<p>Theo <a href="https://fidelitydigitalassets.com/research-and-insights/bitcoins-illiquid-supply-new-era-investors">b&aacute;o c&aacute;o m&#7899;i</a> t&#7915; Fidelity Digital Assets, kho&#7843;ng 28% t&#7893;ng ngu&#7891;n cung Bitcoin (BTC) s&#7869; kh&ocirc;ng c&ograve;n l&#432;u th&ocirc;ng hi&#7879;u qu&#7843; v&agrave;o cu&#7889;i n&#259;m 2025.</p>
<p>Fidelity d&#7921; &#273;o&aacute;n r&#7857;ng t&#7893;ng s&#7889; Bitcoin c&#7911;a c&aacute;c &#273;&#7883;a ch&#7881; kh&ocirc;ng ho&#7841;t &#273;&#7897;ng (kh&ocirc;ng ho&#7841;t &#273;&#7897;ng trong h&#417;n b&#7843;y n&#259;m) v&agrave; c&aacute;c c&ocirc;ng ty ni&ecirc;m y&#7871;t c&ocirc;ng khai n&#7855;m gi&#7919; h&#417;n 1,000 BTC s&#7869; v&#432;&#7907;t qu&aacute; 6 tri&#7879;u v&agrave;o cu&#7889;i n&#259;m nay. S&#7921; t&#7853;p trung n&agrave;y c&oacute; th&#7875; t&#7841;o ra <a href="https://vn.beincrypto.com/1-bitcoin-ownership-difficulty/" target="_blank" rel="noreferrer noopener">m&#7897;t c&uacute; s&#7889;c cung c&#7845;p &#273;&aacute;ng k&#7875; tr&ecirc;n th&#7883; tr&#432;&#7901;ng.</a></p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-scarcity-mindset-replaces-abundance">T&#432; duy khan hi&#7871;m thay th&#7871; s&#7921; d&#7891;i d&agrave;o</h2>

<p>V&agrave;o n&#259;m 2010, h&#7879; sinh th&aacute;i Bitcoin r&#7845;t c&#7847;n th&ecirc;m BTC &#273;&#7875; l&#432;u th&ocirc;ng. M&#7897;t s&#7889; trang web th&#7853;m ch&iacute; c&ograve;n cung c&#7845;p n&#259;m Bitcoin ch&#7881; v&#7899;i m&#7897;t c&uacute; nh&#7845;p chu&#7897;t.</p>
<p>Ng&agrave;y nay, v&#7899;i 1 BTC c&oacute; gi&aacute; tr&#7883; h&#417;n 100,000 USD, nh&#7919;ng n&#7895; l&#7921;c nh&#432; v&#7853;y kh&ocirc;ng c&ograve;n c&#7847;n thi&#7871;t. Nghi&ecirc;n c&#7913;u c&#7911;a Fidelity n&ecirc;u b&#7853;t m&#7897;t xu h&#432;&#7899;ng ch&iacute;nh: s&#7889; l&#432;&#7907;ng Bitcoin kh&ocirc;ng di chuy&#7875;n ng&agrave;y c&agrave;ng t&#259;ng, m&#7897;t s&#7921; &#273;&#7843;o ng&#432;&#7907;c m&#7841;nh m&#7869; so v&#7899;i m&#7897;t th&#7853;p k&#7927; tr&#432;&#7899;c. V&#7899;i t&#7893;ng ngu&#7891;n cung Bitcoin c&#7889; &#273;&#7883;nh l&agrave; 21 tri&#7879;u, s&#7921; gia t&#259;ng s&#7889; l&#432;&#7907;ng coin kh&ocirc;ng l&#432;u th&ocirc;ng l&agrave;m t&#259;ng kh&#7843; n&#259;ng gi&aacute; s&#7869; t&#259;ng.</p>
<p>B&aacute;o c&aacute;o c&#7911;a Fidelity x&aacute;c &#273;&#7883;nh hai nh&oacute;m ch&iacute;nh &#273;&oacute;ng g&oacute;p v&agrave;o ngu&#7891;n cung kh&ocirc;ng l&#432;u th&ocirc;ng n&agrave;y. C&aacute;c nh&oacute;m n&agrave;y bao g&#7891;m c&aacute;c &#273;&#7883;a ch&#7881; kh&ocirc;ng c&oacute; s&#7921; di chuy&#7875;n n&agrave;o &#273;&#432;&#7907;c ghi nh&#7853;n trong b&#7843;y n&#259;m ho&#7863;c h&#417;n. H&#7885; c&#361;ng bao g&#7891;m c&aacute;c c&ocirc;ng ty ni&ecirc;m y&#7871;t c&ocirc;ng khai n&#7855;m gi&#7919; &iacute;t nh&#7845;t 1,000 BTC.</p>
<p>Nh&oacute;m k&#7871;t h&#7907;p n&agrave;y &#273;&#432;&#7907;c &#432;&#7899;c t&iacute;nh s&#7869; n&#7855;m gi&#7919; h&#417;n 6 tri&#7879;u BTC v&agrave;o cu&#7889;i n&#259;m 2025, chi&#7871;m 28% t&#7893;ng ngu&#7891;n cung. Fidelity c&ograve;n d&#7921; &#273;o&aacute;n r&#7857;ng s&#7889; l&#432;&#7907;ng n&agrave;y c&oacute; th&#7875; t&#259;ng l&ecirc;n 8.3 tri&#7879;u BTC v&agrave;o n&#259;m 2032.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-potential-for-profit-taking">Kh&#7843; n&#259;ng ch&#7889;t l&#7901;i</h2>

