V&agrave;o ng&agrave;y 01/12/2025, C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang M&#7929; (Fed) s&#7869; ch&iacute;nh th&#7913;c k&#7871;t th&uacute;c ch&#432;&#417;ng tr&igrave;nh th&#7855;t ch&#7863;t &#273;&#7883;nh l&#432;&#7907;ng (QT), gi&#7919; nguy&ecirc;n b&#7843;ng c&acirc;n &#273;&#7889;i t&agrave;i ch&iacute;nh &#7903; m&#7913;c 6.57 ngh&igrave;n t&#7927; USD sau khi &#273;&atilde; r&uacute;t 2.39 ngh&igrave;n t&#7927; USD ra kh&#7887;i h&#7879; th&#7889;ng.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch ch&#7881; ra nh&#7919;ng &#273;i&#7875;m t&#432;&#417;ng &#273;&#7891;ng v&#7899;i n&#259;m 2019, khi l&#7847;n t&#7841;m ng&#7915;ng QT tr&#432;&#7899;c &#273;&oacute; tr&ugrave;ng h&#7907;p v&#7899;i m&#7897;t &#273;&aacute;y l&#7899;n trong altcoins v&agrave; s&#7921; t&#259;ng tr&#432;&#7903;ng m&#7841;nh c&#7911;a Bitcoin. V&#7899;i t&iacute;nh thanh kho&#7843;n quay tr&#7903; l&#7841;i v&agrave; l&atilde;i su&#7845;t &#273;&atilde; gi&#7843;m xu&#7889;ng c&ograve;n 3.75&ndash;4.00%, th&#7883; tr&#432;&#7901;ng ti&#7873;n m&atilde; h&oacute;a &#273;ang chu&#7849;n b&#7883; cho m&#7897;t s&#7921; d&#7883;ch chuy&#7875;n c&oacute; th&#7875; l&agrave; t&iacute;ch c&#7921;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-fed-ends-qt-tomorrow-crypto-eyes-2019-style-liquidity-boost">Fed ng&#7915;ng QT v&agrave;o ng&agrave;y mai &mdash; Crypto ch&#7901; &#273;&#7907;i t&#259;ng thanh kho&#7843;n ki&#7875;u n&#259;m 2019</h2>

Vi&#7879;c <a href="https://vn.beincrypto.com/fed-interest-rate-cut-fomc-crypto-market-outlook/" target="_blank" rel="noreferrer noopener">ng&#7915;ng r&uacute;t ti&#7873;n kh&#7887;i b&#7843;ng c&acirc;n &#273;&#7889;i t&agrave;i ch&iacute;nh</a> c&#7911;a Fed di&#7877;n ra trong b&#7889;i c&#7843;nh d&#7921; tr&#7919; ng&acirc;n h&agrave;ng b&#7883; c&#259;ng th&#7859;ng, hi&#7879;n c&ograve;n kho&#7843;ng 3 ngh&igrave;n t&#7927; USD, t&#432;&#417;ng &#273;&#432;&#417;ng kho&#7843;ng 10% GDP c&#7911;a M&#7929;. C&ocirc;ng c&#7909; T&aacute;i mua qua &#273;&ecirc;m, tr&#432;&#7899;c &#273;&oacute; &#273;&atilde; h&#7845;p th&#7909; 2.5 ngh&igrave;n t&#7927; USD ti&#7873;n d&#432; th&#7915;a, &#273;&atilde; gi&#7843;m xu&#7889;ng g&#7847;n b&#7857;ng 0, lo&#7841;i b&#7887; m&#7897;t b&#7897; &#273;&#7879;m thanh kho&#7843;n ch&iacute;nh.
V&agrave;o th&aacute;ng 10/2025, T&#7927; l&#7879; T&agrave;i tr&#7907; Qua &#273;&ecirc;m &#272;&#432;&#7907;c b&#7843;o &#273;&#7843;m &#273;&atilde; t&#259;ng t&#7899;i 4.25%, v&#432;&#7907;t ph&#7841;m vi m&#7909;c ti&ecirc;u c&#7911;a Fed. C&ocirc;ng c&#7909; T&aacute;i mua th&#432;&#7901;ng tr&#7921;c &#273;&atilde; ghi nh&#7853;n m&#7897;t k&iacute;ch ho&#7841;t m&#7897;t ng&agrave;y l&ecirc;n t&#7899;i 18.5 t&#7927; USD, ph&#7843;n &aacute;nh nhu c&#7847;u thanh kho&#7843;n li&ecirc;n t&#7909;c.
<a href="https://vn.beincrypto.com/fed-minutes-reveal-december-rate-cut-on-a-knifes-edge-as-bitcoin-slips-below-89000/" target="_blank" rel="noreferrer noopener">Bi&ecirc;n b&#7843;n FOMC t&#7915; ng&agrave;y 29/10</a> m&ocirc; t&#7843; c&aacute;c &#273;i&#7873;u ch&#7881;nh v&#7853;n h&agrave;nh nh&#7857;m c&#7843;i thi&#7879;n truy&#7873;n t&#7843;i ch&iacute;nh s&aacute;ch.
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&ldquo;&#7910;y ban &#273;&atilde; quy&#7871;t &#273;&#7883;nh k&#7871;t th&uacute;c vi&#7879;c gi&#7843;m l&#432;&#7907;ng ch&#7913;ng kho&aacute;n t&#7893;ng h&#7907;p v&agrave;o ng&agrave;y 01/12,&rdquo; <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20251029a.htm" target="_blank" rel="noreferrer noopener nofollow">tr&iacute;ch t&#7915;</a> tuy&ecirc;n b&#7889; c&#7911;a Fed v&agrave;o ng&agrave;y 29/10.
</blockquote>

