Michael Burry, nh&agrave; &#273;&#7847;u t&#432; &#273;&#432;&#7907;c bi&#7871;t &#273;&#7871;n qua b&#7897; phim The Big Short, &#273;&atilde; ch&iacute;nh th&#7913;c thanh l&yacute; qu&#7929; Scion Asset Management, qu&#7929; &#273;&#7847;u c&#417; c&#7911;a &ocirc;ng t&#7841;i M&#7929; c&oacute; tr&#7909; s&#7903; t&#7841;i California. &#272;&#7897;ng th&aacute;i n&agrave;y k&#7871;t th&uacute;c h&agrave;nh tr&igrave;nh s&aacute;u n&#259;m, kh&#417;i l&#7841;i so s&aacute;nh v&#7899;i b&#432;&#7899;c l&ugrave;i c&#7911;a &ocirc;ng v&agrave;o n&#259;m 2008.
Qu&#7929; n&agrave;y n&#7893;i ti&#7871;ng v&#7899;i vi&#7879;c thu l&#7907;i t&#7915; cu&#7897;c kh&#7911;ng ho&#7843;ng th&#7871; ch&#7845;p d&#432;&#7899;i chu&#7849;n v&agrave; d&#7851;n d&#7855;t s&#7921; ki&#7879;n si&#7871;t ch&#7863;t c&#7893; phi&#7871;u GameStop.
Burry &#273;&atilde; vi&#7871;t g&igrave; trong th&#432; g&#7917;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432;

Trong l&aacute; th&#432; g&#7917;i nh&agrave; &#273;&#7847;u t&#432; &#273;&#7873; ng&agrave;y 27/10/2025, Burry vi&#7871;t r&#7857;ng &ldquo;s&#7921; &#273;&aacute;nh gi&aacute; gi&aacute; tr&#7883; c&#7911;a t&ocirc;i &#273;&#7889;i v&#7899;i ch&#7913;ng kho&aacute;n kh&ocirc;ng &#273;&#7891;ng &#273;i&#7879;u v&agrave; &#273;&atilde; kh&ocirc;ng &#273;&#7891;ng &#273;i&#7879;u v&#7899;i th&#7883; tr&#432;&#7901;ng trong m&#7897;t th&#7901;i gian d&agrave;i.&rdquo;
<img style="height:400px;width:640px;" decoding="async" alt="Michael Burry&rsquo;s Letter to Investors" class="wp-image-772843 lazy" loading="lazy" src="https://assets.beincrypto.com/img/P3i-KDp-c8CSlbYn1BBOZ_niTPI=/smart/7e8ca1f2409242d48a4bcac4c40adab6">Th&#432; g&#7917;i Nh&agrave; &#273;&#7847;u t&#432; c&#7911;a Michael Burry

