Th&#7883; tr&#432;&#7901;ng crypto &#273;ang chu&#7849;n b&#7883; cho m&#7897;t s&#7921; ki&#7879;n cu&#7889;i n&#259;m mang t&iacute;nh l&#7883;ch s&#7917; v&agrave;o h&ocirc;m nay, 26/12, khi h&#417;n 27 t&#7927; USD c&aacute;c h&#7907;p &#273;&#7891;ng quy&#7873;n ch&#7885;n Bitcoin v&agrave; Ethereum s&#7869; &#273;&aacute;o h&#7841;n tr&ecirc;n s&agrave;n Deribit. &#272;&acirc;y l&agrave; con s&#7889; chi&#7871;m h&#417;n m&#7897;t n&#7917;a t&#7893;ng l&atilde;i m&#7903; (open interest) c&#7911;a s&agrave;n ph&aacute;i sinh n&agrave;y.
&#272;&#7907;t &#273;&aacute;o h&#7841;n &ldquo;Boxing Day&rdquo; kh&#7893;ng l&#7891; n&agrave;y c&oacute; th&#7875; tr&#7903; th&agrave;nh m&#7897;t trong nh&#7919;ng l&#7847;n t&aacute;i c&#7845;u tr&uacute;c l&#7899;n nh&#7845;t trong l&#7883;ch s&#7917; th&#7883; tr&#432;&#7901;ng crypto.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitcoin-and-ethereum-brace-for-record-27-billion-options-expiry-on-boxing-day">Bitcoin v&agrave; Ethereum chu&#7849;n b&#7883; cho &#273;&#7907;t &#273;&aacute;o h&#7841;n h&#7907;p &#273;&#7891;ng quy&#7873;n ch&#7885;n k&#7927; l&#7909;c 27 t&#7927; USD v&agrave;o ng&agrave;y Boxing Day</h2>

K&#7923; &#273;&aacute;o h&#7841;n quy&#7873;n ch&#7885;n h&ocirc;m nay v&#432;&#7907;t xa <a href="https://vn.beincrypto.com/bitcoin-ethereum-options-december-expiry/" target="_blank" rel="noreferrer noopener">so v&#7899;i tu&#7847;n tr&#432;&#7899;c</a>, b&#7903;i &#273;&acirc;y l&agrave; ng&agrave;y th&#7913; S&aacute;u cu&#7889;i c&ugrave;ng c&#7911;a th&aacute;ng v&agrave; c&#361;ng l&agrave; cu&#7889;i n&#259;m. C&#7909; th&#7875;, c&aacute;c h&#7907;p &#273;&#7891;ng quy&#7873;n ch&#7885;n &#273;&aacute;o h&#7841;n h&ocirc;m nay thu&#7897;c k&#7923; h&#7841;n th&aacute;ng v&agrave; qu&yacute; IV n&#259;m 2025.
C&aacute;c con s&#7889; th&#7853;t s&#7921; l&#7899;n: Bitcoin chi&#7871;m 23.6 t&#7927; USD quy&#7873;n ch&#7885;n s&#7855;p &#273;&aacute;o h&#7841;n v&agrave; Ethereum l&agrave; 3.8 t&#7927; USD. <a href="https://beincrypto.com/price/bitcoin/" target="_blank" rel="noreferrer noopener">Gi&aacute; Bitcoin hi&#7879;n t&#7841;i dao &#273;&#7897;ng quanh m&#7913;c 88,596 USD</a>, c&ograve;n <a href="https://beincrypto.com/price/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum &#273;ang giao d&#7883;ch &#7903; m&#7913;c 2,956 USD</a>.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/LxLuhalByNCHundluY8gWtYrPnA=/smart/b73a92238043432b99707ddb2a811f20" alt="Expiring Bitcoin Options. Source:&nbsp;Deribit" class="wp-image-785626">C&aacute;c quy&#7873;n ch&#7885;n Bitcoin s&#7855;p &#273;&aacute;o h&#7841;n. Ngu&#7891;n:&nbsp;<a href="https://www.deribit.com/statistics/BTC/metrics/options" target="_blank" rel="noreferrer noopener nofollow">Deribit</a>