&#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; QT ch&iacute;nh th&#7913;c k&#7871;t th&uacute;c v&agrave;o ng&agrave;y 01/12 v&agrave; Fed s&#7869; ng&#7915;ng cho ph&eacute;p l&#432;&#7907;ng ch&#7913;ng kho&aacute;n c&#7911;a m&igrave;nh &#273;&aacute;o h&#7841;n m&agrave; kh&ocirc;ng t&aacute;i &#273;&#7847;u t&#432;. T&#7915; ng&agrave;y &#273;&oacute; tr&#7903; &#273;i, b&#7843;ng c&acirc;n &#273;&#7889;i t&agrave;i ch&iacute;nh s&#7869; kh&ocirc;ng b&#7883; gi&#7843;m n&#7919;a.
&#7910;y ban c&#361;ng ghi nh&#7853;n r&#7857;ng r&#7911;i ro &#273;i xu&#7889;ng cho vi&#7879;c l&agrave;m &#273;&atilde; t&#259;ng, d&ugrave; t&#7927; l&#7879; th&#7845;t nghi&#7879;p v&#7851;n th&#7845;p v&agrave; l&#7841;m ph&aacute;t &ldquo;c&oacute; ph&#7847;n cao h&#417;n&rdquo;.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch l&#432;u &yacute; r&#7857;ng &#273;&acirc;y &#273;&aacute;nh d&#7845;u m&#7897;t chuy&#7875;n &#273;&#7893;i d&agrave;i h&#7841;n: C&ocirc;ng c&#7909; T&aacute;i mua th&#432;&#7901;ng tr&#7921;c, ban &#273;&#7847;u l&agrave; m&#7897;t c&ocirc;ng c&#7909; kh&#7849;n c&#7845;p, nay ho&#7841;t &#273;&#7897;ng nh&#432; m&#7897;t nh&agrave; cung c&#7845;p thanh kho&#7843;n h&agrave;ng ng&agrave;y th&#432;&#7901;ng xuy&ecirc;n, th&#7921;c s&#7921; k&#7871;t n&#7889;i Fed v&#7899;i c&aacute;c ho&#7841;t &#273;&#7897;ng th&#7883; tr&#432;&#7901;ng Kho b&#7841;c.
Nh&agrave; nghi&ecirc;n c&#7913;u Shanaka Anslem mi&ecirc;u t&#7843; &#273;&acirc;y l&agrave; &ldquo;Th&#7901;i &#273;&#7841;i T&aacute;i mua th&#432;&#7901;ng tr&#7921;c&rdquo;, m&#7897;t s&#7921; bi&#7871;n &#273;&#7893;i c&#417; c&#7845;u c&oacute; &#7843;nh h&#432;&#7903;ng l&acirc;u d&agrave;i &#273;&#7889;i v&#7899;i t&agrave;i ch&iacute;nh to&agrave;n c&#7847;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-historical-parallels-and-crypto-market-implications">Nh&#7919;ng &#273;i&#7875;m t&#432;&#417;ng &#273;&#7891;ng l&#7883;ch s&#7917; v&agrave; t&aacute;c &#273;&#7897;ng &#273;&#7871;n th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917;</h2>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch ti&#7873;n m&atilde; h&oacute;a &#273;ang so s&aacute;nh tr&#7921;c ti&#7871;p v&#7899;i th&aacute;ng 08/2019, khi <a href="https://vn.beincrypto.com/fed-rate-cut-crypto-november/" target="_blank" rel="noreferrer noopener">Fed k&#7871;t th&uacute;c QT</a> v&agrave; altcoins &#273;&#7841;t &#273;&aacute;y.
D&ugrave; hi&#7879;u su&#7845;t trong qu&aacute; kh&#7913; kh&ocirc;ng &#273;&#7843;m b&#7843;o, c&aacute;c ch&#7881; s&#7889; quan tr&#7885;ng h&#7895; tr&#7907; s&#7921; l&#7841;c quan th&#7853;n tr&#7885;ng:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li><a href="https://vn.beincrypto.com/bitcoin-dominance-drops-market-shift/" target="_blank" rel="noreferrer noopener">T&#7927; l&#7879; th&#7889;ng tr&#7883; c&#7911;a Bitcoin</a> d&#432;&#7899;i m&#7913;c 60%,</li>

