H&#7879; th&#7889;ng validator c&#7911;a Ethereum &#273;ang ch&#7883;u &aacute;p l&#7921;c b&#7845;t th&#432;&#7901;ng. H&#417;n 2.5 tri&#7879;u ETH, tr&#7883; gi&aacute; kho&#7843;ng 11.3 t&#7927; USD, hi&#7879;n &#273;ang ch&#7901; tho&aacute;t kh&#7887;i c&#417; ch&#7871; staking c&#7911;a m&#7841;ng, k&eacute;o d&agrave;i h&agrave;ng &#273;&#7907;i tho&aacute;t l&ecirc;n 44 ng&agrave;y, d&agrave;i nh&#7845;t t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay.
T&igrave;nh tr&#7841;ng t&#7891;n &#273;&#7885;ng n&agrave;y b&#7855;t &#273;&#7847;u khi Kiln, m&#7897;t nh&agrave; cung c&#7845;p h&#7841; t&#7847;ng staking l&#7899;n, r&uacute;t to&agrave;n b&#7897; validator c&#7911;a m&igrave;nh v&agrave;o ng&agrave;y 09/09/2023 nh&#432; m&#7897;t bi&#7879;n ph&aacute;p ph&ograve;ng ng&#7915;a an ninh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-record-exit-queue-for-staked-ethereum">H&agrave;ng &#273;&#7907;i tho&aacute;t k&#7927; l&#7909;c cho Ethereum &#273;&atilde; staking</h2>

Theo Benjamin Thalman c&#7911;a Figment, kho&#7843;ng 4.5% t&#7893;ng s&#7889; <a href="https://beincrypto.com/learn/stake-ethereum" target="_blank" rel="noreferrer noopener">Ethereum (ETH) &#273;&atilde; stake</a> hi&#7879;n &#273;ang trong h&agrave;ng &#273;&#7907;i tho&aacute;t.
<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;H&agrave;ng &#273;&#7907;i tho&aacute;t validator c&#7911;a Ethereum &#273;&atilde; t&#259;ng v&#7885;t, &#273;&#7841;t m&#7913;c cao m&#7899;i, &#273;&#7863;t ra nh&#7919;ng c&acirc;u h&#7887;i c&ocirc;ng b&#7857;ng v&#7873; th&#7901;i gian v&agrave; ph&#7847;n th&#432;&#7903;ng,&rdquo; Thalman <a href="https://figment.io/insights/ethereums-exit-queue-hits-record-high-what-stakers-need-to-know/" target="_blank" rel="noreferrer noopener nofollow">ghi nh&#7853;n</a> trong m&#7897;t b&aacute;o c&aacute;o g&#7847;n &#273;&acirc;y.
</blockquote>

<img style="height:400px;width:640px;" decoding="async" alt="Ethereum Validator Queue" class="wp-image-742836 lazy" style="width:957px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/XQ_DmKZ3Xjt0ini6hdfBN60tGrw=/smart/5776f132d74f4c6bb0a22b709cd69280">H&agrave;ng &#273;&#7907;i validator Ethereum. Ngu&#7891;n: <a href="https://www.validatorqueue.com/" target="_blank" rel="noreferrer noopener nofollow">validatorqueue.com</a>