Quy&#7873;n ch&#7885;n mua (call option) &#273;ang chi&#7871;m &#432;u th&#7871; v&#432;&#7907;t tr&#7897;i, g&#7847;n g&#7845;p ba l&#7847;n quy&#7873;n ch&#7885;n b&aacute;n (put option), cho th&#7845;y t&acirc;m l&yacute; l&#7841;c quan m&#7841;nh m&#7869; tr&ecirc;n th&#7883; tr&#432;&#7901;ng.
C&aacute;c m&#7913;c gi&aacute; g&#7885;i l&agrave; &ldquo;max pain&rdquo; &ndash; v&#7883; tr&iacute; m&agrave; b&ecirc;n b&aacute;n quy&#7873;n ch&#7885;n c&oacute; l&#7907;i nh&#7845;t v&agrave; b&ecirc;n mua ch&#7883;u l&#7895; nhi&#7873;u nh&#7845;t &ndash; n&#7857;m g&#7847;n 95,000 USD &#273;&#7889;i v&#7899;i Bitcoin v&agrave; 3,000 USD v&#7899;i Ethereum.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/3O3cq6Jvi5c8OcdUreXBUKsUZ-M=/smart/057cc4c7b75c4c558278ec7306ee1a74" alt="Expiring Ethereum Options" class="wp-image-785629">C&aacute;c quy&#7873;n ch&#7885;n Ethereum s&#7855;p &#273;&aacute;o h&#7841;n. Ngu&#7891;n:&nbsp;<a href="https://www.deribit.com/statistics/ETH/metrics/options" target="_blank" rel="noreferrer noopener nofollow">Deribit</a>

Theo Deribit, l&#7847;n &#273;&aacute;o h&#7841;n n&agrave;y chi&#7871;m h&#417;n 50% t&#7893;ng l&atilde;i m&#7903; c&#7911;a s&agrave;n, t&#7841;o n&ecirc;n k&#7927; l&#7909;c l&#7899;n nh&#7845;t t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay.
<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;&hellip;l&#7847;n &#273;&aacute;o h&#7841;n l&#7899;n nh&#7845;t l&#7883;ch s&#7917; &ndash; chi&#7871;m h&#417;n m&#7897;t n&#7917;a t&#7893;ng l&atilde;i m&#7903; &ndash; &hellip; D&ograve;ng ti&#7873;n sau &#273;&aacute;o h&#7841;n s&#7869; quan tr&#7885;ng h&#417;n gi&aacute; c&#7843;. H&atilde;y ch&uacute; &yacute; v&#7883; th&#7871; c&#7911;a th&#7883; tr&#432;&#7901;ng. Li&#7879;u th&#7883; tr&#432;&#7901;ng s&#7869; ph&#7843;n &#7913;ng th&#7871; n&agrave;o v&#7899;i s&#7921; ki&#7879;n &#273;&aacute;o h&#7841;n quy m&ocirc; kh&#7911;ng nh&#432; v&#7853;y?&rdquo; C&aacute;c chuy&ecirc;n gia Deribit <a href="https://x.com/DeribitOfficial/status/2003473167457878497" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7863;t c&acirc;u h&#7887;i</a> nh&#432; v&#7853;y.&nbsp;
</blockquote>

