<p>Michael Burry, nh&agrave; &#273;&#7847;u t&#432; n&#7893;i ti&#7871;ng t&#7915;ng d&#7921; &#273;o&aacute;n kh&#7911;ng ho&#7843;ng t&agrave;i ch&iacute;nh 2008, v&#7915;a c&#7843;nh b&aacute;o h&ocirc;m th&#7913; Hai r&#7857;ng s&#7921; lao d&#7889;c m&#7841;nh c&#7911;a Bitcoin c&oacute; th&#7875; k&eacute;o theo l&agrave;n s&oacute;ng b&aacute;n th&aacute;o m&#7841;nh m&#7869; tr&ecirc;n nhi&#7873;u lo&#7841;i t&agrave;i s&#7843;n kh&aacute;c nhau.</p>
<p>V&#7899;i vi&#7879;c Bitcoin &#273;&atilde; gi&#7843;m 40% so v&#7899;i &#273;&#7881;nh th&aacute;ng 10 v&agrave; c&aacute;c altcoin c&#361;ng s&#7909;t 20-40% k&#7875; t&#7915; sau cu&#7897;c h&#7885;p FOMC th&aacute;ng 01/2024, c&acirc;u h&#7887;i l&#7899;n nh&#7845;t tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto hi&#7879;n nay l&agrave; li&#7879;u &ldquo;m&ugrave;a &#273;&ocirc;ng crypto&rdquo; th&#7921;c s&#7921; &#273;&atilde; &#273;&#7871;n ch&#432;a.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-michael-burry-warns-btc-could-hit-50k">Michael Burry c&#7843;nh b&aacute;o BTC c&oacute; th&#7875; gi&#7843;m v&#7873; 50,000 USD</h2>

<p>Trong m&#7897;t b&agrave;i &#273;&#259;ng tr&ecirc;n Substack, nh&agrave; &#273;&#7847;u t&#432; &#273;&#432;&#7907;c t&aacute;i hi&#7879;n trong b&#7897; phim &ldquo;<a href="https://www.imdb.com/title/tt1596363/" target="_blank" rel="noreferrer noopener">Big Short</a>&rdquo; &#432;&#7899;c t&iacute;nh &#273;&atilde; c&oacute; t&#7899;i 1 t&#7927; USD t&agrave;i s&#7843;n qu&yacute; gi&aacute; b&#7883; b&aacute;n th&aacute;o v&agrave;o cu&#7889;i th&aacute;ng 01/2024 khi c&aacute;c t&#7893; ch&#7913;c v&agrave; doanh nghi&#7879;p v&#7897;i v&agrave;ng b&aacute;n &#273;&#7875; b&ugrave; l&#7895; cho kho&#7843;n &#273;&#7847;u t&#432; crypto.</p>
<p>&ldquo;Kh&ocirc;ng c&oacute; l&yacute; do th&#7921;c t&#7871; n&agrave;o &#273;&#7875; Bitcoin d&#7915;ng l&#7841;i ho&#7863;c ch&#7853;m l&#7841;i &#273;&agrave; r&#417;i c&#7911;a m&igrave;nh&rdquo;, Burry nh&#7853;n &#273;&#7883;nh. &Ocirc;ng c&#361;ng c&#7843;nh b&aacute;o n&#7871;u BTC gi&#7843;m v&#7873; 50,000 USD, c&aacute;c c&ocirc;ng ty khai th&aacute;c c&oacute; th&#7875; ph&aacute; s&#7843;n, v&agrave; th&#7883; tr&#432;&#7901;ng h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai metals tokenized c&#361;ng c&oacute; th&#7875; &ldquo;&#273;&#7893; v&#7905; nh&#432; m&#7897;t h&#7889; &#273;en kh&ocirc;ng c&ograve;n ai mua v&agrave;o&rdquo;.</p>