&Ocirc;ng nh&#7845;n m&#7841;nh r&#7857;ng Ethereum ho&#7841;t &#273;&#7897;ng nh&#432; thi&#7871;t k&#7871;, v&#7899;i vi&#7879;c gi&#7899;i h&#7841;n t&#7889;c &#273;&#7897; tho&aacute;t b&#7843;o v&#7879; s&#7921; &#7893;n &#273;&#7883;nh c&#7911;a m&#7841;ng v&agrave; cho ph&eacute;p c&aacute;c nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; l&ecirc;n k&#7871; ho&#7841;ch d&#7921;a tr&ecirc;n c&aacute;c tr&igrave; ho&atilde;n c&oacute; th&#7875; d&#7921; &#273;o&aacute;n &#273;&#432;&#7907;c.
Quy&#7871;t &#273;&#7883;nh c&#7911;a Kiln &#273;&#432;&#7907;c &#273;&#432;a ra sau c&aacute;c s&#7921; c&#7889; kh&ocirc;ng li&ecirc;n quan, cu&#7897;c t&#7845;n c&ocirc;ng chu&#7895;i cung &#7913;ng NPM v&agrave; vi ph&#7841;m SwissBorg, &#273;&atilde; l&agrave;m d&#7845;y l&ecirc;n lo ng&#7841;i v&#7873; an ninh &#273;&#7889;i v&#7899;i c&aacute;c nh&agrave; cung c&#7845;p h&#7841; t&#7847;ng.
Ng&#432;&#7901;i gi&aacute;o d&#7909;c Ethereum Sassal gi&#7843;i th&iacute;ch r&#7857;ng quy&#7871;t &#273;&#7883;nh c&#7911;a Kiln r&uacute;t to&agrave;n b&#7897; validator ETH l&agrave; t&#7921; nguy&#7879;n, do lo ng&#7841;i an ninh c&#7909; th&#7875; &#273;&#7889;i v&#7899;i c&#7845;u h&igrave;nh c&#7911;a Kiln.
&#272;&#432;&#7907;c bi&#7871;t, &#273;&#7897;ng th&aacute;i n&agrave;y kh&ocirc;ng li&ecirc;n quan g&igrave; &#273;&#7871;n ch&iacute;nh m&#7841;ng Ethereum.
M&#7863;c d&ugrave; Figment kh&ocirc;ng b&#7883; &#7843;nh h&#432;&#7903;ng, vi&#7879;c r&uacute;t &#273;&#7891;ng lo&#7841;t &#273;&atilde; &#273;&#432;a 1.6 tri&#7879;u token ETH v&agrave;o h&agrave;ng &#273;&#7907;i ch&#7881; trong m&#7897;t l&#7847;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-security-profit-taking-and-institutional-shifts">B&#7843;o m&#7853;t, ch&#7889;t l&#7901;i v&agrave; s&#7921; chuy&#7875;n d&#7883;ch c&#7911;a t&#7893; ch&#7913;c</h2>

M&#7863;c d&ugrave; an ninh l&agrave; nguy&ecirc;n nh&acirc;n ch&iacute;nh, c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch cho r&#7857;ng vi&#7879;c ch&#7889;t l&#7901;i c&#361;ng &#273;ang di&#7877;n ra. <a href="https://beincrypto.com/price/ethereum/" target="_blank" rel="noreferrer noopener">Gi&aacute; Ethereum</a> &#273;&atilde; t&#259;ng h&#417;n 160% k&#7875; t&#7915; th&aacute;ng 04/2023, <a href="https://vn.beincrypto.com/dats-crypto-assets-losing-purchasing-power-september/" target="_blank" rel="noreferrer noopener">khi&#7871;n c&aacute;c qu&#7929; v&agrave; kho b&#7841;c t&#7893; ch&#7913;c c&acirc;n nh&#7855;c t&aacute;i c&acirc;n b&#7857;ng</a>.
&#272;&#7891;ng th&#7901;i, c&aacute;c &#273;&#7897;ng l&#7921;c m&#7899;i cho nhu c&#7847;u staking &#273;ang xu&#7845;t hi&#7879;n. <a href="https://vn.beincrypto.com/sec-clarifies-staking-not-securities-activities/" target="_blank" rel="noreferrer noopener">Tuy&ecirc;n b&#7889; c&#7911;a SEC v&agrave;o th&aacute;ng 05/2023</a> r&#7857;ng staking giao th&#7913;c kh&ocirc;ng ph&#7843;i l&agrave; ch&#7913;ng kho&aacute;n &#273;&atilde; th&uacute;c &#273;&#7849;y c&aacute;c &#7911;y quy&#7873;n ETH.
<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 B&#7897; ph&#7853;n, &ldquo;Ho&#7841;t &#273;&#7897;ng Staking Giao th&#7913;c&rdquo; li&ecirc;n quan &#273;&#7871;n Staking Giao th&#7913;c kh&ocirc;ng li&ecirc;n quan &#273;&#7871;n vi&#7879;c ch&agrave;o b&aacute;n v&agrave; b&aacute;n ch&#7913;ng kho&aacute;n theo ngh&#297;a c&#7911;a M&#7909;c 2(a)(1) c&#7911;a &#272;&#7841;o lu&#7853;t Ch&#7913;ng kho&aacute;n n&#259;m 1933 (&#272;&#7841;o lu&#7853;t Ch&#7913;ng kho&aacute;n) ho&#7863;c M&#7909;c 3(a)(10) c&#7911;a &#272;&#7841;o lu&#7853;t Giao d&#7883;ch Ch&#7913;ng kho&aacute;n n&#259;m 1934 (&#272;&#7841;o lu&#7853;t Giao d&#7883;ch),&rdquo; <a href="https://www.sec.gov/newsroom/speeches-statements/statement-certain-protocol-staking-activities-052925" target="_blank" rel="noreferrer noopener nofollow">tuy&ecirc;n b&#7889;</a> cho bi&#7871;t.
</blockquote>

