overnight-gold-recovered-bitcoin-didnt/" target="_blank" rel="noreferrer noopener">V&agrave;ng l&#7845;y l&#7841;i g&#7847;n 2,000 t&#7927; USD v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng</a>, b&#7841;c h&#7891;i ph&#7909;c kho&#7843;ng 500 t&#7927; USD, v&agrave; c&#7893; phi&#7871;u M&#7929; c&#361;ng t&#259;ng l&#7841;i h&#417;n 1,000 t&#7927; USD.
T&#7893;ng c&#7897;ng, c&aacute;c chuy&ecirc;n gia &#432;&#7899;c t&iacute;nh ch&#7881; trong kho&#7843;ng 6.5 gi&#7901;, kho&#7843;ng 9,000 t&#7927; USD v&#7889;n h&oacute;a &#273;&atilde; &ldquo;chao &#273;&#7843;o&rdquo; gi&#7919;a th&#7883; tr&#432;&#7901;ng kim lo&#7841;i v&agrave; ch&#7913;ng kho&aacute;n, cho th&#7845;y bi&#7871;n &#273;&#7897;ng c&#7921;c l&#7899;n ch&#7913; kh&ocirc;ng ph&#7843;i s&#7921; m&#7845;t m&aacute;t gi&aacute; tr&#7883; l&acirc;u d&agrave;i.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch nh&#432; The Bull Theory c&#361;ng &#273;&#7891;ng t&igrave;nh r&#7857;ng nguy&ecirc;n nh&acirc;n ch&#7911; y&#7871;u l&agrave; do s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y qu&aacute; l&#7899;n ch&#7913; kh&ocirc;ng ph&#7843;i c&aacute;c y&#7871;u t&#7889; c&#417; b&#7843;n. C&aacute;c nh&agrave; giao d&#7883;ch h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai &#273;&atilde; &#273;&aacute;nh c&#432;&#7907;c m&#7841;nh v&agrave;o v&agrave;ng v&agrave; b&#7841;c v&#7899;i t&#7927; l&#7879; &#273;&ograve;n b&#7849;y l&ecirc;n t&#7899;i 50x &ndash; 100x. L&agrave;n s&oacute;ng n&agrave;y xu&#7845;t hi&#7879;n sau &#273;&#7907;t t&#259;ng d&agrave;i h&#7841;n &ndash; v&agrave;ng &#273;&atilde; t&#259;ng kho&#7843;ng 160%, b&#7841;c t&#259;ng g&#7847;n 380%.
Khi gi&aacute; b&#7855;t &#273;&#7847;u gi&#7843;m, <a href="https://beincrypto.com/crypto-liquidations-bitcoin-ethereum-crash-sentiment/" target="_blank" rel="noreferrer noopener">c&aacute;c l&#7879;nh thanh l&yacute; b&#7855;t bu&#7897;c</a> c&ugrave;ng margin call khi&#7871;n xu h&#432;&#7899;ng b&aacute;n th&aacute;o b&#7883; &#273;&#7849;y nhanh h&#417;n. &#272;&#7889;i v&#7899;i b&#7841;c, &aacute;p l&#7921;c t&#259;ng cao h&#417;n n&#7919;a khi <a href="https://vn.beincrypto.com/cme-percentage-precious-metals-margins/" target="_blank" rel="noreferrer noopener">CME t&#259;ng t&#7927; l&#7879; k&yacute; qu&#7929; h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai</a> l&ecirc;n t&#7899;i 47%, b&#7855;t bu&#7897;c nhi&#7873;u v&#7883; th&#7871; ph&#7843;i b&aacute;n ra m&#7841;nh gi&#7919;a l&uacute;c thanh kho&#7843;n th&#7845;p.