<p>Bitcoin t&#7915;ng ch&#7841;m m&#7889;c 73,000 USD v&agrave;o th&#7913; Ba, gi&#7843;m 40% so v&#7899;i &#273;&#7881;nh h&#417;n 126,000 USD h&#7891;i th&aacute;ng 10. Burry cho r&#7857;ng crypto n&agrave;y &#273;&atilde; kh&ocirc;ng th&#7875; ch&#7913;ng minh &#273;&#432;&#7907;c vai tr&ograve; &ldquo;tr&uacute; &#7849;n an to&agrave;n s&#7889;&rdquo; hay l&agrave; l&#7921;a ch&#7885;n thay th&#7871; v&agrave;ng nh&#432; qu&#7843;ng b&aacute;, &#273;&#7891;ng th&#7901;i b&aacute;c b&#7887; &#273;&#7907;t t&#259;ng nh&#7901; ETF g&#7847;n &#273;&acirc;y l&agrave; do &#273;&#7847;u c&#417; ch&#7913; kh&ocirc;ng ph&#7843;i d&#7845;u hi&#7879;u v&#7873; s&#7921; ch&#7845;p nh&#7853;n b&#7873;n v&#7919;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-strategy-and-bitmine-the-unraveling-of-crypto-treasury-model">Chi&#7871;n l&#432;&#7907;c v&agrave; BitMine: Gi&#7843;i m&atilde; m&ocirc; h&igrave;nh qu&#7843;n l&yacute; ng&acirc;n qu&#7929; crypto</h2>

<p>C&#7843;nh b&aacute;o lan t&#7887;a c&#7911;a Burry &#273;ang &#273;&#432;&#7907;c th&#7921;c t&#7871; h&oacute;a qua t&igrave;nh h&igrave;nh kh&oacute; kh&#259;n c&#7911;a c&aacute;c c&ocirc;ng ty t&iacute;ch tr&#7919; crypto. Strategy, c&ocirc;ng ty t&iacute;ch l&#361;y Bitcoin do Michael Saylor l&atilde;nh &#273;&#7841;o, hi&#7879;n &#273;ang <a href="https://vn.beincrypto.com/bitcoin-76k-strategy-average-cost/" target="_blank" rel="noreferrer noopener">ch&#7883;u kho&#7843;n l&#7895; tr&ecirc;n gi&#7845;y t&#7901;</a> k&#7875; t&#7915; khi BTC d&#432;&#7899;i m&#7913;c gi&aacute; mua trung b&igrave;nh kho&#7843;ng 76,000 USD. Ri&ecirc;ng qu&yacute; IV/2024, c&ocirc;ng ty n&agrave;y &#273;&atilde; ghi nh&#7853;n kho&#7843;n l&#7895; ch&#432;a th&#7921;c hi&#7879;n l&ecirc;n &#273;&#7871;n 17.44 t&#7927; USD.</p>
<p>V&#7889;n h&oacute;a c&#7911;a Strategy &#273;&atilde; &ldquo;bay h&#417;i&rdquo; t&#7915; 128 t&#7927; USD th&aacute;ng 07/2024 xu&#7889;ng c&ograve;n 40 t&#7927; USD, t&#7913;c gi&#7843;m 61% k&#7875; t&#7915; &#273;&#7881;nh th&aacute;ng 10 c&#7911;a Bitcoin. Ch&#7881; s&#7889; mNAV (gi&aacute; tr&#7883; doanh nghi&#7879;p chia cho gi&aacute; tr&#7883; n&#7855;m gi&#7919; crypto) c&#361;ng t&#7909;t t&#7915; h&#417;n 2 c&aacute;ch &#273;&acirc;y m&#7897;t n&#259;m v&#7873; m&#7913;c 1.1, ti&#7871;n g&#7847;n ng&#432;&#7905;ng nguy hi&#7875;m c&oacute; th&#7875; bu&#7897;c c&ocirc;ng ty ph&#7843;i b&aacute;n token.</p>