Trong khi &#273;&oacute;, <a href="https://vn.beincrypto.com/sec-delays-crypto-etfs-october/" target="_blank" rel="noreferrer noopener">k&#7923; v&#7885;ng v&#7873; c&aacute;c ETF ETH &#273;&atilde; stake</a> c&oacute; th&#7875; th&ecirc;m 4.7 tri&#7879;u token Ethereum v&agrave;o h&agrave;ng &#273;&#7907;i validator khi &#273;&#432;&#7907;c ph&ecirc; duy&#7879;t.
Qu&aacute; tr&igrave;nh n&agrave;y r&#7845;t ph&#7913;c t&#7841;p. C&aacute;c validator trong h&agrave;ng &#273;&#7907;i tho&aacute;t v&#7851;n ti&#7871;p t&#7909;c nh&#7853;n ph&#7847;n th&#432;&#7903;ng, nh&#432;ng khi h&#7885; ch&iacute;nh th&#7913;c tho&aacute;t, h&#7885; ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i &ldquo;tr&igrave; ho&atilde;n r&uacute;t ti&#7873;n&rdquo; k&eacute;o d&agrave;i 27 gi&#7901;, sau &#273;&oacute; l&agrave; m&#7897;t &#273;&#7907;t qu&eacute;t r&uacute;t ti&#7873;n c&oacute; th&#7875; k&eacute;o d&agrave;i &#273;&#7871;n 10 ng&agrave;y.
N&#7871;u m&#7897;t ph&#7847;n l&#7899;n ETH hi&#7879;n t&#7841;i quay tr&#7903; l&#7841;i staking, n&#417;i Figment &#432;&#7899;c t&iacute;nh c&oacute; th&#7875; l&ecirc;n &#273;&#7871;n 75%, g&#7847;n 2 tri&#7879;u ETH s&#7869; tr&agrave;n v&agrave;o h&agrave;ng &#273;&#7907;i k&iacute;ch ho&#7841;t.
K&#7871;t h&#7907;p v&#7899;i nhu c&#7847;u ETF trong t&#432;&#417;ng lai, th&#7901;i gian ch&#7901; k&iacute;ch ho&#7841;t c&oacute; th&#7875; k&eacute;o d&agrave;i h&#417;n 120 ng&agrave;y.
Tr&igrave; ho&atilde;n &#273;&oacute; &#273;&#7863;t ra c&acirc;u h&#7887;i v&#7873; kh&#7843; n&#259;ng c&#7911;a Ethereum trong vi&#7879;c l&#432;u tr&#7919; h&#7841; t&#7847;ng t&agrave;i ch&iacute;nh quy m&ocirc; to&agrave;n c&#7847;u.
<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;Kh&ocirc;ng r&otilde; l&agrave;m th&#7871; n&agrave;o m&#7897;t m&#7841;ng m&#7845;t 45 ng&agrave;y &#273;&#7875; tr&#7843; l&#7841;i t&agrave;i s&#7843;n c&oacute; th&#7875; l&agrave; &#7913;ng c&#7917; vi&ecirc;n ph&ugrave; h&#7907;p &#273;&#7875; th&uacute;c &#273;&#7849;y k&#7927; nguy&ecirc;n ti&#7871;p theo c&#7911;a th&#7883; tr&#432;&#7901;ng v&#7889;n to&agrave;n c&#7847;u. Tr&ecirc;n Solana, m&#7845;t kho&#7843;ng 2 ng&agrave;y &#273;&#7875; unstake,&rdquo; Marcantonio c&#7911;a Galaxy <a href="https://x.com/marcryptonio/status/1967852939093086535" target="_blank" rel="noreferrer noopener nofollow">ph&aacute;t bi&#7875;u</a>.
</blockquote>