&#272;&acirc;y l&agrave; l&#7847;n th&#7913; hai Burry t&#7921; nguy&#7879;n &#273;&oacute;ng qu&#7929; trong khi &#273;ang gi&#7919; v&#7883; tr&iacute; tr&aacute;i chi&#7873;u s&acirc;u. Ban &#273;&#7847;u, &#273;&oacute; l&agrave; sau khi thu l&#7907;i t&#7915; s&#7921; s&#7909;p &#273;&#7893; c&#7911;a th&#7883; tr&#432;&#7901;ng th&#7871; ch&#7845;p d&#432;&#7899;i chu&#7849;n. L&#7847;n n&agrave;y, n&oacute; &#273;&#7871;n trong b&#7889;i c&#7843;nh m&agrave; &ocirc;ng g&#7885;i l&agrave; &ldquo;&#273;&#7897;ng l&#7921;c bong b&oacute;ng AI.&rdquo;
V&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;ang theo d&otilde;i <a href="https://vn.beincrypto.com/bmnr-ethereum-equity-treasury-model-risks/" target="_blank" rel="noreferrer noopener">&#273;&#7883;nh gi&aacute; c&#7893; phi&#7871;u cao</a> v&agrave; s&#7921; l&#7841;c quan trong crypto &#273;ang gia t&#259;ng, vi&#7879;c &ocirc;ng r&uacute;t lui c&oacute; th&#7875; b&aacute;o hi&#7879;u m&#7897;t &#273;i&#7875;m xoay chi&#7873;u quan tr&#7885;ng.
Trong c&aacute;c b&agrave;i &#273;&#259;ng g&#7847;n &#273;&acirc;y tr&ecirc;n X (Twitter), Burry c&aacute;o bu&#7897;c c&aacute;c c&ocirc;ng ty c&ocirc;ng ngh&#7879; l&#7899;n &ldquo;l&agrave;m l&#7879;ch l&#7883;ch tr&igrave;nh kh&#7845;u hao&rdquo; &#273;&#7875; th&#7893;i ph&#7891;ng thu nh&#7853;p li&ecirc;n quan &#273;&#7871;n AI, so s&aacute;nh c&#417;n s&#7889;t n&agrave;y v&#7899;i &#273;&#7907;t b&ugrave;ng n&#7893; dot-com cu&#7889;i nh&#7919;ng n&#259;m 1990.
H&#7891; s&#417; 13F m&#7899;i nh&#7845;t c&#7911;a &ocirc;ng, <a href="https://vn.beincrypto.com/burry-buffett-market-risk-indicator/" target="_blank" rel="noreferrer noopener">&#273;&#432;&#7907;c n&#7897;p m&#7897;t c&aacute;ch b&#7845;t th&#432;&#7901;ng s&#7899;m</a>, cho th&#7845;y h&agrave;ng ch&#7909;c ngh&igrave;n h&#7907;p &#273;&#7891;ng <a href="https://vn.beincrypto.com/bitcoin-ethereum-october-options-expiry-analysis/" target="_blank" rel="noreferrer noopener">put options</a> k&eacute;o d&agrave;i &#273;&#7871;n 2026 v&agrave; 2027. Nh&#7919;ng h&#7907;p &#273;&#7891;ng n&agrave;y t&#7841;o th&agrave;nh c&aacute;c kho&#7843;n &#273;&#7863;t c&#432;&#7907;c m&#7841;nh m&#7869; ch&#7889;ng l&#7841;i c&aacute;c c&#7893; phi&#7871;u nh&#432; Palantir (PLTR).
Vi&#7879;c ti&#7871;t l&#7897; n&agrave;y &#273;&#7863;t Burry v&agrave;o giai &#273;o&#7841;n &#273;i&#7873;u ch&#7881;nh nhi&#7873;u kh&#7843; n&#259;ng k&eacute;o d&agrave;i nhi&#7873;u n&#259;m do <a href="https://vn.beincrypto.com/dxy-bitcoin-macro-indicator-willy-woo/" target="_blank" rel="noreferrer noopener">t&iacute;nh thanh kho&#7843;n qu&aacute; m&#7913;c</a> v&agrave; s&#7921; h&#432;ng ph&#7845;n c&#7911;a nh&agrave; &#273;&#7847;u t&#432; xung quanh tr&iacute; tu&#7879; nh&acirc;n t&#7841;o.
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&ldquo;B&agrave;i &#273;&#259;ng c&#7911;a Burry l&agrave; s&#7921; khinh b&#7881;. H&#7879; th&#7889;ng b&#7883; gian l&#7853;n. &Ocirc;ng &#7845;y bi&#7871;t &#273;i&#7873;u &#273;&oacute;. Ng&#432;&#7901;i &#273;&agrave;n &ocirc;ng &#273;&atilde; short c&#7843; th&#7871; gi&#7899;i &#273;ang nh&igrave;n v&agrave;o m&#7897;t th&#7883; tr&#432;&#7901;ng t&#7915; ch&#7889;i t&#7893;n th&#432;&#417;ng&hellip; &#272;&oacute; l&agrave; l&yacute; do t&#7841;i sao &ocirc;ng &#7845;y n&oacute;i nh&#432; v&#7853;y. Kh&ocirc;ng ph&#7843;i &#273;&#7875; c&#7843;nh b&aacute;o. &Ocirc;ng &#7845;y m&#7879;t m&#7887;i,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/level941/status/1984342155544903833" target="_blank" rel="noreferrer noopener nofollow">nh&#7853;n x&eacute;t</a>.
</blockquote>