L&yacute; thuy&#7871;t &ldquo;max pain&rdquo;, d&ugrave; c&ograve;n g&acirc;y tranh c&atilde;i, cho r&#7857;ng gi&aacute; giao ngay th&#432;&#7901;ng s&#7869; ti&#7871;n g&#7847;n c&aacute;c m&#7913;c n&agrave;y khi c&aacute;c nh&agrave; giao d&#7883;ch v&agrave; t&#7893; ch&#7913;c &#273;i&#7873;u ch&#7881;nh ph&ograve;ng ng&#7915;a r&#7911;i ro tr&#432;&#7899;c khi quy&#7873;n ch&#7885;n &#273;&aacute;o h&#7841;n.
Hi&#7879;n t&#7841;i, ho&#7841;t &#273;&#7897;ng chuy&#7875;n v&#7883; th&#7871; sang c&aacute;c h&#7907;p &#273;&#7891;ng th&aacute;ng sau (rollover) l&agrave; &#273;&#7897;ng l&#7921;c ch&iacute;nh tr&ecirc;n th&#7883; tr&#432;&#7901;ng. Nhi&#7873;u t&#7893; ch&#7913;c &#273;&atilde; chuy&#7875;n sang h&#7907;p &#273;&#7891;ng th&aacute;ng 01 &#273;&#7875; gi&#7843;m thi&#7875;u r&#7911;i ro, khi&#7871;n d&#7919; li&#7879;u quy&#7873;n ch&#7885;n ng&#7855;n h&#7841;n b&#7883; nhi&#7877;u lo&#7841;n.
Greeks.live cho bi&#7871;t, m&#7863;c d&ugrave; quy&#7873;n ch&#7885;n b&aacute;n chi&#7871;m 30% giao d&#7883;ch l&#7899;n g&#7847;n &#273;&acirc;y nh&#432;ng &#273;i&#7873;u n&agrave;y kh&ocirc;ng c&oacute; ngh&#297;a th&#7883; tr&#432;&#7901;ng bi quan. C&aacute;c nh&agrave; giao d&#7883;ch nh&#7887; l&#7867; t&#7853;n d&#7909;ng v&#7883; th&#7871; b&#7883; c&aacute;c t&#7893; ch&#7913;c b&#7887; l&#7841;i c&#361;ng c&oacute; th&#7875; t&igrave;m &#273;&#432;&#7907;c m&#7913;c gi&aacute; t&#7889;t h&#417;n trong m&ocirc;i tr&#432;&#7901;ng nh&#432; hi&#7879;n nay, theo &#273;&aacute;nh gi&aacute; c&#7911;a c&aacute;c chuy&ecirc;n gia.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-volatility-falls-but-year-end-expiry-could-set-the-tone-for-2026">Bi&#7871;n &#273;&#7897;ng gi&#7843;m, nh&#432;ng &#273;&#7907;t &#273;&aacute;o h&#7841;n cu&#7889;i n&#259;m c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh xu h&#432;&#7899;ng cho n&#259;m 2026</h2>

D&ugrave; quy m&ocirc; r&#7845;t l&#7899;n, th&#7883; tr&#432;&#7901;ng v&#7851;n kh&aacute; b&igrave;nh t&#297;nh. Ch&#7881; s&#7889; bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin trong 30 ng&agrave;y (DVOL) hi&#7879;n &#7903; m&#7913;c kho&#7843;ng 42%, gi&#7843;m t&#7915; 63% v&agrave;o cu&#7889;i th&aacute;ng 11. &#272;i&#7873;u n&agrave;y cho th&#7845;y kh&#7843; n&#259;ng s&#7869; kh&ocirc;ng c&oacute; nhi&#7873;u bi&#7871;n &#273;&#7897;ng m&#7841;nh do t&acirc;m l&yacute; ho&#7843;ng lo&#7841;n, v&agrave; k&#7923; &#273;&aacute;o h&#7841;n c&oacute; th&#7875; di&#7877;n ra su&ocirc;n s&#7867; h&#417;n so v&#7899;i lo ng&#7841;i ban &#273;&#7847;u.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/rGQd-nDWJZ3N42oVm74X06PB4u4=/smart/315694bc8f6643d49c3719d3774df4d7" alt="" class="wp-image-785630">Ch&#7881; s&#7889; bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin. Ngu&#7891;n: <a href="https://www.tradingview.com/symbols/DVOL/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

T&aacute;c &#273;&#7897;ng c&#7911;a s&#7921; ki&#7879;n n&agrave;y c&ograve;n k&eacute;o d&agrave;i sau &#273;&oacute;. D&ograve;ng ti&#7873;n sau &#273;&aacute;o h&#7841;n &#273;&#432;&#7907;c d&#7921; b&aacute;o s&#7869; d&#7851;n d&#7855;t xu h&#432;&#7899;ng th&#7883; tr&#432;&#7901;ng, th&#7853;m ch&iacute; c&oacute; th&#7875; gi&uacute;p gi&#7843;m &aacute;p l&#7921;c c&#7843;n ph&iacute;a tr&ecirc;n.
C&aacute;c nh&agrave; giao d&#7883;ch &#273;ang theo d&otilde;i c&aacute;c m&#7913;c quan tr&#7885;ng sau:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>V&#7899;i Bitcoin, h&#7907;p &#273;&#7891;ng call &#7903; v&ugrave;ng 100,000&ndash;116,000 USD chi&#7871;m &#432;u th&#7871;, c&ograve;n h&#7907;p &#273;&#7891;ng put &#7903; m&#7913;c 85,000 USD l&agrave; l&#7921;a ch&#7885;n ph&#7893; bi&#7871;n cho k&#7883;ch b&#7843;n gi&#7843;m gi&aacute;.</li>