Nguy&ecirc;n nh&acirc;n ban &#273;&#7847;u xu&#7845;t ph&aacute;t t&#7915; nh&oacute;m c&#7893; phi&#7871;u c&ocirc;ng ngh&#7879;. &#272;&#7863;c bi&#7879;t, c&#7893; phi&#7871;u Microsoft &ndash; &ldquo;&ocirc;ng l&#7899;n&rdquo; chi&#7871;m t&#7927; tr&#7885;ng l&#7899;n nh&#7845;t trong c&aacute;c ch&#7881; s&#7889; v&agrave; m&ocirc; h&igrave;nh qu&#7843;n tr&#7883; r&#7911;i ro h&#7879; th&#7889;ng &ndash; c&oacute; l&uacute;c gi&#7843;m t&#7899;i 11&ndash;12% do d&#7921; b&aacute;o kinh doanh &#273;&aacute;m m&acirc;y k&eacute;m kh&#7843; quan, chi ti&ecirc;u v&#7889;n cho AI t&#259;ng, v&agrave; vi&#7879;c b&#7883; lo&#7841;i kh&#7887;i danh m&#7909;c l&#7921;a ch&#7885;n h&agrave;ng &#273;&#7847;u c&#7911;a Morgan Stanley.
&#272;&#7907;t b&aacute;n th&aacute;o n&agrave;y &#273;&atilde; k&eacute;o Nasdaq v&agrave; S&amp;P 500 gi&#7843;m m&#7841;nh, d&#7851;n t&#7899;i c&aacute;c &#273;&#7907;t b&aacute;n ra t&#7921; &#273;&#7897;ng &#273;&#7871;n t&#7915; c&aacute;c qu&#7929; ch&#7881; s&#7889;, qu&#7929; gi&#7843;m r&#7911;i ro theo bi&#7871;n &#273;&#7897;ng c&#361;ng nh&#432; b&aacute;n th&aacute;o ch&eacute;o nhi&#7873;u lo&#7841;i t&agrave;i s&#7843;n. Khi c&aacute;c t&agrave;i s&#7843;n ng&agrave;y c&agrave;ng c&oacute; m&#7889;i li&ecirc;n h&#7879; ch&#7863;t ch&#7869;, kim lo&#7841;i qu&yacute; v&#7889;n &#273;ang b&#7883; &ldquo;qu&aacute; t&#7843;i&rdquo; &#273;&#7847;u t&#432; c&#361;ng m&#7845;t gi&aacute; m&#7841;nh c&ugrave;ng c&#7893; phi&#7871;u.
C&aacute;c chuy&ecirc;n gia kinh t&#7871; v&#297; m&ocirc; nh&#7845;n m&#7841;nh &#273;&acirc;y kh&ocirc;ng ph&#7843;i l&agrave; hi&#7879;u &#7913;ng b&#7845;t ng&#7901; t&#7915; Fed, <a href="https://vn.beincrypto.com/us-iran-war-shutdown-fears-bitcoin-crash/" target="_blank" rel="noreferrer noopener">c&#259;ng th&#7859;ng &#273;&#7883;a ch&iacute;nh tr&#7883;</a> hay nh&#7919;ng thay &#273;&#7893;i l&#7899;n trong ch&iacute;nh s&aacute;ch kinh t&#7871; &#273;&#7897;t ng&#7897;t.
Thay v&agrave;o &#273;&oacute;, &#273;&acirc;y gi&#7889;ng nh&#432; m&#7897;t cu&#7897;c &#273;i&#7873;u ch&#7881;nh l&#7841;i b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n. Khi t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng ch&#7853;m l&#7841;i, chi ti&ecirc;u v&#7889;n t&#259;ng m&#7841;nh v&agrave; &#273;&ograve;n b&#7849;y t&agrave;i ch&iacute;nh ch&#7891;ng ch&#7845;t tr&ecirc;n nh&#7919;ng giao d&#7883;ch &#273;ang &#273;&ocirc;ng ng&#432;&#7901;i tham gia, th&igrave; vi&#7879;c x&aacute;c &#273;&#7883;nh m&#7913;c gi&aacute; kh&ocirc;ng c&ograve;n di&#7877;n ra m&#7897;t c&aacute;ch su&ocirc;n s&#7867; n&#7919;a. Thay v&agrave;o &#273;&oacute;, gi&aacute; c&oacute; th&#7875; bi&#7871;n &#273;&#7897;ng m&#7841;nh b&#7845;t ng&#7901;.
