<p>Gi&aacute;m &#273;&#7889;c &#272;&#7847;u t&#432; c&#7911;a Bitwise, Matt Hougan, nh&#7845;n m&#7841;nh v&#7873; vi&#7879;c &#273;&#7883;nh gi&aacute; sai ph&#7893; bi&#7871;n trong c&aacute;c c&ocirc;ng ty Kho b&#7841;c T&agrave;i s&#7843;n K&#7929; thu&#7853;t s&#7889; (DATs). &Ocirc;ng khuy&#7871;n ngh&#7883; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; c&#7847;n xem x&eacute;t &#273;&#7883;nh gi&aacute; ngo&agrave;i vi&#7879;c ch&#7881; d&#7921;a v&agrave;o l&#432;&#7907;ng n&#7855;m gi&#7919; crypto &#273;&#417;n gi&#7843;n v&igrave; c&aacute;c c&ocirc;ng ty n&agrave;y ho&#7841;t &#273;&#7897;ng trong t&igrave;nh h&igrave;nh t&agrave;i ch&iacute;nh ph&#7913;c t&#7841;p.</p>
<p>Hi&#7879;n nay, c&aacute;c DATs qu&#7843;n l&yacute; h&#417;n 130 t&#7927; USD t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889;, &#273;&oacute;ng vai tr&ograve; l&agrave; c&#7847;u n&#7889;i quan tr&#7885;ng gi&#7919;a th&#7883; tr&#432;&#7901;ng v&#7889;n truy&#7873;n th&#7889;ng v&agrave; vi&#7879;c ti&#7871;p c&#7853;n tr&#7921;c ti&#7871;p v&#7899;i ti&#7873;n &#273;i&#7879;n t&#7917;. V&#7883; th&#7871; &#273;&#7897;c &#273;&aacute;o c&#7911;a h&#7885; mang l&#7841;i nh&#7919;ng th&aacute;ch th&#7913;c &#273;&#7883;nh gi&aacute; m&#7899;i khi&#7871;n h&#7885; kh&aacute;c bi&#7879;t so v&#7899;i c&aacute;c ph&#432;&#417;ng ti&#7879;n &#273;&#7847;u t&#432; kh&aacute;c.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitwise-just-revealed-3-ways-to-value-dats-all-you-need-to-know">Bitwise v&#7915;a h&eacute; l&#7897; 3 c&aacute;ch &#273;&#7883;nh gi&aacute; DATs: Nh&#7919;ng &#273;i&#7873;u c&#7847;n bi&#7871;t</h2>

<p>Matt Hougan, gi&aacute;m &#273;&#7889;c &#273;&#7847;u t&#432; c&#7911;a Bitwise, c&#7843;nh b&aacute;o r&#7857;ng h&#7847;u h&#7871;t c&aacute;c DATs &#273;&#7873;u b&#7883; &#273;&#7883;nh gi&aacute; sai. Trong khi nhi&#7873;u c&ocirc;ng ty giao d&#7883;ch v&#7899;i m&#7913;c chi&#7871;t kh&#7845;u so v&#7899;i t&agrave;i s&#7843;n c&#7911;a h&#7885;, m&#7897;t s&#7889; &iacute;t c&oacute; th&#7875; giao d&#7883;ch &#7903; m&#7913;c cao h&#417;n b&#7857;ng c&aacute;ch t&#259;ng s&#7889; l&#432;&#7907;ng crypto tr&ecirc;n m&#7895;i c&#7893; ph&#7847;n.</p>
<p>Khung l&agrave;m vi&#7879;c c&#7911;a Hougan cung c&#7845;p cho c&aacute;c nh&agrave; &#273;&#7847;u t&#432; c&aacute;ch r&otilde; r&agrave;ng &#273;&#7875; ph&acirc;n bi&#7879;t nh&#7919;ng ng&#432;&#7901;i chi&#7871;n th&#7855;ng v&#7899;i nh&#7919;ng c&ocirc;ng ty t&#7909;t h&#7853;u.</p>
<h3 class="wp-block-heading" id="h-why-most-dats-trade-at-a-discount">T&#7841;i sao ph&#7847;n l&#7899;n DAT &#273;&#432;&#7907;c giao d&#7883;ch gi&#7843;m gi&aacute;</h3>

<p>Hougan n&ecirc;u ra ba l&yacute; do ch&iacute;nh khi&#7871;n c&aacute;c DATs th&#432;&#7901;ng ho&#7841;t &#273;&#7897;ng k&eacute;m:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Kh&oacute; thanh kho&#7843;n: C&aacute;c nh&agrave; &#273;&#7847;u t&#432; y&ecirc;u c&#7847;u m&#7913;c chi&#7871;t kh&#7845;u t&#7915; 5&ndash;10% n&#7871;u t&agrave;i s&#7843;n kh&ocirc;ng th&#7875; truy c&#7853;p ngay l&#7853;p t&#7913;c.</li>