&#272;&#7889;i v&#7899;i Ethereum, h&agrave;ng &#273;&#7907;i d&agrave;i kh&ocirc;ng nh&#7845;t thi&#7871;t l&agrave; m&#7897;t khi&#7871;m khuy&#7871;t. Ch&uacute;ng l&agrave; nh&#7919;ng gi&#7899;i h&#7841;n c&oacute; ch&#7911; &yacute; &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; b&#7843;o v&#7879; an ninh &#273;&#7891;ng thu&#7853;n trong c&aacute;c giai &#273;o&#7841;n v&agrave;o ho&#7863;c ra n&#7863;ng n&#7873;.
<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;Ethereum &#273;ang ho&#7841;t &#273;&#7897;ng nh&#432; d&#7921; &#273;&#7883;nh,&rdquo; Thalman ghi nh&#7853;n.
</blockquote>

Tuy nhi&ecirc;n, c&aacute;c n&uacute;t th&#7855;t c&#7893; chai l&agrave;m n&#7893;i b&#7853;t s&#7921; &#273;&aacute;nh &#273;&#7893;i gi&#7919;a kh&#7843; n&#259;ng ph&#7909;c h&#7891;i v&agrave; tr&#7843;i nghi&#7879;m ng&#432;&#7901;i d&ugrave;ng.
&#272;&#7889;i v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&#7893; ch&#7913;c &#273;ang c&acirc;n nh&#7855;c h&agrave;ng t&#7927; USD, c&aacute;c tr&igrave; ho&atilde;n k&eacute;o d&agrave;i h&agrave;ng tu&#7847;n v&agrave; kho&#7843;ng tr&#7889;ng ph&#7847;n th&#432;&#7903;ng ti&#7873;m n&#259;ng trong qu&aacute; tr&igrave;nh k&iacute;ch ho&#7841;t l&#7841;i c&oacute; th&#7875; l&agrave;m ph&#7913;c t&#7841;p chi&#7871;n l&#432;&#7907;c danh m&#7909;c &#273;&#7847;u t&#432;.
Nh&#7919;ng th&aacute;ng t&#7899;i s&#7869; ki&#7875;m tra xem h&#7879; th&#7889;ng validator c&#7911;a Ethereum c&oacute; th&#7875; c&acirc;n b&#7857;ng an ninh v&#7899;i hi&#7879;u qu&#7843; v&#7889;n hay kh&ocirc;ng. &#272;i&#7873;u n&agrave;y &#273;&#7863;c bi&#7879;t &#273;&uacute;ng khi c&aacute;c kho b&#7841;c doanh nghi&#7879;p, <a href="https://beincrypto.com/learn/eth-etf-explained" target="_blank" rel="noreferrer noopener">ETF Ethereum</a>, v&agrave; c&aacute;c nh&agrave; cung c&#7845;p h&#7841; t&#7847;ng chen ch&uacute;c v&agrave;o c&ugrave;ng m&#7897;t h&agrave;ng &#273;&#7907;i.