N&#7871;u lu&#7853;n &#273;i&#7875;m c&#7911;a Burry &#273;&uacute;ng, n&oacute; s&#7869; g&#7907;i l&#7841;i c&aacute;c &#273;i&#7873;u ki&#7879;n kinh t&#7871; tr&#432;&#7899;c th&#7873;m c&#7843; cu&#7897;c kh&#7911;ng ho&#7843;ng t&agrave;i ch&iacute;nh 2008 v&agrave; s&#7921; n&#7893;i l&ecirc;n s&#7899;m c&#7911;a Bitcoin nh&#432; m&#7897;t t&agrave;i s&#7843;n thay th&#7871;, kh&ocirc;ng li&ecirc;n quan.
Burry chuy&#7875;n &#273;&#7893;i h&#432;&#7899;ng &#273;i

B&#7857;ng c&aacute;ch g&#7905; b&#7887; &#273;&#259;ng k&yacute; Scion v&agrave; chuy&#7875;n &#273;&#7893;i sang m&ocirc; h&igrave;nh v&#259;n ph&ograve;ng gia &#273;&igrave;nh, Burry th&#7921;c s&#7921; t&#7921; lo&#7841;i b&#7887; kh&#7887;i <a href="https://vn.beincrypto.com/sharplink-q3-2025-revenue-eth-treasury/" target="_blank" rel="noreferrer noopener">c&aacute;c &aacute;p l&#7921;c v&agrave; ti&#7871;t l&#7897; h&agrave;ng qu&yacute;</a>, m&#7897;t b&#432;&#7899;c ti&#7871;n &#273;&#7871;n quy&#7873;n ki&#7875;m so&aacute;t to&agrave;n di&#7879;n ngu&#7891;n v&#7889;n.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch nh&#7853;n x&eacute;t r&#7857;ng &#273;&#7897;ng th&aacute;i n&agrave;y th&#7875; hi&#7879;n tri&#7871;t l&yacute; t&#7921; ch&#7911; t&#432;&#417;ng t&#7921; nh&#432; n&#7873;n t&#7843;ng cho s&#7921; ch&#7845;p nh&#7853;n crypto:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>S&#7921; &#273;&#7897;c l&#7853;p kh&#7887;i c&aacute;c &#273;i&#7873;u khi&#7875;n vi&ecirc;n th&#7875; ch&#7871; v&agrave;</li>

<li>Ni&#7873;m tin d&agrave;i h&#7841;n h&#417;n vi&#7879;c &#273;&#7847;u t&#432; ng&#7855;n h&#7841;n.</li>
</ul>

B&#7889;i c&#7843;nh r&#7897;ng l&#7899;n h&#417;n c&#7911;a th&#7883; tr&#432;&#7901;ng