<li>L&#432;&#7907;ng cung ti&#7873;n M2 to&agrave;n c&#7847;u &#273;ang t&#259;ng v&agrave; l&#7883;ch s&#7917; cho th&#7845;y &#273;i&#7873;u n&agrave;y d&#7851;n d&#7855;t BTC tr&#432;&#7899;c 10&ndash;12 tu&#7847;n.</li>
</ul>

<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/WRqxudDOc7xYvowUZC_o0KnrJWM=/smart/9bde7d0b1e9944d081566a7ec451206b" alt="T&#7927; l&#7879; th&#7889;ng tr&#7883; c&#7911;a Bitcoin v&agrave; L&#432;&#7907;ng cung ti&#7873;n M2" class="wp-image-778255">T&#7927; l&#7879; th&#7889;ng tr&#7883; c&#7911;a Bitcoin v&agrave; L&#432;&#7907;ng cung ti&#7873;n M2. Ngu&#7891;n: <a href="https://www.tradingview.com/x/aqfpBds0/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

Vi&#7879;c k&#7871;t th&uacute;c QT c&oacute; th&#7875; <a href="https://beincrypto.com/fed-rate-cut-crypto-november/" target="_blank" rel="noreferrer noopener">b&#417;m th&ecirc;m &#273;&#7871;n 95 t&#7927; USD m&#7895;i th&aacute;ng v&agrave;o thanh kho&#7843;n</a>, h&#7895; tr&#7907; c&aacute;c &#273;&#7891;ng ti&#7873;n m&atilde; h&oacute;a l&#7899;n bao g&#7891;m Bitcoin, Ethereum, Solana, v&agrave; BNB.
<a href="https://vn.beincrypto.com/gold-price-prediction-december-first-week/" target="_blank" rel="noreferrer noopener">Gi&aacute; v&agrave;ng g&#7847;n &#273;&acirc;y &#273;&#7841;t &#273;&#7881;nh cao m&#7885;i th&#7901;i &#273;&#7841;i</a> cung c&#7845;p th&ecirc;m s&#7921; t&#432;&#417;ng quan, v&igrave; BTC th&#432;&#7901;ng ch&#7853;m theo sau bi&#7871;n &#273;&#7897;ng gi&aacute; v&agrave;ng kho&#7843;ng 12 tu&#7847;n.
Trong khi &#273;&oacute;, cu&#7897;c h&#7885;p FOMC ng&agrave;y 10/12 c&#7911;a Fed di&#7877;n ra trong &#273;i&#7873;u ki&#7879;n b&#7845;t th&#432;&#7901;ng:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>M&#7897;t <a href="https://vn.beincrypto.com/congress-ends-43-day-us-shutdown/" target="_blank" rel="noreferrer noopener">vi&#7879;c &#273;&oacute;ng c&#7917;a ch&iacute;nh ph&#7911; k&eacute;o d&agrave;i 43 ng&agrave;y</a> &#273;&atilde; x&oacute;a b&#7887; d&#7919; li&#7879;u CPI trong 2 th&aacute;ng, khi&#7871;n c&aacute;c nh&agrave; ho&#7841;ch &#273;&#7883;nh ch&iacute;nh s&aacute;ch kh&ocirc;ng c&oacute; con s&#7889; l&#7841;m ph&aacute;t m&#7899;i.</li>

<li><a href="https://vn.beincrypto.com/us-inflation-cpi-data-september/" target="_blank" rel="noreferrer noopener">CPI hi&#7879;n &#7903; m&#7913;c 3%</a>, cao h&#417;n m&#7909;c ti&ecirc;u 2% c&#7911;a Fed.</li>

<li>B&#7897; tr&#432;&#7903;ng T&agrave;i ch&iacute;nh Scott Bessent x&aacute;c nh&#7853;n Fed &#273;ang xem x&eacute;t c&#7855;t gi&#7843;m l&atilde;i su&#7845;t th&ecirc;m sau &#273;&#7907;t gi&#7843;m 25 &#273;i&#7875;m c&#417; b&#7843;n v&agrave;o th&aacute;ng 10.</li>
</ul>