<li>Chi ph&iacute;: Chi ph&iacute; ho&#7841;t &#273;&#7897;ng v&agrave; ti&#7873;n l&#432;&#417;ng gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh tr&#7921;c ti&#7871;p l&agrave;m gi&#7843;m gi&aacute; tr&#7883;.</li>
</ul>

<p>V&iacute; d&#7909;, 100 USD Bitcoin tr&#7915; &#273;i 10 USD chi ph&iacute; tr&ecirc;n m&#7895;i c&#7893; ph&#7847;n t&#432;&#417;ng &#273;&#432;&#417;ng v&#7899;i m&#7913;c chi&#7871;t kh&#7845;u 10%.</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>R&#7911;i ro: Sai l&#7847;m, thay &#273;&#7893;i th&#7883; tr&#432;&#7901;ng, ho&#7863;c l&#7895;i th&#7921;c thi c&agrave;ng l&agrave;m gi&#7843;m &#273;&#7883;nh gi&aacute;.</li>
</ul>

<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">
<p>&ldquo;&hellip;h&#7847;u h&#7871;t c&aacute;c l&yacute; do khi&#7871;n h&#7885; n&ecirc;n giao d&#7883;ch &#7903; m&#7913;c chi&#7871;t kh&#7845;u l&agrave; ch&#7855;c ch&#7855;n, v&agrave; h&#7847;u h&#7871;t c&aacute;c l&yacute; do khi&#7871;n h&#7885; c&oacute; th&#7875; giao d&#7883;ch &#7903; m&#7913;c cao h&#417;n l&agrave; kh&ocirc;ng ch&#7855;c ch&#7855;n,&rdquo; Hougan <a href="https://x.com/Matt_Hougan/status/1992646005670527375?s=20" target="_blank" rel="noreferrer noopener nofollow">n&oacute;i</a>.</p>
</blockquote>

<p>&#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; ph&#7847;n l&#7899;n c&aacute;c DATs s&#7869; <a href="https://vn.beincrypto.com/us-government-bitcoin-crash-microstrategy-fact-check/" target="_blank" rel="noreferrer noopener">ho&#7841;t &#273;&#7897;ng k&eacute;m h&#417;n so v&#7899;i gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (mNAV)</a> c&#7911;a h&#7885;.</p>
<h3 class="wp-block-heading">C&aacute;ch &#273;&#7875; DAT giao d&#7883;ch &#7903; m&#7913;c gi&aacute; cao h&#417;n</h3>

<p>M&#7897;t s&#7889; DATs ho&#7841;t &#273;&#7897;ng t&#7889;t h&#417;n b&#7857;ng c&aacute;ch t&#259;ng s&#7889; l&#432;&#7907;ng crypto tr&ecirc;n m&#7895;i c&#7893; ph&#7847;n, v&#7899;i Hougan x&aacute;c &#273;&#7883;nh b&#7889;n chi&#7871;n l&#432;&#7907;c ch&iacute;nh:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Ph&aacute;t h&agrave;nh n&#7907;: Vay USD &#273;&#7875; mua crypto c&oacute; th&#7875; gi&uacute;p t&#259;ng s&#7889; l&#432;&#7907;ng n&#7855;m gi&#7919; tr&ecirc;n m&#7895;i c&#7893; ph&#7847;n n&#7871;u gi&aacute; t&#259;ng.</li>

<li>Cho vay crypto: Ki&#7871;m l&atilde;i su&#7845;t l&agrave;m t&#259;ng th&ecirc;m l&#432;&#7907;ng crypto m&agrave; c&ocirc;ng ty n&#7855;m gi&#7919;.</li>

<li>S&#7917; d&#7909;ng ph&aacute;i sinh: Vi&#7871;t quy&#7873;n ch&#7885;n ho&#7863;c c&aacute;c chi&#7871;n l&#432;&#7907;c t&#432;&#417;ng t&#7921; t&#7841;o ra t&agrave;i s&#7843;n b&#7893; sung, m&#7863;c d&ugrave; c&oacute; th&#7875; gi&#7899;i h&#7841;n ti&#7873;m n&#259;ng t&#259;ng tr&#432;&#7903;ng.</li>