T&#7893;ng h&#7907;p l&#7841;i, s&#7921; ki&#7879;n n&agrave;y cho th&#7845;y r&otilde; m&#7913;c &#273;&#7897; nhanh ch&oacute;ng m&agrave; <a href="https://vn.beincrypto.com/crypto-futures-trading-mistakes-2025/" target="_blank" rel="noreferrer noopener">&#273;&ograve;n b&#7849;y t&agrave;i ch&iacute;nh c&oacute; th&#7875; bi&#7871;n m&#7897;t giao d&#7883;ch ph&#7893; bi&#7871;n th&agrave;nh m&#7897;t c&uacute; s&#7909;p &#273;&#7893; m&#7841;nh</a>.

Cathie Wood dự báo giá vàng đạt đỉnh khi thị trường rút 9.000 tỷ USD khỏi các tài sản

Cathie Wood &#273;ang gi&oacute;ng l&ecirc;n h&#7891;i chu&ocirc;ng c&#7843;nh b&aacute;o v&#7873; v&agrave;ng &#273;&uacute;ng l&uacute;c c&aacute;c th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u ch&#7913;ng ki&#7871;n s&#7921; bi&#7871;n &#273;&#7897;ng d&#7919; d&#7897;i gi&#7919;a c&aacute;c lo&#7841;i t&agrave;i s&#7843;n trong nh&#7919;ng n&#259;m g&#7847;n &#273;&acirc;y.
Khi c&#7893; phi&#7871;u, kim lo&#7841;i qu&yacute; v&agrave; th&#7883; tr&#432;&#7901;ng h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai bi&#7871;n &#273;&#7897;ng m&#7841;nh ch&#7881; trong v&agrave;i gi&#7901;, nh&agrave; s&aacute;ng l&#7853;p ARK Invest nh&#7853;n &#273;&#7883;nh r&#7857;ng &#273;&#7907;t t&#259;ng gi&aacute; m&#7899;i nh&#7845;t c&#7911;a v&agrave;ng mang d&aacute;ng d&#7845;p c&#7911;a m&#7897;t bong b&oacute;ng cu&#7889;i chu k&#7923; &ndash; hi&#7879;n &#273;ang va ch&#7841;m v&#7899;i &#273;&ograve;n b&#7849;y t&agrave;i ch&iacute;nh l&#7899;n, d&ograve;ng ti&#7873;n v&agrave;o &#273;&ocirc;ng &#273;&#7843;o v&agrave; c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng mong manh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-cathie-wood-warns-of-gold-bubble-as-9-trillion-market-shakeout-hits">Cathie Wood c&#7843;nh b&aacute;o bong b&oacute;ng v&agrave;ng khi th&#7883; tr&#432;&#7901;ng 9.000 t&#7927; USD bi&#7871;n &#273;&#7897;ng m&#7841;nh</h2>

Cathie Wood cho r&#7857;ng x&aacute;c su&#7845;t gi&aacute; v&agrave;ng s&#7861;n s&agrave;ng &#273;i&#7873;u ch&#7881;nh r&#7845;t cao, khi v&#7883; l&atilde;nh &#273;&#7841;o Ark Invest ch&#7881; ra m&#7897;t t&iacute;n hi&#7879;u &#273;&#7883;nh gi&aacute; c&#7921;c &#273;oan hi&#7871;m g&#7863;p trong l&#7883;ch s&#7917; t&agrave;i ch&iacute;nh hi&#7879;n &#273;&#7841;i.
Theo ph&acirc;n t&iacute;ch c&#7911;a b&agrave;, v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a v&agrave;ng so v&#7899;i t&#7893;ng l&#432;&#7907;ng cung ti&#7873;n M&#7929; (M2) v&#7915;a l&#7853;p k&#7927; l&#7909;c m&#7899;i, v&#432;&#7907;t qua c&#7843; &#273;&#7881;nh l&#7841;m ph&aacute;t n&#259;m 1980 v&agrave; m&#7913;c t&#7915;ng th&#7845;y trong cu&#7897;c &#272;&#7841;i Suy Tho&aacute;i n&#259;m 1934.