<li>Ethereum c&#361;ng c&oacute; xu h&#432;&#7899;ng t&#432;&#417;ng t&#7921;, v&#7899;i l&#432;&#7907;ng l&#7879;nh call t&#7853;p trung ch&#7911; y&#7871;u t&#7841;i m&#7913;c tr&ecirc;n 3,000 USD.</li>
</ul>

C&aacute;ch c&aacute;c t&#7893; ch&#7913;c x&#7917; l&yacute; nh&#7919;ng v&#7883; th&#7871; c&ograve;n l&#7841;i ho&#7863;c &#273;&atilde; chuy&#7875;n sang k&#7923; h&#7841;n m&#7899;i s&#7869; &#7843;nh h&#432;&#7903;ng l&#7899;n &#273;&#7871;n di&#7877;n bi&#7871;n gi&aacute; trong v&agrave;i tu&#7847;n &#273;&#7847;u n&#259;m 2026.
C&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n l&#432;u &yacute; nh&#7919;ng &#273;&#7907;t &#273;&aacute;o h&#7841;n l&#7899;n nh&#432; th&#7871; n&agrave;y th&#432;&#7901;ng khi&#7871;n th&#7883; tr&#432;&#7901;ng bi&#7871;n &#273;&#7897;ng m&#7841;nh, khi nh&agrave; giao d&#7883;ch c&#7889; g&#7855;ng &#273;&oacute;ng ho&#7863;c chuy&#7875;n h&#7907;p &#273;&#7891;ng. Vi&#7879;c quy&#7871;t &#273;&#7883;nh &#273;&#7875; c&aacute;c h&#7907;p &#273;&#7891;ng put th&aacute;ng 12 &#273;&aacute;o h&#7841;n l&uacute;c 08:00 UTC tr&ecirc;n Deribit, ho&#7863;c ti&#7871;p t&#7909;c gia h&#7841;n, s&#7869; quy&#7871;t &#273;&#7883;nh r&#7911;i ro gi&aacute; gi&#7843;m mang t&iacute;nh m&ugrave;a v&#7909; hay l&agrave; d&#7845;u hi&#7879;u c&#7911;a m&#7897;t &#273;&#7907;t t&aacute;i c&#7845;u tr&uacute;c l&#7899;n.
V&#7899;i h&#417;n n&#7917;a t&#7893;ng l&atilde;i m&#7903; tr&ecirc;n Deribit &#273;&aacute;o h&#7841;n ch&#7881; trong m&#7897;t ng&agrave;y, Bitcoin v&agrave; Ethereum &#273;ang &#273;&#7913;ng tr&#432;&#7899;c m&#7897;t th&#7901;i kh&#7855;c chuy&#7875;n m&igrave;nh c&#7911;a th&#7883; tr&#432;&#7901;ng.
K&#7923; &#273;&aacute;o h&#7841;n quy&#7873;n ch&#7885;n h&ocirc;m nay v&#7915;a l&agrave; c&#417; h&#7897;i, v&#7915;a ti&#7873;m &#7849;n r&#7911;i ro. S&#7921; ki&#7879;n n&agrave;y mang l&#7841;i &#273;i&#7875;m h&#7897;i t&#7909; hi&#7871;m c&oacute;, khi quy m&ocirc;, v&#7883; th&#7871; c&#361;ng nh&#432; t&iacute;nh thanh kho&#7843;n cu&#7889;i n&#259;m c&#7897;ng h&#432;&#7903;ng, c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh <a href="https://vn.beincrypto.com/bloombergs-2026-outlook/" target="_blank" rel="noreferrer noopener">xu h&#432;&#7899;ng crypto b&#432;&#7899;c v&agrave;o n&#259;m 2026</a>.