Vi&#7879;c thanh l&yacute; di&#7877;n ra khi Bitcoin &#273;ang c&#7911;ng c&#7889; &#7903; m&#7913;c kho&#7843;ng 103,000 USD, v&agrave; <a href="https://vn.beincrypto.com/canary-capital-xrp-etf-nasdaq-approval-launch/" target="_blank" rel="noreferrer noopener">s&#7921; quan t&acirc;m c&#7911;a t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i c&aacute;c qu&#7929; ETF crypto t&#259;ng t&#7889;c</a>. C&aacute;c nh&agrave; quan s&aacute;t th&#7883; tr&#432;&#7901;ng cho r&#7857;ng n&#7871;u d&#7921; &#273;o&aacute;n c&#7911;a Burry v&#7873; s&#7921; &#273;i&#7873;u ch&#7881;nh th&#7883; tr&#432;&#7901;ng c&#7893; phi&#7871;u th&agrave;nh hi&#7879;n th&#7921;c, v&#7889;n c&oacute; th&#7875; &#273;&#7893; v&agrave;o c&aacute;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &ldquo;c&#7913;ng,&rdquo; &#273;&#432;&#7907;c coi l&agrave; bi&#7879;n ph&aacute;p ph&ograve;ng ng&#7915;a thanh kho&#7843;n.
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&ldquo;Michael Burry d&#7915;ng cu&#7897;c ch&#417;i v&agrave; &#273;&oacute;ng c&#7917;a Scion l&agrave; t&iacute;n hi&#7879;u ng&#432;&#7901;i ch&#417;i m&#7841;nh m&#7869; nh&#7845;t t&ocirc;i t&#7915;ng th&#7845;y v&#7873; kh&#7843; n&#259;ng &#273;&#7881;nh th&#7883; tr&#432;&#7901;ng c&#7893; phi&#7871;u,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/BankofVol/status/1988883420613656828" target="_blank" rel="noreferrer noopener nofollow">b&igrave;nh lu&#7853;n</a>.
</blockquote>

L&#7883;ch s&#7917; &#273;&atilde; ch&#7881; ra r&#7857;ng c&aacute;c th&#7901;i k&#7923; th&#7855;t ch&#7863;t ti&#7873;n t&#7879; t&#432;&#417;ng t&#7921; k&egrave;m theo k&iacute;ch th&iacute;ch (2008 v&agrave; 2020) &#273;&atilde; d&#7851;n t&#7899;i c&aacute;c cu&#7897;c t&#259;ng gi&aacute; l&#7899;n c&#7911;a Bitcoin.
<img style="height:400px;width:640px;" decoding="async" alt="Bitcoin Price Performance (2020)" class="wp-image-772845 lazy" loading="lazy" src="https://assets.beincrypto.com/img/Bx41EXxrq--SYov0ICDPi5ESHBE=/smart/be53021b36d645ff80e88390d70335b4">Hi&#7879;u su&#7845;t gi&aacute; Bitcoin (2020). Ngu&#7891;n: <a href="https://www.tradingview.com/x/Z4WWWYI9/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

B&#7843;n th&acirc;n Burry ch&#432;a ti&#7871;t l&#7897; b&#7845;t k&igrave; s&#7921; ti&#7871;p x&uacute;c n&agrave;o v&#7899;i crypto. Tuy nhi&ecirc;n, vi&#7879;c &ocirc;ng r&#7901;i kh&#7887;i th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng ph&ugrave; h&#7907;p v&#7899;i logic m&agrave; nhi&#7873;u ng&#432;&#7901;i &#7911;ng h&#7897; Bitcoin &#273;&#7873; c&#7853;p, bao g&#7891;m s&#7921; ng&#7901; v&#7921;c v&#7873; gi&aacute; tr&#7883; b&#7883; th&#7893;i ph&#7891;ng, t&iacute;nh thanh kho&#7843;n c&#7911;a ng&acirc;n h&agrave;ng trung &#432;&#417;ng v&agrave; &#273;&ograve;n b&#7849;y c&ocirc;ng ty kh&ocirc;ng b&#7873;n v&#7919;ng. Burry c&#361;ng g&#7907;i &yacute; v&#7873; s&#7921; t&#7853;p trung m&#7899;i s&#7869; &#273;&#7871;n v&agrave;o ng&agrave;y 25/11, ch&#7881; c&ograve;n ch&#432;a &#273;&#7847;y hai tu&#7847;n n&#7919;a.
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&ldquo;Ti&#7871;n t&#7899;i nh&#7919;ng &#273;i&#7873;u t&#7889;t &#273;&#7865;p h&#417;n, 25/11,&rdquo; &ocirc;ng <a href="https://x.com/michaeljburry/status/1988778952299802818" target="_blank" rel="noreferrer noopener nofollow">ghi ch&uacute;</a>.
</blockquote>