N&#7907; c&ocirc;ng c&#7911;a M&#7929; <a href="https://fred.stlouisfed.org/series/GFDEBTN" target="_blank" rel="noreferrer noopener nofollow">v&#432;&#7907;t qu&aacute;</a> 36 ngh&igrave;n t&#7927; USD, v&#7899;i chi ph&iacute; l&atilde;i su&#7845;t h&agrave;ng n&#259;m tr&ecirc;n 1 ngh&igrave;n t&#7927; USD. C&ocirc;ng c&#7909; T&aacute;i mua th&#432;&#7901;ng tr&#7921;c hi&#7879;n nay cho ph&eacute;p nhanh ch&oacute;ng chuy&#7875;n h&oacute;a t&agrave;i s&#7843;n th&#7871; ch&#7845;p Kho b&#7841;c, &#273;&#7841;i di&#7879;n cho m&#7897;t s&#7921; d&#7883;ch chuy&#7875;n c&#417; c&#7845;u v&#7899;i nh&#7919;ng t&aacute;c &#273;&#7897;ng l&acirc;u d&agrave;i l&ecirc;n th&#7883; tr&#432;&#7901;ng.
M&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch ti&#7873;n m&atilde; h&oacute;a d&#7921; &#273;o&aacute;n m&#7897;t &#273;&#7907;t t&#259;ng ngay l&#7853;p t&#7913;c sau khi QT k&#7871;t th&uacute;c, trong khi nh&#7919;ng ng&#432;&#7901;i kh&aacute;c th&#7845;y m&#7897;t m&ugrave;a alt nh&#7887; trong v&ograve;ng 2&ndash;3 th&aacute;ng v&agrave; m&#7897;t chu k&#7923; th&#7883; tr&#432;&#7901;ng l&#7899;n h&#417;n v&agrave;o n&#259;m 2027&ndash;2028.
S&#7921; nh&#7845;t tr&iacute; cho r&#7857;ng <a href="https://vn.beincrypto.com/liquidity-bitcoin-halving-is-cryptos-magic-cycle-finally-broken/" target="_blank" rel="noreferrer noopener">thanh kho&#7843;n, ch&#7913; kh&ocirc;ng ph&#7843;i l&agrave; s&#7921; c&#432;&#7901;ng &#273;i&#7879;u hay c&aacute;c &#273;&#7907;t halving c&#7911;a Bitcoin</a>, &#273;&atilde; v&agrave; &#273;ang l&agrave; &#273;&#7897;ng l&#7921;c cho c&aacute;c chu k&#7923; ti&#7873;n m&atilde; h&oacute;a.
Ng&agrave;y 01/12 &#273;&aacute;nh d&#7845;u m&#7897;t &#273;i&#7875;m chuy&#7875;n quan tr&#7885;ng khi s&#7921; d&#7883;ch chuy&#7875;n thanh kho&#7843;n c&#7911;a Fed c&oacute; th&#7875; g&#7905; b&#7887; m&#7897;t tr&#7903; ng&#7841;i l&#7899;n cho c&aacute;c t&agrave;i s&#7843;n r&#7911;i ro. &#272;&#7897;ng th&aacute;i n&agrave;y c&oacute; th&#7875; &#273;&#7863;t n&#7873;n m&oacute;ng cho c&aacute;c th&#7883; tr&#432;&#7901;ng ti&#7873;n m&atilde; h&oacute;a ph&#7843;n &#7913;ng, d&ugrave; b&#7857;ng m&#7897;t &#273;&#7907;t t&#259;ng nh&#7887; hay giai &#273;o&#7841;n &#273;&#7847;u c&#7911;a m&#7897;t Si&ecirc;u chu k&#7923; r&#7897;ng l&#7899;n h&#417;n.
M&#7863;c d&ugrave; QT k&#7871;t th&uacute;c v&agrave;o ng&agrave;y 01/12, Fed nh&#7845;n m&#7841;nh r&#7857;ng vi&#7879;c &#273;i&#7873;u ch&#7881;nh trong t&#432;&#417;ng lai &#273;&#7889;i v&#7899;i l&atilde;i su&#7845;t qu&#7929; li&ecirc;n bang s&#7869; ph&#7909; thu&#7897;c v&agrave;o d&#7919; li&#7879;u nh&#7853;n &#273;&#432;&#7907;c v&agrave; nh&#7919;ng r&#7911;i ro kinh t&#7871; &#273;ang thay &#273;&#7893;i.
&#272;i&#7873;u n&agrave;y cho th&#7845;y r&#7857;ng Fed &#273;ang gi&#7919; ch&iacute;nh s&aacute;ch ti&#7873;n t&#7879; linh ho&#7841;t, s&#7861;n s&agrave;ng &#273;i&#7873;u ch&#7881;nh l&atilde;i su&#7845;t ho&#7863;c c&aacute;c bi&#7879;n ph&aacute;p kh&aacute;c n&#7871;u c&#7847;n thi&#7871;t.
C&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n theo d&otilde;i h&#432;&#7899;ng d&#7851;n v&#7873; l&atilde;i su&#7845;t, c&aacute;c ho&#7841;t &#273;&#7897;ng thanh kho&#7843;n c&#7911;a Kho b&#7841;c, v&agrave; xu h&#432;&#7899;ng cung ti&#7873;n M2 trong nh&#7919;ng tu&#7847;n t&#7899;i.