Hàng đợi rút ETH đạt mức cao nhất mọi thời đại sau khi Kiln rút 11 tỷ USD

H&#7879; th&#7889;ng validator c&#7911;a Ethereum &#273;ang ch&#7883;u &aacute;p l&#7921;c b&#7845;t th&#432;&#7901;ng. H&#417;n 2.5 tri&#7879;u ETH, tr&#7883; gi&aacute; kho&#7843;ng 11.3 t&#7927; USD, hi&#7879;n &#273;ang ch&#7901; tho&aacute;t kh&#7887;i c&#417; ch&#7871; staking c&#7911;a m&#7841;ng, k&eacute;o d&agrave;i h&agrave;ng &#273;&#7907;i tho&aacute;t l&ecirc;n 44 ng&agrave;y, d&agrave;i nh&#7845;t t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay.
T&igrave;nh tr&#7841;ng t&#7891;n &#273;&#7885;ng n&agrave;y b&#7855;t &#273;&#7847;u khi Kiln, m&#7897;t nh&agrave; cung c&#7845;p h&#7841; t&#7847;ng staking l&#7899;n, r&uacute;t to&agrave;n b&#7897; validator c&#7911;a m&igrave;nh v&agrave;o ng&agrave;y 09/09/2023 nh&#432; m&#7897;t bi&#7879;n ph&aacute;p ph&ograve;ng ng&#7915;a an ninh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-record-exit-queue-for-staked-ethereum">H&agrave;ng &#273;&#7907;i tho&aacute;t k&#7927; l&#7909;c cho Ethereum &#273;&atilde; staking</h2>

Theo Benjamin Thalman c&#7911;a Figment, kho&#7843;ng 4.5% t&#7893;ng s&#7889; <a href="https://beincrypto.com/learn/stake-ethereum" target="_blank" rel="noreferrer noopener">Ethereum (ETH) &#273;&atilde; stake</a> hi&#7879;n &#273;ang trong h&agrave;ng &#273;&#7907;i tho&aacute;t.
<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;H&agrave;ng &#273;&#7907;i tho&aacute;t validator c&#7911;a Ethereum &#273;&atilde; t&#259;ng v&#7885;t, &#273;&#7841;t m&#7913;c cao m&#7899;i, &#273;&#7863;t ra nh&#7919;ng c&acirc;u h&#7887;i c&ocirc;ng b&#7857;ng v&#7873; th&#7901;i gian v&agrave; ph&#7847;n th&#432;&#7903;ng,&rdquo; Thalman <a href="https://figment.io/insights/ethereums-exit-queue-hits-record-high-what-stakers-need-to-know/" target="_blank" rel="noreferrer noopener nofollow">ghi nh&#7853;n</a> trong m&#7897;t b&aacute;o c&aacute;o g&#7847;n &#273;&acirc;y.
</blockquote>

<img style="height:400px;width:640px;"decoding="async" alt="Ethereum Validator Queue" class="wp-image-742836 lazy" style="width:957px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/XQ_DmKZ3Xjt0ini6hdfBN60tGrw=/smart/5776f132d74f4c6bb0a22b709cd69280">H&agrave;ng &#273;&#7907;i validator Ethereum. Ngu&#7891;n: <a href="https://www.validatorqueue.com/" target="_blank" rel="noreferrer noopener nofollow">validatorqueue.com</a>