Đợt đáo hạn hợp đồng quyền chọn lớn nhất từ trước đến nay—27 tỷ USD có ý nghĩa gì với Bitcoin và Ethereum

Th&#7883; tr&#432;&#7901;ng crypto &#273;ang chu&#7849;n b&#7883; cho m&#7897;t s&#7921; ki&#7879;n cu&#7889;i n&#259;m mang t&iacute;nh l&#7883;ch s&#7917; v&agrave;o h&ocirc;m nay, 26/12, khi h&#417;n 27 t&#7927; USD c&aacute;c h&#7907;p &#273;&#7891;ng quy&#7873;n ch&#7885;n Bitcoin v&agrave; Ethereum s&#7869; &#273;&aacute;o h&#7841;n tr&ecirc;n s&agrave;n Deribit. &#272;&acirc;y l&agrave; con s&#7889; chi&#7871;m h&#417;n m&#7897;t n&#7917;a t&#7893;ng l&atilde;i m&#7903; (open interest) c&#7911;a s&agrave;n ph&aacute;i sinh n&agrave;y.
&#272;&#7907;t &#273;&aacute;o h&#7841;n &ldquo;Boxing Day&rdquo; kh&#7893;ng l&#7891; n&agrave;y c&oacute; th&#7875; tr&#7903; th&agrave;nh m&#7897;t trong nh&#7919;ng l&#7847;n t&aacute;i c&#7845;u tr&uacute;c l&#7899;n nh&#7845;t trong l&#7883;ch s&#7917; th&#7883; tr&#432;&#7901;ng crypto.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitcoin-and-ethereum-brace-for-record-27-billion-options-expiry-on-boxing-day">Bitcoin v&agrave; Ethereum chu&#7849;n b&#7883; cho &#273;&#7907;t &#273;&aacute;o h&#7841;n h&#7907;p &#273;&#7891;ng quy&#7873;n ch&#7885;n k&#7927; l&#7909;c 27 t&#7927; USD v&agrave;o ng&agrave;y Boxing Day</h2>

K&#7923; &#273;&aacute;o h&#7841;n quy&#7873;n ch&#7885;n h&ocirc;m nay v&#432;&#7907;t xa <a href="https://vn.beincrypto.com/bitcoin-ethereum-options-december-expiry/" target="_blank" rel="noreferrer noopener">so v&#7899;i tu&#7847;n tr&#432;&#7899;c</a>, b&#7903;i &#273;&acirc;y l&agrave; ng&agrave;y th&#7913; S&aacute;u cu&#7889;i c&ugrave;ng c&#7911;a th&aacute;ng v&agrave; c&#361;ng l&agrave; cu&#7889;i n&#259;m. C&#7909; th&#7875;, c&aacute;c h&#7907;p &#273;&#7891;ng quy&#7873;n ch&#7885;n &#273;&aacute;o h&#7841;n h&ocirc;m nay thu&#7897;c k&#7923; h&#7841;n th&aacute;ng v&agrave; qu&yacute; IV n&#259;m 2025.
C&aacute;c con s&#7889; th&#7853;t s&#7921; l&#7899;n: Bitcoin chi&#7871;m 23.6 t&#7927; USD quy&#7873;n ch&#7885;n s&#7855;p &#273;&aacute;o h&#7841;n v&agrave; Ethereum l&agrave; 3.8 t&#7927; USD. <a href="https://beincrypto.com/price/bitcoin/" target="_blank" rel="noreferrer noopener">Gi&aacute; Bitcoin hi&#7879;n t&#7841;i dao &#273;&#7897;ng quanh m&#7913;c 88,596 USD</a>, c&ograve;n <a href="https://beincrypto.com/price/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum &#273;ang giao d&#7883;ch &#7903; m&#7913;c 2,956 USD</a>.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/LxLuhalByNCHundluY8gWtYrPnA=/smart/b73a92238043432b99707ddb2a811f20" alt="Expiring Bitcoin Options. Source:&nbsp;Deribit" class="wp-image-785626">C&aacute;c quy&#7873;n ch&#7885;n Bitcoin s&#7855;p &#273;&aacute;o h&#7841;n. Ngu&#7891;n:&nbsp;<a href="https://www.deribit.com/statistics/BTC/metrics/options" target="_blank" rel="noreferrer noopener nofollow">Deribit</a>