Ngày mai Fed kết thúc QT — Thị trường tiền mã hóa dự đoán đợt tăng mạnh bắt đầu

V&agrave;o ng&agrave;y 01/12/2025, C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang M&#7929; (Fed) s&#7869; ch&iacute;nh th&#7913;c k&#7871;t th&uacute;c ch&#432;&#417;ng tr&igrave;nh th&#7855;t ch&#7863;t &#273;&#7883;nh l&#432;&#7907;ng (QT), gi&#7919; nguy&ecirc;n b&#7843;ng c&acirc;n &#273;&#7889;i t&agrave;i ch&iacute;nh &#7903; m&#7913;c 6.57 ngh&igrave;n t&#7927; USD sau khi &#273;&atilde; r&uacute;t 2.39 ngh&igrave;n t&#7927; USD ra kh&#7887;i h&#7879; th&#7889;ng.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch ch&#7881; ra nh&#7919;ng &#273;i&#7875;m t&#432;&#417;ng &#273;&#7891;ng v&#7899;i n&#259;m 2019, khi l&#7847;n t&#7841;m ng&#7915;ng QT tr&#432;&#7899;c &#273;&oacute; tr&ugrave;ng h&#7907;p v&#7899;i m&#7897;t &#273;&aacute;y l&#7899;n trong altcoins v&agrave; s&#7921; t&#259;ng tr&#432;&#7903;ng m&#7841;nh c&#7911;a Bitcoin. V&#7899;i t&iacute;nh thanh kho&#7843;n quay tr&#7903; l&#7841;i v&agrave; l&atilde;i su&#7845;t &#273;&atilde; gi&#7843;m xu&#7889;ng c&ograve;n 3.75&ndash;4.00%, th&#7883; tr&#432;&#7901;ng ti&#7873;n m&atilde; h&oacute;a &#273;ang chu&#7849;n b&#7883; cho m&#7897;t s&#7921; d&#7883;ch chuy&#7875;n c&oacute; th&#7875; l&agrave; t&iacute;ch c&#7921;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-fed-ends-qt-tomorrow-crypto-eyes-2019-style-liquidity-boost">Fed ng&#7915;ng QT v&agrave;o ng&agrave;y mai &mdash; Crypto ch&#7901; &#273;&#7907;i t&#259;ng thanh kho&#7843;n ki&#7875;u n&#259;m 2019</h2>

Vi&#7879;c <a href="https://vn.beincrypto.com/fed-interest-rate-cut-fomc-crypto-market-outlook/" target="_blank" rel="noreferrer noopener">ng&#7915;ng r&uacute;t ti&#7873;n kh&#7887;i b&#7843;ng c&acirc;n &#273;&#7889;i t&agrave;i ch&iacute;nh</a> c&#7911;a Fed di&#7877;n ra trong b&#7889;i c&#7843;nh d&#7921; tr&#7919; ng&acirc;n h&agrave;ng b&#7883; c&#259;ng th&#7859;ng, hi&#7879;n c&ograve;n kho&#7843;ng 3 ngh&igrave;n t&#7927; USD, t&#432;&#417;ng &#273;&#432;&#417;ng kho&#7843;ng 10% GDP c&#7911;a M&#7929;. C&ocirc;ng c&#7909; T&aacute;i mua qua &#273;&ecirc;m, tr&#432;&#7899;c &#273;&oacute; &#273;&atilde; h&#7845;p th&#7909; 2.5 ngh&igrave;n t&#7927; USD ti&#7873;n d&#432; th&#7915;a, &#273;&atilde; gi&#7843;m xu&#7889;ng g&#7847;n b&#7857;ng 0, lo&#7841;i b&#7887; m&#7897;t b&#7897; &#273;&#7879;m thanh kho&#7843;n ch&iacute;nh.
V&agrave;o th&aacute;ng 10/2025, T&#7927; l&#7879; T&agrave;i tr&#7907; Qua &#273;&ecirc;m &#272;&#432;&#7907;c b&#7843;o &#273;&#7843;m &#273;&atilde; t&#259;ng t&#7899;i 4.25%, v&#432;&#7907;t ph&#7841;m vi m&#7909;c ti&ecirc;u c&#7911;a Fed. C&ocirc;ng c&#7909; T&aacute;i mua th&#432;&#7901;ng tr&#7921;c &#273;&atilde; ghi nh&#7853;n m&#7897;t k&iacute;ch ho&#7841;t m&#7897;t ng&agrave;y l&ecirc;n t&#7899;i 18.5 t&#7927; USD, ph&#7843;n &aacute;nh nhu c&#7847;u thanh kho&#7843;n li&ecirc;n t&#7909;c.
<a href="https://vn.beincrypto.com/fed-minutes-reveal-december-rate-cut-on-a-knifes-edge-as-bitcoin-slips-below-89000/" target="_blank" rel="noreferrer noopener">Bi&ecirc;n b&#7843;n FOMC t&#7915; ng&agrave;y 29/10</a> m&ocirc; t&#7843; c&aacute;c &#273;i&#7873;u ch&#7881;nh v&#7853;n h&agrave;nh nh&#7857;m c&#7843;i thi&#7879;n truy&#7873;n t&#7843;i ch&iacute;nh s&aacute;ch.
<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;&#7910;y ban &#273;&atilde; quy&#7871;t &#273;&#7883;nh k&#7871;t th&uacute;c vi&#7879;c gi&#7843;m l&#432;&#7907;ng ch&#7913;ng kho&aacute;n t&#7893;ng h&#7907;p v&agrave;o ng&agrave;y 01/12,&rdquo; <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20251029a.htm" target="_blank" rel="noreferrer noopener nofollow">tr&iacute;ch t&#7915;</a> tuy&ecirc;n b&#7889; c&#7911;a Fed v&agrave;o ng&agrave;y 29/10.
</blockquote>