<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;Theo quan &#273;i&#7875;m c&#7911;a ch&uacute;ng t&ocirc;i, bong b&oacute;ng hi&#7879;n t&#7841;i kh&ocirc;ng ph&#7843;i n&#7857;m &#7903; AI, m&agrave; l&agrave; &#7903; v&agrave;ng,&rdquo; Wood <a href="https://x.com/CathieDWood/status/2017025718404993366" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>, cho r&#7857;ng gi&aacute; v&agrave;ng hi&#7879;n nay ng&#7909; &yacute; m&#7897;t cu&#7897;c kh&#7911;ng ho&#7843;ng v&#297; m&ocirc; kh&ocirc;ng gi&#7889;ng v&#7899;i th&#7853;p ni&ecirc;n 1970 l&#7841;m ph&aacute;t hay s&#7921; s&#7909;p &#273;&#7893; mang t&iacute;nh gi&#7843;m ph&aacute;t c&#7911;a nh&#7919;ng n&#259;m 1930.
</blockquote>

B&agrave; c&#361;ng nh&#7853;n &#273;&#7883;nh r&#7857;ng d&ugrave; c&aacute;c ng&acirc;n h&agrave;ng trung &#432;&#417;ng n&#432;&#7899;c ngo&agrave;i &#273;ang &#273;a d&#7841;ng h&oacute;a kh&#7887;i &#273;&#7891;ng USD, nh&#432;ng th&#7883; tr&#432;&#7901;ng tr&aacute;i phi&#7871;u M&#7929; l&#7841;i cho th&#7845;y &#273;i&#7873;u ng&#432;&#7907;c l&#7841;i, khi <a href="https://vn.beincrypto.com/us-10-year-treasury-yield-bitcoin-appeal/" target="_blank" rel="noreferrer noopener">l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u 10 n&#259;m c&#7911;a M&#7929;</a> &#273;&atilde; gi&#7843;m t&#7915; m&#7913;c &#273;&#7881;nh g&#7847;n 5% n&#259;m 2023 v&#7873; m&#7913;c kho&#7843;ng 4.2%.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/8-q_W-mLZ32WPnLPXGsmWQll8v0=/smart/e99f8cdcec1b414ca5edeab5f95ee704" alt="V&#7889;n h&oacute;a v&agrave;ng so v&#7899;i ngu&#7891;n cung ti&#7873;n M2" class="wp-image-797316">V&#7889;n h&oacute;a v&agrave;ng so v&#7899;i ngu&#7891;n cung ti&#7873;n M2. Ngu&#7891;n: <a href="https://x.com/CathieDWood/status/2017025714118123873" target="_blank" rel="noreferrer noopener nofollow">Cathie Wood tr&ecirc;n X</a>

B&agrave; c&#7843;nh b&aacute;o r&#7857;ng n&#7871;u &#273;&#7891;ng USD s&#7899;m ph&#7909;c h&#7891;i, c&oacute; th&#7875; l&agrave;m ch&#7845;m d&#7913;t <a href="https://vn.beincrypto.com/crypto-gold-silver-capital-rotation-analysis/" target="_blank" rel="noreferrer noopener">&#273;&agrave; t&#259;ng c&#7911;a v&agrave;ng</a> gi&#7889;ng nh&#432; giai &#273;o&#7841;n t&#7915; 1980 &#273;&#7871;n 2000, khi gi&aacute; v&agrave;ng t&#7915;ng gi&#7843;m h&#417;n 60%.
Tuy v&#7853;y, kh&ocirc;ng ph&#7843;i ai c&#361;ng &#273;&#7891;ng t&igrave;nh v&#7899;i quan &#273;i&#7875;m c&#7911;a Wood. M&#7897;t s&#7889; nh&agrave; giao d&#7883;ch v&#297; m&ocirc; ph&#7843;n bi&#7879;n r&#7857;ng t&#7927; l&#7879; v&agrave;ng/M2 kh&ocirc;ng c&ograve;n l&agrave; ch&#7881; b&aacute;o &#273;&aacute;ng tin c&#7853;y trong <a href="https://vn.beincrypto.com/fed-rate-cut-crypto-november/" target="_blank" rel="noreferrer noopener">k&#7927; nguy&ecirc;n t&agrave;i ch&iacute;nh k&#7929; thu&#7853;t s&#7889; h&#7853;u QE</a> nh&#432; hi&#7879;n nay.