Quy&#7873;n ch&#7885;n mua (call option) &#273;ang chi&#7871;m &#432;u th&#7871; v&#432;&#7907;t tr&#7897;i, g&#7847;n g&#7845;p ba l&#7847;n quy&#7873;n ch&#7885;n b&aacute;n (put option), cho th&#7845;y t&acirc;m l&yacute; l&#7841;c quan m&#7841;nh m&#7869; tr&ecirc;n th&#7883; tr&#432;&#7901;ng.
C&aacute;c m&#7913;c gi&aacute; g&#7885;i l&agrave; &ldquo;max pain&rdquo; &ndash; v&#7883; tr&iacute; m&agrave; b&ecirc;n b&aacute;n quy&#7873;n ch&#7885;n c&oacute; l&#7907;i nh&#7845;t v&agrave; b&ecirc;n mua ch&#7883;u l&#7895; nhi&#7873;u nh&#7845;t &ndash; n&#7857;m g&#7847;n 95,000 USD &#273;&#7889;i v&#7899;i Bitcoin v&agrave; 3,000 USD v&#7899;i Ethereum.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/3O3cq6Jvi5c8OcdUreXBUKsUZ-M=/smart/057cc4c7b75c4c558278ec7306ee1a74" alt="Expiring Ethereum Options" class="wp-image-785629">C&aacute;c quy&#7873;n ch&#7885;n Ethereum s&#7855;p &#273;&aacute;o h&#7841;n. Ngu&#7891;n:&nbsp;<a href="https://www.deribit.com/statistics/ETH/metrics/options" target="_blank" rel="noreferrer noopener nofollow">Deribit</a>

Theo Deribit, l&#7847;n &#273;&aacute;o h&#7841;n n&agrave;y chi&#7871;m h&#417;n 50% t&#7893;ng l&atilde;i m&#7903; c&#7911;a s&agrave;n, t&#7841;o n&ecirc;n k&#7927; l&#7909;c l&#7899;n nh&#7845;t t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay.
<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;&hellip;l&#7847;n &#273;&aacute;o h&#7841;n l&#7899;n nh&#7845;t l&#7883;ch s&#7917; &ndash; chi&#7871;m h&#417;n m&#7897;t n&#7917;a t&#7893;ng l&atilde;i m&#7903; &ndash; &hellip; D&ograve;ng ti&#7873;n sau &#273;&aacute;o h&#7841;n s&#7869; quan tr&#7885;ng h&#417;n gi&aacute; c&#7843;. H&atilde;y ch&uacute; &yacute; v&#7883; th&#7871; c&#7911;a th&#7883; tr&#432;&#7901;ng. Li&#7879;u th&#7883; tr&#432;&#7901;ng s&#7869; ph&#7843;n &#7913;ng th&#7871; n&agrave;o v&#7899;i s&#7921; ki&#7879;n &#273;&aacute;o h&#7841;n quy m&ocirc; kh&#7911;ng nh&#432; v&#7853;y?&rdquo; C&aacute;c chuy&ecirc;n gia Deribit <a href="https://x.com/DeribitOfficial/status/2003473167457878497" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7863;t c&acirc;u h&#7887;i</a> nh&#432; v&#7853;y.&nbsp;
</blockquote>