<p>Strategy &#273;&atilde; <a href="https://vn.beincrypto.com/microstrategy-bitcoin-sale-liquidity-plan/" target="_blank" rel="noreferrer noopener">n&ecirc;u kh&#7843; n&#259;ng b&aacute;n m&#7897;t ph&#7847;n t&agrave;i s&#7843;n n&#7871;u mNAV xu&#7889;ng d&#432;&#7899;i 1</a>, &#273;&aacute;nh d&#7845;u s&#7921; thay &#273;&#7893;i sau nhi&#7873;u n&#259;m Michael Saylor tuy&ecirc;n b&#7889; &ldquo;gi&#7919; m&atilde;i kh&ocirc;ng b&aacute;n&rdquo;. C&ocirc;ng ty n&agrave;y &#273;&atilde; huy &#273;&#7897;ng 1.44 t&#7927; USD b&#7857;ng c&aacute;ch b&aacute;n c&#7893; phi&#7871;u &#273;&#7875; &#273;&#7843;m b&#7843;o c&oacute; &#273;&#7911; ti&#7873;n tr&#7843; c&#7893; t&#7913;c v&agrave; n&#7907; trong t&#432;&#417;ng lai.</p>
<p>BitMine Immersion Technologies, &#273;&#432;&#7907;c h&#7853;u thu&#7851;n b&#7903;i Peter Thiel v&agrave; ch&#7911; t&#7883;ch l&agrave; Tom Lee t&#7915; Fundstrat, th&#7853;m ch&iacute; c&ograve;n thi&#7879;t h&#7841;i n&#7863;ng h&#417;n. C&ocirc;ng ty t&iacute;ch l&#361;y Ethereum n&agrave;y &#273;ang gi&#7919; 4.3 tri&#7879;u ETH mua v&#7899;i gi&aacute; trung b&igrave;nh 3,826 USD, hi&#7879;n gi&aacute; ch&#7881; c&ograve;n kho&#7843;ng 2,300 USD &ndash; &#273;&#7891;ng ngh&#297;a l&#7895; ch&#432;a th&#7921;c hi&#7879;n tr&ecirc;n 6 t&#7927; USD.</p>
<p>C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7843;nh b&aacute;o c&aacute;c c&ocirc;ng ty t&iacute;ch tr&#7919; crypto &#273;ang b&#7883; &ldquo;k&#7865;t&rdquo; ch&iacute;nh trong c&acirc;u chuy&#7879;n c&#7911;a m&igrave;nh. N&#7871;u h&#7885; b&aacute;n, d&ugrave; ch&#7881; m&#7897;t ph&#7847;n nh&#7887;, c&#361;ng s&#7869; t&#7841;o ra t&iacute;n hi&#7879;u x&#7845;u khi&#7871;n gi&aacute; c&#7893; phi&#7871;u v&agrave; gi&aacute; token lao d&#7889;c m&#7841;nh h&#417;n r&#7845;t nhi&#7873;u so v&#7899;i l&#7907;i &iacute;ch thu &#273;&#432;&#7907;c t&#7915; vi&#7879;c b&aacute;n &#273;&oacute;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-technical-analysis-points-to-extended-downtrend">Ph&acirc;n t&iacute;ch k&#7929; thu&#7853;t cho th&#7845;y xu h&#432;&#7899;ng gi&#7843;m c&oacute; th&#7875; k&eacute;o d&agrave;i</h2>

<p>Chuy&ecirc;n gia ph&acirc;n t&iacute;ch Nh&#7853;t B&#7843;n <a href="https://media.monex.co.jp/articles/-/28699">Hiroyuki Kato t&#7915; CXR Engineering c&#7843;nh b&aacute;o</a> th&#7883; tr&#432;&#7901;ng crypto c&oacute; th&#7875; &#273;&atilde; b&#432;&#7899;c v&agrave;o xu h&#432;&#7899;ng gi&#7843;m d&agrave;i h&#7841;n. Bitcoin &#273;&atilde; xuy&ecirc;n &#273;&aacute;y th&aacute;ng 11/2023, chuy&#7875;n t&iacute;n hi&#7879;u t&#7915; mua khi gi&aacute; gi&#7843;m sang kh&#7843; n&#259;ng chi&#7871;n l&#432;&#7907;c b&aacute;n kh&#7889;ng l&ecirc;n ng&ocirc;i.</p>