&Ocirc;ng nh&#7845;n m&#7841;nh r&#7857;ng Ethereum ho&#7841;t &#273;&#7897;ng nh&#432; thi&#7871;t k&#7871;, v&#7899;i vi&#7879;c gi&#7899;i h&#7841;n t&#7889;c &#273;&#7897; tho&aacute;t b&#7843;o v&#7879; s&#7921; &#7893;n &#273;&#7883;nh c&#7911;a m&#7841;ng v&agrave; cho ph&eacute;p c&aacute;c nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; l&ecirc;n k&#7871; ho&#7841;ch d&#7921;a tr&ecirc;n c&aacute;c tr&igrave; ho&atilde;n c&oacute; th&#7875; d&#7921; &#273;o&aacute;n &#273;&#432;&#7907;c.
Quy&#7871;t &#273;&#7883;nh c&#7911;a Kiln &#273;&#432;&#7907;c &#273;&#432;a ra sau c&aacute;c s&#7921; c&#7889; kh&ocirc;ng li&ecirc;n quan, cu&#7897;c t&#7845;n c&ocirc;ng chu&#7895;i cung &#7913;ng NPM v&agrave; vi ph&#7841;m SwissBorg, &#273;&atilde; l&agrave;m d&#7845;y l&ecirc;n lo ng&#7841;i v&#7873; an ninh &#273;&#7889;i v&#7899;i c&aacute;c nh&agrave; cung c&#7845;p h&#7841; t&#7847;ng.
Ng&#432;&#7901;i gi&aacute;o d&#7909;c Ethereum Sassal gi&#7843;i th&iacute;ch r&#7857;ng quy&#7871;t &#273;&#7883;nh c&#7911;a Kiln r&uacute;t to&agrave;n b&#7897; validator ETH l&agrave; t&#7921; nguy&#7879;n, do lo ng&#7841;i an ninh c&#7909; th&#7875; &#273;&#7889;i v&#7899;i c&#7845;u h&igrave;nh c&#7911;a Kiln.
&#272;&#432;&#7907;c bi&#7871;t, &#273;&#7897;ng th&aacute;i n&agrave;y kh&ocirc;ng li&ecirc;n quan g&igrave; &#273;&#7871;n ch&iacute;nh m&#7841;ng Ethereum.
M&#7863;c d&ugrave; Figment kh&ocirc;ng b&#7883; &#7843;nh h&#432;&#7903;ng, vi&#7879;c r&uacute;t &#273;&#7891;ng lo&#7841;t &#273;&atilde; &#273;&#432;a 1.6 tri&#7879;u token ETH v&agrave;o h&agrave;ng &#273;&#7907;i ch&#7881; trong m&#7897;t l&#7847;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-security-profit-taking-and-institutional-shifts">B&#7843;o m&#7853;t, ch&#7889;t l&#7901;i v&agrave; s&#7921; chuy&#7875;n d&#7883;ch c&#7911;a t&#7893; ch&#7913;c</h2>

M&#7863;c d&ugrave; an ninh l&agrave; nguy&ecirc;n nh&acirc;n ch&iacute;nh, c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch cho r&#7857;ng vi&#7879;c ch&#7889;t l&#7901;i c&#361;ng &#273;ang di&#7877;n ra. <a href="https://beincrypto.com/price/ethereum/" target="_blank" rel="noreferrer noopener">Gi&aacute; Ethereum</a> &#273;&atilde; t&#259;ng h&#417;n 160% k&#7875; t&#7915; th&aacute;ng 04/2023, <a href="https://vn.beincrypto.com/dats-crypto-assets-losing-purchasing-power-september/" target="_blank" rel="noreferrer noopener">khi&#7871;n c&aacute;c qu&#7929; v&agrave; kho b&#7841;c t&#7893; ch&#7913;c c&acirc;n nh&#7855;c t&aacute;i c&acirc;n b&#7857;ng</a>.
&#272;&#7891;ng th&#7901;i, c&aacute;c &#273;&#7897;ng l&#7921;c m&#7899;i cho nhu c&#7847;u staking &#273;ang xu&#7845;t hi&#7879;n. <a href="https://vn.beincrypto.com/sec-clarifies-staking-not-securities-activities/" target="_blank" rel="noreferrer noopener">Tuy&ecirc;n b&#7889; c&#7911;a SEC v&agrave;o th&aacute;ng 05/2023</a> r&#7857;ng staking giao th&#7913;c kh&ocirc;ng ph&#7843;i l&agrave; ch&#7913;ng kho&aacute;n &#273;&atilde; th&uacute;c &#273;&#7849;y c&aacute;c &#7911;y quy&#7873;n ETH.
<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 B&#7897; ph&#7853;n, &ldquo;Ho&#7841;t &#273;&#7897;ng Staking Giao th&#7913;c&rdquo; li&ecirc;n quan &#273;&#7871;n Staking Giao th&#7913;c kh&ocirc;ng li&ecirc;n quan &#273;&#7871;n vi&#7879;c ch&agrave;o b&aacute;n v&agrave; b&aacute;n ch&#7913;ng kho&aacute;n theo ngh&#297;a c&#7911;a M&#7909;c 2(a)(1) c&#7911;a &#272;&#7841;o lu&#7853;t Ch&#7913;ng kho&aacute;n n&#259;m 1933 (&#272;&#7841;o lu&#7853;t Ch&#7913;ng kho&aacute;n) ho&#7863;c M&#7909;c 3(a)(10) c&#7911;a &#272;&#7841;o lu&#7853;t Giao d&#7883;ch Ch&#7913;ng kho&aacute;n n&#259;m 1934 (&#272;&#7841;o lu&#7853;t Giao d&#7883;ch),&rdquo; <a href="https://www.sec.gov/newsroom/speeches-statements/statement-certain-protocol-staking-activities-052925" target="_blank" rel="noreferrer noopener nofollow">tuy&ecirc;n b&#7889;</a> cho bi&#7871;t.
</blockquote>