L&yacute; thuy&#7871;t &ldquo;max pain&rdquo;, d&ugrave; c&ograve;n g&acirc;y tranh c&atilde;i, cho r&#7857;ng gi&aacute; giao ngay th&#432;&#7901;ng s&#7869; ti&#7871;n g&#7847;n c&aacute;c m&#7913;c n&agrave;y khi c&aacute;c nh&agrave; giao d&#7883;ch v&agrave; t&#7893; ch&#7913;c &#273;i&#7873;u ch&#7881;nh ph&ograve;ng ng&#7915;a r&#7911;i ro tr&#432;&#7899;c khi quy&#7873;n ch&#7885;n &#273;&aacute;o h&#7841;n.
Hi&#7879;n t&#7841;i, ho&#7841;t &#273;&#7897;ng chuy&#7875;n v&#7883; th&#7871; sang c&aacute;c h&#7907;p &#273;&#7891;ng th&aacute;ng sau (rollover) l&agrave; &#273;&#7897;ng l&#7921;c ch&iacute;nh tr&ecirc;n th&#7883; tr&#432;&#7901;ng. Nhi&#7873;u t&#7893; ch&#7913;c &#273;&atilde; chuy&#7875;n sang h&#7907;p &#273;&#7891;ng th&aacute;ng 01 &#273;&#7875; gi&#7843;m thi&#7875;u r&#7911;i ro, khi&#7871;n d&#7919; li&#7879;u quy&#7873;n ch&#7885;n ng&#7855;n h&#7841;n b&#7883; nhi&#7877;u lo&#7841;n.
Greeks.live cho bi&#7871;t, m&#7863;c d&ugrave; quy&#7873;n ch&#7885;n b&aacute;n chi&#7871;m 30% giao d&#7883;ch l&#7899;n g&#7847;n &#273;&acirc;y nh&#432;ng &#273;i&#7873;u n&agrave;y kh&ocirc;ng c&oacute; ngh&#297;a th&#7883; tr&#432;&#7901;ng bi quan. C&aacute;c nh&agrave; giao d&#7883;ch nh&#7887; l&#7867; t&#7853;n d&#7909;ng v&#7883; th&#7871; b&#7883; c&aacute;c t&#7893; ch&#7913;c b&#7887; l&#7841;i c&#361;ng c&oacute; th&#7875; t&igrave;m &#273;&#432;&#7907;c m&#7913;c gi&aacute; t&#7889;t h&#417;n trong m&ocirc;i tr&#432;&#7901;ng nh&#432; hi&#7879;n nay, theo &#273;&aacute;nh gi&aacute; c&#7911;a c&aacute;c chuy&ecirc;n gia.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-volatility-falls-but-year-end-expiry-could-set-the-tone-for-2026">Bi&#7871;n &#273;&#7897;ng gi&#7843;m, nh&#432;ng &#273;&#7907;t &#273;&aacute;o h&#7841;n cu&#7889;i n&#259;m c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh xu h&#432;&#7899;ng cho n&#259;m 2026</h2>

D&ugrave; quy m&ocirc; r&#7845;t l&#7899;n, th&#7883; tr&#432;&#7901;ng v&#7851;n kh&aacute; b&igrave;nh t&#297;nh. Ch&#7881; s&#7889; bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin trong 30 ng&agrave;y (DVOL) hi&#7879;n &#7903; m&#7913;c kho&#7843;ng 42%, gi&#7843;m t&#7915; 63% v&agrave;o cu&#7889;i th&aacute;ng 11. &#272;i&#7873;u n&agrave;y cho th&#7845;y kh&#7843; n&#259;ng s&#7869; kh&ocirc;ng c&oacute; nhi&#7873;u bi&#7871;n &#273;&#7897;ng m&#7841;nh do t&acirc;m l&yacute; ho&#7843;ng lo&#7841;n, v&agrave; k&#7923; &#273;&aacute;o h&#7841;n c&oacute; th&#7875; di&#7877;n ra su&ocirc;n s&#7867; h&#417;n so v&#7899;i lo ng&#7841;i ban &#273;&#7847;u.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/rGQd-nDWJZ3N42oVm74X06PB4u4=/smart/315694bc8f6643d49c3719d3774df4d7" alt="" class="wp-image-785630">Ch&#7881; s&#7889; bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin. Ngu&#7891;n: <a href="https://www.tradingview.com/symbols/DVOL/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

T&aacute;c &#273;&#7897;ng c&#7911;a s&#7921; ki&#7879;n n&agrave;y c&ograve;n k&eacute;o d&agrave;i sau &#273;&oacute;. D&ograve;ng ti&#7873;n sau &#273;&aacute;o h&#7841;n &#273;&#432;&#7907;c d&#7921; b&aacute;o s&#7869; d&#7851;n d&#7855;t xu h&#432;&#7899;ng th&#7883; tr&#432;&#7901;ng, th&#7853;m ch&iacute; c&oacute; th&#7875; gi&uacute;p gi&#7843;m &aacute;p l&#7921;c c&#7843;n ph&iacute;a tr&ecirc;n.
C&aacute;c nh&agrave; giao d&#7883;ch &#273;ang theo d&otilde;i c&aacute;c m&#7913;c quan tr&#7885;ng sau:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>V&#7899;i Bitcoin, h&#7907;p &#273;&#7891;ng call &#7903; v&ugrave;ng 100,000&ndash;116,000 USD chi&#7871;m &#432;u th&#7871;, c&ograve;n h&#7907;p &#273;&#7891;ng put &#7903; m&#7913;c 85,000 USD l&agrave; l&#7921;a ch&#7885;n ph&#7893; bi&#7871;n cho k&#7883;ch b&#7843;n gi&#7843;m gi&aacute;.</li>