<li>Mua crypto v&#7899;i gi&aacute; chi&#7871;t kh&#7845;u: Mua t&agrave;i s&#7843;n b&#7883; &#273;&#7883;nh gi&aacute; th&#7845;p, mua l&#7841;i c&#7893; phi&#7871;u ho&#7863;c mua l&#7841;i c&aacute;c doanh nghi&#7879;p c&oacute; d&ograve;ng ti&#7873;n c&oacute; th&#7875; t&#259;ng s&#7889; l&#432;&#7907;ng crypto tr&ecirc;n m&#7895;i c&#7893; ph&#7847;n m&#7897;t c&aacute;ch hi&#7879;u qu&#7843;.</li>
</ul>

<p><a href="https://vn.beincrypto.com/bitwise-xrp-etf-goes-live-yet-price-crashes/" target="_blank" rel="noreferrer noopener">Gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh Bitwise</a> cho r&#7857;ng quy m&ocirc; quan tr&#7885;ng, nh&#7845;n m&#7841;nh r&#7857;ng c&aacute;c DATs l&#7899;n h&#417;n c&oacute; th&#7875; d&#7877; d&agrave;ng truy c&#7853;p n&#7907;, cho vay nhi&#7873;u crypto h&#417;n v&agrave; t&#7853;n d&#7909;ng c&#417; h&#7897;i M&amp;A. Quy m&ocirc; l&agrave; m&#7897;t l&#7907;i th&#7871; c&#7845;u tr&uacute;c.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">Kh&aacute;c bi&#7879;t h&oacute;a th&#7883; tr&#432;&#7901;ng &#273;ang &#273;&#7871;n</h2>

<p>C&aacute;c DATs tr&#432;&#7899;c &#273;&acirc;y th&#432;&#7901;ng di chuy&#7875;n c&ugrave;ng nhau, nh&#432;ng Hougan d&#7921; &#273;o&aacute;n s&#7921; kh&aacute;c bi&#7879;t s&#7869; t&#259;ng l&ecirc;n.</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>DATs cao h&#417;n: Ho&#7841;t &#273;&#7897;ng t&#7889;t, t&#259;ng s&#7889; l&#432;&#7907;ng crypto tr&ecirc;n m&#7895;i c&#7893; ph&#7847;n, t&#7853;n d&#7909;ng quy m&ocirc;.</li>

<li>DATs chi&#7871;t kh&#7845;u: G&#7863;p kh&oacute; kh&#259;n v&#7899;i chi ph&iacute;, r&#7911;i ro ho&#7863;c quy m&ocirc; nh&#7887;.</li>
</ul>

<p>C&aacute;c nh&agrave; &#273;&#7847;u t&#432; c&oacute; th&#7875; s&#7917; d&#7909;ng ph&#432;&#417;ng ph&aacute;p c&#7911;a Hougan, t&iacute;nh to&aacute;n chi ph&iacute;, r&#7911;i ro v&agrave; ti&#7873;m n&#259;ng t&#259;ng tr&#432;&#7903;ng, &#273;&#7875; x&aacute;c &#273;&#7883;nh <a href="https://vn.beincrypto.com/top-3-price-prediction-bitcoin-gold-silver-bulls-come-ashore-ahead-of-october-fomc-minutes/" target="_blank" rel="noreferrer noopener">gi&aacute; tr&#7883; c&ocirc;ng b&#7857;ng</a>.</p>
<p>C&aacute;c nh&agrave; &#273;&#7847;u t&#432; c&#361;ng n&ecirc;n ch&uacute; &yacute; &#273;&#7871;n:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Nh&#7919;ng DATs n&agrave;o li&ecirc;n t&#7909;c t&#259;ng s&#7889; l&#432;&#7907;ng crypto tr&ecirc;n m&#7895;i c&#7893; ph&#7847;n.</li>

<li>C&aacute;ch quy m&ocirc; cho ph&eacute;p m&#7897;t s&#7889; DATs c&oacute; l&#7907;i th&#7871; d&agrave;i h&#7841;n.</li>

<li>Di&#7877;n bi&#7871;n th&#7883; tr&#432;&#7901;ng t&#7841;o ra c&#417; h&#7897;i &#273;&#7875; mua c&aacute;c DATs b&#7883; &#273;&#7883;nh gi&aacute; th&#7845;p.</li>
</ul>

<p>V&#7899;i th&#7883; tr&#432;&#7901;ng &#273;ang h&#432;&#7899;ng t&#7899;i s&#7921; kh&aacute;c bi&#7879;t r&otilde; r&agrave;ng h&#417;n, hi&#7875;u khung l&agrave;m vi&#7879;c c&#7911;a Hougan c&oacute; th&#7875; gi&uacute;p ph&acirc;n bi&#7879;t gi&#7919;a ng&#432;&#7901;i chi&#7871;n th&#7855;ng v&agrave; k&#7867; thua cu&#7897;c trong l&#297;nh v&#7921;c kho b&#7841;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &#273;ang ph&aacute;t tri&#7875;n.</p>


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