<p>Ethereum c&#361;ng v&#7915;a xuy&ecirc;n th&#7911;ng v&ugrave;ng h&#7895; tr&#7907; quan tr&#7885;ng 400,000 y&ecirc;n (2,600 USD), khi&#7871;n &#273;&agrave; gi&#7843;m th&ecirc;m m&#7841;nh, altcoin &#273;&#7891;ng lo&#7841;t r&#7899;t gi&aacute; 20-40% t&#7915; sau cu&#7897;c h&#7885;p FOMC th&aacute;ng 01/2024. Kato cho bi&#7871;t &#273;&#7891; th&#7883; tu&#7847;n c&#7911;a Bitcoin xu&#7845;t hi&#7879;n m&ocirc; h&igrave;nh vai-&#273;&#7847;u-vai v&agrave; &#273;ang ch&#7841;m s&aacute;t &ldquo;v&ugrave;ng c&#7893; &aacute;o&rdquo; &ndash; n&#7871;u th&#7911;ng s&#7869; r&#7845;t kh&oacute; ph&#7909;c h&#7891;i trong ng&#7855;n h&#7841;n.</p>
<p>&ldquo;S&#7921; bi&#7871;n &#273;&#7897;ng m&#7841;nh c&#7911;a crypto v&agrave; v&agrave;ng b&#7841;c tr&#432;&#7899;c c&#7843; c&aacute;c th&#7883; tr&#432;&#7901;ng c&#7893; phi&#7871;u c&oacute; th&#7875; l&agrave; d&#7845;u hi&#7879;u c&#7843;nh b&aacute;o s&#7899;m,&rdquo; Kato vi&#7871;t, &#273;&#7891;ng th&#7901;i cho r&#7857;ng nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n gi&#7919; v&#7883; th&#7871; an to&agrave;n cho &#273;&#7871;n khi th&#7883; tr&#432;&#7901;ng &#7893;n &#273;&#7883;nh tr&#7903; l&#7841;i.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-not-a-crypto-winter-but-a-new-paradigm">Kh&ocirc;ng ph&#7843;i m&ugrave;a &#273;&ocirc;ng crypto, m&agrave; l&agrave; m&#7897;t m&ocirc; h&igrave;nh m&#7899;i</h2>

<p>D&ugrave; v&#7853;y, t&#7893; ch&#7913;c Tiger Research cho r&#7857;ng &#273;&#7907;t gi&#7843;m n&agrave;y <a href="https://x.com/tiger_research/status/2018849871407747168">th&#7921;c ch&#7845;t kh&aacute;c bi&#7879;t so v&#7899;i c&aacute;c &ldquo;m&ugrave;a &#273;&ocirc;ng crypto&rdquo; tr&#432;&#7899;c</a>. Nh&#7919;ng m&ugrave;a &#273;&ocirc;ng nh&#432; v&#7909; hack Mt. Gox n&#259;m 2014, &#273;&#7893; v&#7905; ICO n&#259;m 2018 hay s&#7921; s&#7909;p &#273;&#7893; c&#7911;a Terra-FTX n&#259;m 2022 &#273;&#7873;u b&#7855;t ngu&#7891;n t&#7915; r&#7911;i ro trong ng&agrave;nh, l&agrave;m m&#7845;t l&ograve;ng tin v&agrave; nh&acirc;n s&#7921; r&#7901;i b&#7887; th&#7883; tr&#432;&#7901;ng.</p>