<li>Ethereum c&#361;ng c&oacute; xu h&#432;&#7899;ng t&#432;&#417;ng t&#7921;, v&#7899;i l&#432;&#7907;ng l&#7879;nh call t&#7853;p trung ch&#7911; y&#7871;u t&#7841;i m&#7913;c tr&ecirc;n 3,000 USD.</li>
</ul>

C&aacute;ch c&aacute;c t&#7893; ch&#7913;c x&#7917; l&yacute; nh&#7919;ng v&#7883; th&#7871; c&ograve;n l&#7841;i ho&#7863;c &#273;&atilde; chuy&#7875;n sang k&#7923; h&#7841;n m&#7899;i s&#7869; &#7843;nh h&#432;&#7903;ng l&#7899;n &#273;&#7871;n di&#7877;n bi&#7871;n gi&aacute; trong v&agrave;i tu&#7847;n &#273;&#7847;u n&#259;m 2026.
C&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n l&#432;u &yacute; nh&#7919;ng &#273;&#7907;t &#273;&aacute;o h&#7841;n l&#7899;n nh&#432; th&#7871; n&agrave;y th&#432;&#7901;ng khi&#7871;n th&#7883; tr&#432;&#7901;ng bi&#7871;n &#273;&#7897;ng m&#7841;nh, khi nh&agrave; giao d&#7883;ch c&#7889; g&#7855;ng &#273;&oacute;ng ho&#7863;c chuy&#7875;n h&#7907;p &#273;&#7891;ng. Vi&#7879;c quy&#7871;t &#273;&#7883;nh &#273;&#7875; c&aacute;c h&#7907;p &#273;&#7891;ng put th&aacute;ng 12 &#273;&aacute;o h&#7841;n l&uacute;c 08:00 UTC tr&ecirc;n Deribit, ho&#7863;c ti&#7871;p t&#7909;c gia h&#7841;n, s&#7869; quy&#7871;t &#273;&#7883;nh r&#7911;i ro gi&aacute; gi&#7843;m mang t&iacute;nh m&ugrave;a v&#7909; hay l&agrave; d&#7845;u hi&#7879;u c&#7911;a m&#7897;t &#273;&#7907;t t&aacute;i c&#7845;u tr&uacute;c l&#7899;n.
V&#7899;i h&#417;n n&#7917;a t&#7893;ng l&atilde;i m&#7903; tr&ecirc;n Deribit &#273;&aacute;o h&#7841;n ch&#7881; trong m&#7897;t ng&agrave;y, Bitcoin v&agrave; Ethereum &#273;ang &#273;&#7913;ng tr&#432;&#7899;c m&#7897;t th&#7901;i kh&#7855;c chuy&#7875;n m&igrave;nh c&#7911;a th&#7883; tr&#432;&#7901;ng.
K&#7923; &#273;&aacute;o h&#7841;n quy&#7873;n ch&#7885;n h&ocirc;m nay v&#7915;a l&agrave; c&#417; h&#7897;i, v&#7915;a ti&#7873;m &#7849;n r&#7911;i ro. S&#7921; ki&#7879;n n&agrave;y mang l&#7841;i &#273;i&#7875;m h&#7897;i t&#7909; hi&#7871;m c&oacute;, khi quy m&ocirc;, v&#7883; th&#7871; c&#361;ng nh&#432; t&iacute;nh thanh kho&#7843;n cu&#7889;i n&#259;m c&#7897;ng h&#432;&#7903;ng, c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh <a href="https://vn.beincrypto.com/bloombergs-2026-outlook/" target="_blank" rel="noreferrer noopener">xu h&#432;&#7899;ng crypto b&#432;&#7899;c v&agrave;o n&#259;m 2026</a>.