Theo m&#7897;t s&#7889; chuy&ecirc;n gia, bi&#7875;u &#273;&#7891; n&oacute;i tr&ecirc;n kh&ocirc;ng nh&#7845;t thi&#7871;t cho th&#7845;y v&agrave;ng &#273;ang trong t&igrave;nh tr&#7841;ng bong b&oacute;ng m&agrave; ch&#7911; y&#7871;u ph&#7843;n &aacute;nh vi&#7879;c c&aacute;c ch&#7881; s&#7889; cung ti&#7873;n truy&#7873;n th&#7889;ng &#273;&atilde; m&#7845;t d&#7847;n gi&aacute; tr&#7883; nh&#432; m&#7897;t ngu&#7891;n th&ocirc;ng tin tham kh&#7843;o th&#7883; tr&#432;&#7901;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-9-trillion-volatility-shock-shows-how-leverage-and-crowded-trades-fueled-a-market-flush">C&uacute; s&#7889;c bi&#7871;n &#273;&#7897;ng 9,000 t&#7927; USD cho th&#7845;y &#273;&ograve;n b&#7849;y v&agrave; giao d&#7883;ch &#273;&ocirc;ng ng&#432;&#7901;i &#273;&atilde; khi&#7871;n th&#7883; tr&#432;&#7901;ng lao d&#7889;c nh&#432; th&#7871; n&agrave;o</h2>

Nh&#7919;ng b&igrave;nh lu&#7853;n n&agrave;y &#273;&#432;&#7907;c &#273;&#432;a ra trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng v&#7915;a tr&#7843;i qua m&#7897;t <a href="https://vn.beincrypto.com/crypto-liquidations-bitcoin-ethereum-crash-sentiment/" target="_blank" rel="noreferrer noopener">b&agrave;i ki&#7875;m tra s&#7913;c ch&#7883;u &#273;&#7921;ng</a> c&#7921;c l&#7899;n. Ch&#7881; trong m&#7897;t phi&ecirc;n giao d&#7883;ch, v&agrave;ng b&#7889;c h&#417;i kho&#7843;ng 8%, &ldquo;b&#7889;c h&#417;i&rdquo; g&#7847;n 3,000 t&#7927; USD v&#7889;n h&oacute;a. Gi&aacute; b&#7841;c gi&#7843;m h&#417;n 12%, k&eacute;o theo m&#7913;c gi&#7843;m kho&#7843;ng 750 t&#7927; USD gi&aacute; tr&#7883;.
Th&#7883; tr&#432;&#7901;ng c&#7893; phi&#7871;u M&#7929; c&#361;ng ch&#7883;u &#7843;nh h&#432;&#7903;ng m&#7841;nh, khi S&amp;P 500 v&agrave; Nasdaq m&#7845;t h&#417;n 1,000 t&#7927; USD v&#7889;n h&oacute;a trong phi&ecirc;n tr&#432;&#7899;c khi b&#7853;t t&#259;ng tr&#7903; l&#7841;i l&uacute;c ch&#7889;t phi&ecirc;n.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/TZlLME5OToZ1eHxWWqS1B-eaOB4=/smart/6d7a10591a15477585cb0bf19b5dbcd5" alt="" class="wp-image-797318">Hi&#7879;u su&#7845;t gi&aacute; v&agrave;ng (XAU), b&#7841;c (XAG), v&agrave; S&amp;P500 (SPX). Ngu&#7891;n: <a href="https://www.tradingview.com/x/QZy4HPue/">TradingView</a>

&#272;&#7871;n cu&#7889;i phi&ecirc;n, ph&#7847;n l&#7899;n gi&aacute; tr&#7883; &#273;&atilde; ph&#7909;c h&#7891;i tr&#7903; l&#7841;i. <a href="https://vn.beincrypto.com/markets-crashed-overnight-gold-recovered-bitcoin-didnt/" target="_blank" rel="noreferrer noopener">V&agrave;ng l&#7845;y l&#7841;i g&#7847;n 2,000 t&#7927; USD v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng</a>, b&#7841;c h&#7891;i ph&#7909;c kho&#7843;ng 500 t&#7927; USD, v&agrave; c&#7893; phi&#7871;u M&#7929; c&#361;ng t&#259;ng l&#7841;i h&#417;n 1,000 t&#7927; USD.