&#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; QT ch&iacute;nh th&#7913;c k&#7871;t th&uacute;c v&agrave;o ng&agrave;y 01/12 v&agrave; Fed s&#7869; ng&#7915;ng cho ph&eacute;p l&#432;&#7907;ng ch&#7913;ng kho&aacute;n c&#7911;a m&igrave;nh &#273;&aacute;o h&#7841;n m&agrave; kh&ocirc;ng t&aacute;i &#273;&#7847;u t&#432;. T&#7915; ng&agrave;y &#273;&oacute; tr&#7903; &#273;i, b&#7843;ng c&acirc;n &#273;&#7889;i t&agrave;i ch&iacute;nh s&#7869; kh&ocirc;ng b&#7883; gi&#7843;m n&#7919;a.
&#7910;y ban c&#361;ng ghi nh&#7853;n r&#7857;ng r&#7911;i ro &#273;i xu&#7889;ng cho vi&#7879;c l&agrave;m &#273;&atilde; t&#259;ng, d&ugrave; t&#7927; l&#7879; th&#7845;t nghi&#7879;p v&#7851;n th&#7845;p v&agrave; l&#7841;m ph&aacute;t &ldquo;c&oacute; ph&#7847;n cao h&#417;n&rdquo;.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch l&#432;u &yacute; r&#7857;ng &#273;&acirc;y &#273;&aacute;nh d&#7845;u m&#7897;t chuy&#7875;n &#273;&#7893;i d&agrave;i h&#7841;n: C&ocirc;ng c&#7909; T&aacute;i mua th&#432;&#7901;ng tr&#7921;c, ban &#273;&#7847;u l&agrave; m&#7897;t c&ocirc;ng c&#7909; kh&#7849;n c&#7845;p, nay ho&#7841;t &#273;&#7897;ng nh&#432; m&#7897;t nh&agrave; cung c&#7845;p thanh kho&#7843;n h&agrave;ng ng&agrave;y th&#432;&#7901;ng xuy&ecirc;n, th&#7921;c s&#7921; k&#7871;t n&#7889;i Fed v&#7899;i c&aacute;c ho&#7841;t &#273;&#7897;ng th&#7883; tr&#432;&#7901;ng Kho b&#7841;c.
Nh&agrave; nghi&ecirc;n c&#7913;u Shanaka Anslem mi&ecirc;u t&#7843; &#273;&acirc;y l&agrave; &ldquo;Th&#7901;i &#273;&#7841;i T&aacute;i mua th&#432;&#7901;ng tr&#7921;c&rdquo;, m&#7897;t s&#7921; bi&#7871;n &#273;&#7893;i c&#417; c&#7845;u c&oacute; &#7843;nh h&#432;&#7903;ng l&acirc;u d&agrave;i &#273;&#7889;i v&#7899;i t&agrave;i ch&iacute;nh to&agrave;n c&#7847;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-historical-parallels-and-crypto-market-implications">Nh&#7919;ng &#273;i&#7875;m t&#432;&#417;ng &#273;&#7891;ng l&#7883;ch s&#7917; v&agrave; t&aacute;c &#273;&#7897;ng &#273;&#7871;n th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917;</h2>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch ti&#7873;n m&atilde; h&oacute;a &#273;ang so s&aacute;nh tr&#7921;c ti&#7871;p v&#7899;i th&aacute;ng 08/2019, khi <a href="https://vn.beincrypto.com/fed-rate-cut-crypto-november/" target="_blank" rel="noreferrer noopener">Fed k&#7871;t th&uacute;c QT</a> v&agrave; altcoins &#273;&#7841;t &#273;&aacute;y.
D&ugrave; hi&#7879;u su&#7845;t trong qu&aacute; kh&#7913; kh&ocirc;ng &#273;&#7843;m b&#7843;o, c&aacute;c ch&#7881; s&#7889; quan tr&#7885;ng h&#7895; tr&#7907; s&#7921; l&#7841;c quan th&#7853;n tr&#7885;ng:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li><a href="https://vn.beincrypto.com/bitcoin-dominance-drops-market-shift/" target="_blank" rel="noreferrer noopener">T&#7927; l&#7879; th&#7889;ng tr&#7883; c&#7911;a Bitcoin</a> d&#432;&#7899;i m&#7913;c 60%,</li>