Trong khi &#273;&oacute;, <a href="https://vn.beincrypto.com/sec-delays-crypto-etfs-october/" target="_blank" rel="noreferrer noopener">k&#7923; v&#7885;ng v&#7873; c&aacute;c ETF ETH &#273;&atilde; stake</a> c&oacute; th&#7875; th&ecirc;m 4.7 tri&#7879;u token Ethereum v&agrave;o h&agrave;ng &#273;&#7907;i validator khi &#273;&#432;&#7907;c ph&ecirc; duy&#7879;t.
Qu&aacute; tr&igrave;nh n&agrave;y r&#7845;t ph&#7913;c t&#7841;p. C&aacute;c validator trong h&agrave;ng &#273;&#7907;i tho&aacute;t v&#7851;n ti&#7871;p t&#7909;c nh&#7853;n ph&#7847;n th&#432;&#7903;ng, nh&#432;ng khi h&#7885; ch&iacute;nh th&#7913;c tho&aacute;t, h&#7885; ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i &ldquo;tr&igrave; ho&atilde;n r&uacute;t ti&#7873;n&rdquo; k&eacute;o d&agrave;i 27 gi&#7901;, sau &#273;&oacute; l&agrave; m&#7897;t &#273;&#7907;t qu&eacute;t r&uacute;t ti&#7873;n c&oacute; th&#7875; k&eacute;o d&agrave;i &#273;&#7871;n 10 ng&agrave;y.
N&#7871;u m&#7897;t ph&#7847;n l&#7899;n ETH hi&#7879;n t&#7841;i quay tr&#7903; l&#7841;i staking, n&#417;i Figment &#432;&#7899;c t&iacute;nh c&oacute; th&#7875; l&ecirc;n &#273;&#7871;n 75%, g&#7847;n 2 tri&#7879;u ETH s&#7869; tr&agrave;n v&agrave;o h&agrave;ng &#273;&#7907;i k&iacute;ch ho&#7841;t.
K&#7871;t h&#7907;p v&#7899;i nhu c&#7847;u ETF trong t&#432;&#417;ng lai, th&#7901;i gian ch&#7901; k&iacute;ch ho&#7841;t c&oacute; th&#7875; k&eacute;o d&agrave;i h&#417;n 120 ng&agrave;y.
Tr&igrave; ho&atilde;n &#273;&oacute; &#273;&#7863;t ra c&acirc;u h&#7887;i v&#7873; kh&#7843; n&#259;ng c&#7911;a Ethereum trong vi&#7879;c l&#432;u tr&#7919; h&#7841; t&#7847;ng t&agrave;i ch&iacute;nh quy m&ocirc; to&agrave;n c&#7847;u.
<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;Kh&ocirc;ng r&otilde; l&agrave;m th&#7871; n&agrave;o m&#7897;t m&#7841;ng m&#7845;t 45 ng&agrave;y &#273;&#7875; tr&#7843; l&#7841;i t&agrave;i s&#7843;n c&oacute; th&#7875; l&agrave; &#7913;ng c&#7917; vi&ecirc;n ph&ugrave; h&#7907;p &#273;&#7875; th&uacute;c &#273;&#7849;y k&#7927; nguy&ecirc;n ti&#7871;p theo c&#7911;a th&#7883; tr&#432;&#7901;ng v&#7889;n to&agrave;n c&#7847;u. Tr&ecirc;n Solana, m&#7845;t kho&#7843;ng 2 ng&agrave;y &#273;&#7875; unstake,&rdquo; Marcantonio c&#7911;a Galaxy <a href="https://x.com/marcryptonio/status/1967852939093086535" target="_blank" rel="noreferrer noopener nofollow">ph&aacute;t bi&#7875;u</a>.
</blockquote>