T&#7893;ng c&#7897;ng, c&aacute;c chuy&ecirc;n gia &#432;&#7899;c t&iacute;nh ch&#7881; trong kho&#7843;ng 6.5 gi&#7901;, kho&#7843;ng 9,000 t&#7927; USD v&#7889;n h&oacute;a &#273;&atilde; &ldquo;chao &#273;&#7843;o&rdquo; gi&#7919;a th&#7883; tr&#432;&#7901;ng kim lo&#7841;i v&agrave; ch&#7913;ng kho&aacute;n, cho th&#7845;y bi&#7871;n &#273;&#7897;ng c&#7921;c l&#7899;n ch&#7913; kh&ocirc;ng ph&#7843;i s&#7921; m&#7845;t m&aacute;t gi&aacute; tr&#7883; l&acirc;u d&agrave;i.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch nh&#432; The Bull Theory c&#361;ng &#273;&#7891;ng t&igrave;nh r&#7857;ng nguy&ecirc;n nh&acirc;n ch&#7911; y&#7871;u l&agrave; do s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y qu&aacute; l&#7899;n ch&#7913; kh&ocirc;ng ph&#7843;i c&aacute;c y&#7871;u t&#7889; c&#417; b&#7843;n. C&aacute;c nh&agrave; giao d&#7883;ch h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai &#273;&atilde; &#273;&aacute;nh c&#432;&#7907;c m&#7841;nh v&agrave;o v&agrave;ng v&agrave; b&#7841;c v&#7899;i t&#7927; l&#7879; &#273;&ograve;n b&#7849;y l&ecirc;n t&#7899;i 50x &ndash; 100x. L&agrave;n s&oacute;ng n&agrave;y xu&#7845;t hi&#7879;n sau &#273;&#7907;t t&#259;ng d&agrave;i h&#7841;n &ndash; v&agrave;ng &#273;&atilde; t&#259;ng kho&#7843;ng 160%, b&#7841;c t&#259;ng g&#7847;n 380%.
Khi gi&aacute; b&#7855;t &#273;&#7847;u gi&#7843;m, <a href="https://beincrypto.com/crypto-liquidations-bitcoin-ethereum-crash-sentiment/" target="_blank" rel="noreferrer noopener">c&aacute;c l&#7879;nh thanh l&yacute; b&#7855;t bu&#7897;c</a> c&ugrave;ng margin call khi&#7871;n xu h&#432;&#7899;ng b&aacute;n th&aacute;o b&#7883; &#273;&#7849;y nhanh h&#417;n. &#272;&#7889;i v&#7899;i b&#7841;c, &aacute;p l&#7921;c t&#259;ng cao h&#417;n n&#7919;a khi <a href="https://vn.beincrypto.com/cme-percentage-precious-metals-margins/" target="_blank" rel="noreferrer noopener">CME t&#259;ng t&#7927; l&#7879; k&yacute; qu&#7929; h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai</a> l&ecirc;n t&#7899;i 47%, b&#7855;t bu&#7897;c nhi&#7873;u v&#7883; th&#7871; ph&#7843;i b&aacute;n ra m&#7841;nh gi&#7919;a l&uacute;c thanh kho&#7843;n th&#7845;p.
Nguy&ecirc;n nh&acirc;n ban &#273;&#7847;u xu&#7845;t ph&aacute;t t&#7915; nh&oacute;m c&#7893; phi&#7871;u c&ocirc;ng ngh&#7879;. &#272;&#7863;c bi&#7879;t, c&#7893; phi&#7871;u Microsoft &ndash; &ldquo;&ocirc;ng l&#7899;n&rdquo; chi&#7871;m t&#7927; tr&#7885;ng l&#7899;n nh&#7845;t trong c&aacute;c ch&#7881; s&#7889; v&agrave; m&ocirc; h&igrave;nh qu&#7843;n tr&#7883; r&#7911;i ro h&#7879; th&#7889;ng &ndash; c&oacute; l&uacute;c gi&#7843;m t&#7899;i 11&ndash;12% do d&#7921; b&aacute;o kinh doanh &#273;&aacute;m m&acirc;y k&eacute;m kh&#7843; quan, chi ti&ecirc;u v&#7889;n cho AI t&#259;ng, v&agrave; vi&#7879;c b&#7883; lo&#7841;i kh&#7887;i danh m&#7909;c l&#7921;a ch&#7885;n h&agrave;ng &#273;&#7847;u c&#7911;a Morgan Stanley.