<li>L&#432;&#7907;ng cung ti&#7873;n M2 to&agrave;n c&#7847;u &#273;ang t&#259;ng v&agrave; l&#7883;ch s&#7917; cho th&#7845;y &#273;i&#7873;u n&agrave;y d&#7851;n d&#7855;t BTC tr&#432;&#7899;c 10&ndash;12 tu&#7847;n.</li>
</ul>

<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/WRqxudDOc7xYvowUZC_o0KnrJWM=/smart/9bde7d0b1e9944d081566a7ec451206b" alt="T&#7927; l&#7879; th&#7889;ng tr&#7883; c&#7911;a Bitcoin v&agrave; L&#432;&#7907;ng cung ti&#7873;n M2" class="wp-image-778255">T&#7927; l&#7879; th&#7889;ng tr&#7883; c&#7911;a Bitcoin v&agrave; L&#432;&#7907;ng cung ti&#7873;n M2. Ngu&#7891;n: <a href="https://www.tradingview.com/x/aqfpBds0/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

Vi&#7879;c k&#7871;t th&uacute;c QT c&oacute; th&#7875; <a href="https://beincrypto.com/fed-rate-cut-crypto-november/" target="_blank" rel="noreferrer noopener">b&#417;m th&ecirc;m &#273;&#7871;n 95 t&#7927; USD m&#7895;i th&aacute;ng v&agrave;o thanh kho&#7843;n</a>, h&#7895; tr&#7907; c&aacute;c &#273;&#7891;ng ti&#7873;n m&atilde; h&oacute;a l&#7899;n bao g&#7891;m Bitcoin, Ethereum, Solana, v&agrave; BNB.
<a href="https://vn.beincrypto.com/gold-price-prediction-december-first-week/" target="_blank" rel="noreferrer noopener">Gi&aacute; v&agrave;ng g&#7847;n &#273;&acirc;y &#273;&#7841;t &#273;&#7881;nh cao m&#7885;i th&#7901;i &#273;&#7841;i</a> cung c&#7845;p th&ecirc;m s&#7921; t&#432;&#417;ng quan, v&igrave; BTC th&#432;&#7901;ng ch&#7853;m theo sau bi&#7871;n &#273;&#7897;ng gi&aacute; v&agrave;ng kho&#7843;ng 12 tu&#7847;n.
Trong khi &#273;&oacute;, cu&#7897;c h&#7885;p FOMC ng&agrave;y 10/12 c&#7911;a Fed di&#7877;n ra trong &#273;i&#7873;u ki&#7879;n b&#7845;t th&#432;&#7901;ng:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>M&#7897;t <a href="https://vn.beincrypto.com/congress-ends-43-day-us-shutdown/" target="_blank" rel="noreferrer noopener">vi&#7879;c &#273;&oacute;ng c&#7917;a ch&iacute;nh ph&#7911; k&eacute;o d&agrave;i 43 ng&agrave;y</a> &#273;&atilde; x&oacute;a b&#7887; d&#7919; li&#7879;u CPI trong 2 th&aacute;ng, khi&#7871;n c&aacute;c nh&agrave; ho&#7841;ch &#273;&#7883;nh ch&iacute;nh s&aacute;ch kh&ocirc;ng c&oacute; con s&#7889; l&#7841;m ph&aacute;t m&#7899;i.</li>

<li><a href="https://vn.beincrypto.com/us-inflation-cpi-data-september/" target="_blank" rel="noreferrer noopener">CPI hi&#7879;n &#7903; m&#7913;c 3%</a>, cao h&#417;n m&#7909;c ti&ecirc;u 2% c&#7911;a Fed.</li>

<li>B&#7897; tr&#432;&#7903;ng T&agrave;i ch&iacute;nh Scott Bessent x&aacute;c nh&#7853;n Fed &#273;ang xem x&eacute;t c&#7855;t gi&#7843;m l&atilde;i su&#7845;t th&ecirc;m sau &#273;&#7907;t gi&#7843;m 25 &#273;i&#7875;m c&#417; b&#7843;n v&agrave;o th&aacute;ng 10.</li>
</ul>