&#272;&#7889;i v&#7899;i Ethereum, h&agrave;ng &#273;&#7907;i d&agrave;i kh&ocirc;ng nh&#7845;t thi&#7871;t l&agrave; m&#7897;t khi&#7871;m khuy&#7871;t. Ch&uacute;ng l&agrave; nh&#7919;ng gi&#7899;i h&#7841;n c&oacute; ch&#7911; &yacute; &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; b&#7843;o v&#7879; an ninh &#273;&#7891;ng thu&#7853;n trong c&aacute;c giai &#273;o&#7841;n v&agrave;o ho&#7863;c ra n&#7863;ng n&#7873;.
<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;Ethereum &#273;ang ho&#7841;t &#273;&#7897;ng nh&#432; d&#7921; &#273;&#7883;nh,&rdquo; Thalman ghi nh&#7853;n.
</blockquote>

Tuy nhi&ecirc;n, c&aacute;c n&uacute;t th&#7855;t c&#7893; chai l&agrave;m n&#7893;i b&#7853;t s&#7921; &#273;&aacute;nh &#273;&#7893;i gi&#7919;a kh&#7843; n&#259;ng ph&#7909;c h&#7891;i v&agrave; tr&#7843;i nghi&#7879;m ng&#432;&#7901;i d&ugrave;ng.
&#272;&#7889;i v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&#7893; ch&#7913;c &#273;ang c&acirc;n nh&#7855;c h&agrave;ng t&#7927; USD, c&aacute;c tr&igrave; ho&atilde;n k&eacute;o d&agrave;i h&agrave;ng tu&#7847;n v&agrave; kho&#7843;ng tr&#7889;ng ph&#7847;n th&#432;&#7903;ng ti&#7873;m n&#259;ng trong qu&aacute; tr&igrave;nh k&iacute;ch ho&#7841;t l&#7841;i c&oacute; th&#7875; l&agrave;m ph&#7913;c t&#7841;p chi&#7871;n l&#432;&#7907;c danh m&#7909;c &#273;&#7847;u t&#432;.
Nh&#7919;ng th&aacute;ng t&#7899;i s&#7869; ki&#7875;m tra xem h&#7879; th&#7889;ng validator c&#7911;a Ethereum c&oacute; th&#7875; c&acirc;n b&#7857;ng an ninh v&#7899;i hi&#7879;u qu&#7843; v&#7889;n hay kh&ocirc;ng. &#272;i&#7873;u n&agrave;y &#273;&#7863;c bi&#7879;t &#273;&uacute;ng khi c&aacute;c kho b&#7841;c doanh nghi&#7879;p, <a href="https://beincrypto.com/learn/eth-etf-explained" target="_blank" rel="noreferrer noopener">ETF Ethereum</a>, v&agrave; c&aacute;c nh&agrave; cung c&#7845;p h&#7841; t&#7847;ng chen ch&uacute;c v&agrave;o c&ugrave;ng m&#7897;t h&agrave;ng &#273;&#7907;i.