&#272;&#7907;t b&aacute;n th&aacute;o n&agrave;y &#273;&atilde; k&eacute;o Nasdaq v&agrave; S&amp;P 500 gi&#7843;m m&#7841;nh, d&#7851;n t&#7899;i c&aacute;c &#273;&#7907;t b&aacute;n ra t&#7921; &#273;&#7897;ng &#273;&#7871;n t&#7915; c&aacute;c qu&#7929; ch&#7881; s&#7889;, qu&#7929; gi&#7843;m r&#7911;i ro theo bi&#7871;n &#273;&#7897;ng c&#361;ng nh&#432; b&aacute;n th&aacute;o ch&eacute;o nhi&#7873;u lo&#7841;i t&agrave;i s&#7843;n. Khi c&aacute;c t&agrave;i s&#7843;n ng&agrave;y c&agrave;ng c&oacute; m&#7889;i li&ecirc;n h&#7879; ch&#7863;t ch&#7869;, kim lo&#7841;i qu&yacute; v&#7889;n &#273;ang b&#7883; &ldquo;qu&aacute; t&#7843;i&rdquo; &#273;&#7847;u t&#432; c&#361;ng m&#7845;t gi&aacute; m&#7841;nh c&ugrave;ng c&#7893; phi&#7871;u.
C&aacute;c chuy&ecirc;n gia kinh t&#7871; v&#297; m&ocirc; nh&#7845;n m&#7841;nh &#273;&acirc;y kh&ocirc;ng ph&#7843;i l&agrave; hi&#7879;u &#7913;ng b&#7845;t ng&#7901; t&#7915; Fed, <a href="https://vn.beincrypto.com/us-iran-war-shutdown-fears-bitcoin-crash/" target="_blank" rel="noreferrer noopener">c&#259;ng th&#7859;ng &#273;&#7883;a ch&iacute;nh tr&#7883;</a> hay nh&#7919;ng thay &#273;&#7893;i l&#7899;n trong ch&iacute;nh s&aacute;ch kinh t&#7871; &#273;&#7897;t ng&#7897;t.
Thay v&agrave;o &#273;&oacute;, &#273;&acirc;y gi&#7889;ng nh&#432; m&#7897;t cu&#7897;c &#273;i&#7873;u ch&#7881;nh l&#7841;i b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n. Khi t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng ch&#7853;m l&#7841;i, chi ti&ecirc;u v&#7889;n t&#259;ng m&#7841;nh v&agrave; &#273;&ograve;n b&#7849;y t&agrave;i ch&iacute;nh ch&#7891;ng ch&#7845;t tr&ecirc;n nh&#7919;ng giao d&#7883;ch &#273;ang &#273;&ocirc;ng ng&#432;&#7901;i tham gia, th&igrave; vi&#7879;c x&aacute;c &#273;&#7883;nh m&#7913;c gi&aacute; kh&ocirc;ng c&ograve;n di&#7877;n ra m&#7897;t c&aacute;ch su&ocirc;n s&#7867; n&#7919;a. Thay v&agrave;o &#273;&oacute;, gi&aacute; c&oacute; th&#7875; bi&#7871;n &#273;&#7897;ng m&#7841;nh b&#7845;t ng&#7901;.
T&#7893;ng h&#7907;p l&#7841;i, s&#7921; ki&#7879;n n&agrave;y cho th&#7845;y r&otilde; m&#7913;c &#273;&#7897; nhanh ch&oacute;ng m&agrave; <a href="https://vn.beincrypto.com/crypto-futures-trading-mistakes-2025/" target="_blank" rel="noreferrer noopener">&#273;&ograve;n b&#7849;y t&agrave;i ch&iacute;nh c&oacute; th&#7875; bi&#7871;n m&#7897;t giao d&#7883;ch ph&#7893; bi&#7871;n th&agrave;nh m&#7897;t c&uacute; s&#7909;p &#273;&#7893; m&#7841;nh</a>.