N&#7907; c&ocirc;ng c&#7911;a M&#7929; <a href="https://fred.stlouisfed.org/series/GFDEBTN" target="_blank" rel="noreferrer noopener nofollow">v&#432;&#7907;t qu&aacute;</a> 36 ngh&igrave;n t&#7927; USD, v&#7899;i chi ph&iacute; l&atilde;i su&#7845;t h&agrave;ng n&#259;m tr&ecirc;n 1 ngh&igrave;n t&#7927; USD. C&ocirc;ng c&#7909; T&aacute;i mua th&#432;&#7901;ng tr&#7921;c hi&#7879;n nay cho ph&eacute;p nhanh ch&oacute;ng chuy&#7875;n h&oacute;a t&agrave;i s&#7843;n th&#7871; ch&#7845;p Kho b&#7841;c, &#273;&#7841;i di&#7879;n cho m&#7897;t s&#7921; d&#7883;ch chuy&#7875;n c&#417; c&#7845;u v&#7899;i nh&#7919;ng t&aacute;c &#273;&#7897;ng l&acirc;u d&agrave;i l&ecirc;n th&#7883; tr&#432;&#7901;ng.
M&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch ti&#7873;n m&atilde; h&oacute;a d&#7921; &#273;o&aacute;n m&#7897;t &#273;&#7907;t t&#259;ng ngay l&#7853;p t&#7913;c sau khi QT k&#7871;t th&uacute;c, trong khi nh&#7919;ng ng&#432;&#7901;i kh&aacute;c th&#7845;y m&#7897;t m&ugrave;a alt nh&#7887; trong v&ograve;ng 2&ndash;3 th&aacute;ng v&agrave; m&#7897;t chu k&#7923; th&#7883; tr&#432;&#7901;ng l&#7899;n h&#417;n v&agrave;o n&#259;m 2027&ndash;2028.
S&#7921; nh&#7845;t tr&iacute; cho r&#7857;ng <a href="https://vn.beincrypto.com/liquidity-bitcoin-halving-is-cryptos-magic-cycle-finally-broken/" target="_blank" rel="noreferrer noopener">thanh kho&#7843;n, ch&#7913; kh&ocirc;ng ph&#7843;i l&agrave; s&#7921; c&#432;&#7901;ng &#273;i&#7879;u hay c&aacute;c &#273;&#7907;t halving c&#7911;a Bitcoin</a>, &#273;&atilde; v&agrave; &#273;ang l&agrave; &#273;&#7897;ng l&#7921;c cho c&aacute;c chu k&#7923; ti&#7873;n m&atilde; h&oacute;a.
Ng&agrave;y 01/12 &#273;&aacute;nh d&#7845;u m&#7897;t &#273;i&#7875;m chuy&#7875;n quan tr&#7885;ng khi s&#7921; d&#7883;ch chuy&#7875;n thanh kho&#7843;n c&#7911;a Fed c&oacute; th&#7875; g&#7905; b&#7887; m&#7897;t tr&#7903; ng&#7841;i l&#7899;n cho c&aacute;c t&agrave;i s&#7843;n r&#7911;i ro. &#272;&#7897;ng th&aacute;i n&agrave;y c&oacute; th&#7875; &#273;&#7863;t n&#7873;n m&oacute;ng cho c&aacute;c th&#7883; tr&#432;&#7901;ng ti&#7873;n m&atilde; h&oacute;a ph&#7843;n &#7913;ng, d&ugrave; b&#7857;ng m&#7897;t &#273;&#7907;t t&#259;ng nh&#7887; hay giai &#273;o&#7841;n &#273;&#7847;u c&#7911;a m&#7897;t Si&ecirc;u chu k&#7923; r&#7897;ng l&#7899;n h&#417;n.
M&#7863;c d&ugrave; QT k&#7871;t th&uacute;c v&agrave;o ng&agrave;y 01/12, Fed nh&#7845;n m&#7841;nh r&#7857;ng vi&#7879;c &#273;i&#7873;u ch&#7881;nh trong t&#432;&#417;ng lai &#273;&#7889;i v&#7899;i l&atilde;i su&#7845;t qu&#7929; li&ecirc;n bang s&#7869; ph&#7909; thu&#7897;c v&agrave;o d&#7919; li&#7879;u nh&#7853;n &#273;&#432;&#7907;c v&agrave; nh&#7919;ng r&#7911;i ro kinh t&#7871; &#273;ang thay &#273;&#7893;i.
&#272;i&#7873;u n&agrave;y cho th&#7845;y r&#7857;ng Fed &#273;ang gi&#7919; ch&iacute;nh s&aacute;ch ti&#7873;n t&#7879; linh ho&#7841;t, s&#7861;n s&agrave;ng &#273;i&#7873;u ch&#7881;nh l&atilde;i su&#7845;t ho&#7863;c c&aacute;c bi&#7879;n ph&aacute;p kh&aacute;c n&#7871;u c&#7847;n thi&#7871;t.
C&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n theo d&otilde;i h&#432;&#7899;ng d&#7851;n v&#7873; l&atilde;i su&#7845;t, c&aacute;c ho&#7841;t &#273;&#7897;ng thanh kho&#7843;n c&#7911;a Kho b&#7841;c, v&agrave; xu h&#432;&#7899;ng cung ti&#7873;n M2 trong nh&#7919;ng tu&#7847;n t&#7899;i.