<p>M&#7897;t c&acirc;u h&#7887;i quan tr&#7885;ng l&agrave; li&#7879;u nh&#7919;ng ng&#432;&#7901;i n&#7855;m gi&#7919; d&agrave;i h&#7841;n n&agrave;y c&oacute; b&#7855;t &#273;&#7847;u ch&#7889;t l&#7901;i hay kh&ocirc;ng. Theo Zack Wainwright, m&#7897;t nh&agrave; nghi&ecirc;n c&#7913;u t&#7841;i Fidelity Digital Assets, hai nh&oacute;m n&agrave;y &#273;&atilde; n&#7855;m gi&#7919; h&#417;n 628 t&#7927; USD Bitcoin t&iacute;nh &#273;&#7871;n ng&agrave;y 30/06/2025 (v&#7899;i 107,700 USD m&#7895;i BTC) &mdash; h&#417;n g&#7845;p &#273;&ocirc;i gi&aacute; tr&#7883; n&#7855;m gi&#7919; ch&#7881; m&#7897;t n&#259;m tr&#432;&#7899;c &#273;&oacute;.</p>
<p>M&#7863;c d&ugrave; &#273;&acirc;y l&agrave; m&#7897;t kho&#7843;n l&#7907;i nhu&#7853;n ch&#432;a th&#7921;c hi&#7879;n kh&#7893;ng l&#7891;, Wainwright kh&ocirc;ng mong &#273;&#7907;i n&oacute; s&#7869; &#273;&#7843;o ng&#432;&#7907;c xu h&#432;&#7899;ng cung kh&ocirc;ng l&#432;u th&ocirc;ng. Tuy nhi&ecirc;n, &ocirc;ng th&#7915;a nh&#7853;n r&#7857;ng &#273;&atilde; c&oacute; nh&#7919;ng d&#7845;u hi&#7879;u &#273;&#7847;u ti&ecirc;n c&#7911;a s&#7921; &#273;&#7847;u h&agrave;ng, <a href="https://vn.beincrypto.com/satoshi-era-bitcoin-whale-move-coins-to-cexs/" target="_blank" rel="noreferrer noopener">v&#7899;i 80,000 &ldquo;Bitcoin c&#7893; x&#432;a&rdquo; </a>(c&aacute;c coin kh&ocirc;ng di chuy&#7875;n trong h&#417;n m&#7897;t th&#7853;p k&#7927;) &#273;&#432;&#7907;c b&aacute;n v&agrave;o th&aacute;ng 07/2025.</p>
<p>Wainwright k&#7871;t lu&#7853;n r&#7857;ng ngu&#7891;n cung l&#432;u th&ocirc;ng s&#7869; ti&#7871;p t&#7909;c gi&#7843;m, v&agrave; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n hi&#7875;u s&#7921; thay &#273;&#7893;i n&agrave;y &#273;&#7875; &#273;&#7883;nh h&igrave;nh chi&#7871;n l&#432;&#7907;c danh m&#7909;c &#273;&#7847;u t&#432; d&agrave;i h&#7841;n c&#7911;a h&#7885;.</p>


Fidelity dự đoán khủng hoảng nguồn cung Bitcoin lớn—28% sẽ biến mất khỏi thị trường