<p>&ldquo;Ch&uacute;ng ta kh&ocirc;ng t&#7841;o ra m&ugrave;a xu&acirc;n th&igrave; s&#7869; kh&ocirc;ng c&oacute; m&ugrave;a &#273;&ocirc;ng,&rdquo; b&aacute;o c&aacute;o kh&#7859;ng &#273;&#7883;nh. C&#7843; &#273;&#7907;t t&#259;ng m&#7841;nh l&#7851;n gi&#7843;m m&#7841;nh trong n&#259;m 2024 ch&#7911; y&#7871;u &#273;&#7873;u do c&aacute;c y&#7871;u t&#7889; b&ecirc;n ngo&agrave;i nh&#432; ch&#7845;p thu&#7853;n ETF, ch&iacute;nh s&aacute;ch thu&#7871; quan v&agrave; k&#7923; v&#7885;ng v&#7873; l&atilde;i su&#7845;t.</p>
<p>&#272;&aacute;ng n&oacute;i h&#417;n, th&#7883; tr&#432;&#7901;ng hi&#7879;n &#273;&atilde; chia th&agrave;nh 3 t&#7847;ng k&#7875; t&#7915; khi &#273;&#432;&#7907;c &#273;i&#7873;u ti&#7871;t: khu v&#7921;c &#273;&atilde; &#273;i&#7873;u ti&#7871;t v&#7899;i m&#7913;c bi&#7871;n &#273;&#7897;ng &#273;&#432;&#7907;c ki&#7875;m so&aacute;t, khu v&#7921;c ch&#432;a &#273;i&#7873;u ti&#7871;t d&agrave;nh cho &#273;&#7847;u c&#417; m&#7841;o hi&#7875;m, v&agrave; h&#7841; t&#7847;ng chung nh&#432; stablecoin ph&#7909;c v&#7909; cho c&#7843; hai ph&iacute;a. Hi&#7879;u &#7913;ng lan t&#7887;a khi&#7871;n to&agrave;n b&#7897; token c&ugrave;ng t&#259;ng khi Bitcoin t&#259;ng nay &#273;&atilde; kh&ocirc;ng c&ograve;n. Ngu&#7891;n v&#7889;n ETF ch&#7881; t&#7853;p trung v&agrave;o Bitcoin, g&#7847;n nh&#432; kh&ocirc;ng lan sang altcoin n&#7919;a.</p>
<p>&ldquo;M&#7897;t m&ugrave;a crypto m&agrave; t&#7845;t c&#7843; &#273;&#7873;u t&#259;ng m&#7841;nh c&ugrave;ng nhau kh&oacute; c&oacute; th&#7875; l&#7863;p l&#7841;i,&rdquo; Tiger Research k&#7871;t lu&#7853;n. &ldquo;S&oacute;ng t&#259;ng ti&#7871;p theo ch&#7855;c ch&#7855;n s&#7869; &#273;&#7871;n. Nh&#432;ng kh&ocirc;ng ph&#7843;i ai c&#361;ng h&#432;&#7903;ng l&#7907;i.&rdquo;</p>
<p>&#272;&#7875; c&oacute; m&#7897;t &#273;&#7907;t bull run th&#7921;c s&#7921;, th&#7883; tr&#432;&#7901;ng c&#7847;n h&#7897;i t&#7909; &#273;&#7911; hai y&#7871;u t&#7889;: ph&#7843;i xu&#7845;t hi&#7879;n c&aacute;c &#7913;ng d&#7909;ng v&#432;&#7907;t tr&#7897;i m&#7899;i t&#7915; khu v&#7921;c ch&#432;a &#273;i&#7873;u ti&#7871;t v&agrave; m&ocirc;i tr&#432;&#7901;ng v&#297; m&ocirc; ph&#7843;i thu&#7853;n l&#7907;i. Tr&#432;&#7899;c khi &#273;i&#7873;u n&agrave;y x&#7843;y ra, th&#7883; tr&#432;&#7901;ng crypto hi&#7879;n v&#7851;n &#273;ang &#7903; th&#7871; l&#432;ng ch&#7915;ng&mdash;kh&ocirc;ng h&#7859;n l&agrave; m&ugrave;a &#273;&ocirc;ng, c&#361;ng ch&#7859;ng c&ograve;n l&agrave; m&ugrave;a xu&acirc;n, m&agrave; l&agrave; m&#7897;t giai &#273;o&#7841;n ho&agrave;n to&agrave;n m&#7899;i.</p>


Đây có phải là crypto winter? Burry dự đoán 50,000 USD, Tiger nói không