D&ugrave; &#273;i&#7873;u &#273;&oacute; c&oacute; ngh&#297;a l&agrave; t&agrave;i s&#7843;n thay th&#7871;, d&#7921; &aacute;n t&#432; nh&acirc;n, ho&#7863;c ngh&#7881; ng&#417;i, &#273;&#7907;t r&uacute;t lui g&#7847;n &#273;&acirc;y c&#7911;a &ocirc;ng cho th&#7845;y m&#7897;t s&#7921; thay &#273;&#7893;i t&acirc;m l&yacute; r&#7897;ng l&#7899;n h&#417;n, r&#7857;ng ngay c&#7843; nh&#7919;ng nh&agrave; l&#7921;a ch&#7885;n c&#7893; phi&#7871;u huy&#7873;n tho&#7841;i c&#361;ng &#273;ang nghi ng&#7901; t&iacute;n hi&#7879;u gi&aacute; t&#7915; Wall Street.
Khi th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng d&#432;&#7901;ng nh&#432; t&aacute;ch r&#7901;i kh&#7887;i th&#7921;c t&#7871;, t&#7921; l&#432;u tr&#7919; v&agrave; ti&#7871;p x&uacute;c v&#7899;i t&agrave;i s&#7843;n c&#7913;ng c&oacute; th&#7875; l&#7841;i ch&#7913;ng t&#7887; l&agrave; giao d&#7883;ch tr&aacute;i ng&#432;&#7907;c t&#7889;t nh&#7845;t.

Nhà đầu tư “Big Short” rời khỏi Wall Street một lần nữa — liệu crypto có phải là kênh giao dịch duy nhất còn lại?

Michael Burry, nh&agrave; &#273;&#7847;u t&#432; &#273;&#432;&#7907;c bi&#7871;t &#273;&#7871;n qua b&#7897; phim The Big Short, &#273;&atilde; ch&iacute;nh th&#7913;c thanh l&yacute; qu&#7929; Scion Asset Management, qu&#7929; &#273;&#7847;u c&#417; c&#7911;a &ocirc;ng t&#7841;i M&#7929; c&oacute; tr&#7909; s&#7903; t&#7841;i California. &#272;&#7897;ng th&aacute;i n&agrave;y k&#7871;t th&uacute;c h&agrave;nh tr&igrave;nh s&aacute;u n&#259;m, kh&#417;i l&#7841;i so s&aacute;nh v&#7899;i b&#432;&#7899;c l&ugrave;i c&#7911;a &ocirc;ng v&agrave;o n&#259;m 2008.
Qu&#7929; n&agrave;y n&#7893;i ti&#7871;ng v&#7899;i vi&#7879;c thu l&#7907;i t&#7915; cu&#7897;c kh&#7911;ng ho&#7843;ng th&#7871; ch&#7845;p d&#432;&#7899;i chu&#7849;n v&agrave; d&#7851;n d&#7855;t s&#7921; ki&#7879;n si&#7871;t ch&#7863;t c&#7893; phi&#7871;u GameStop.
Burry &#273;&atilde; vi&#7871;t g&igrave; trong th&#432; g&#7917;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432;

Trong l&aacute; th&#432; g&#7917;i nh&agrave; &#273;&#7847;u t&#432; &#273;&#7873; ng&agrave;y 27/10/2025, Burry vi&#7871;t r&#7857;ng &ldquo;s&#7921; &#273;&aacute;nh gi&aacute; gi&aacute; tr&#7883; c&#7911;a t&ocirc;i &#273;&#7889;i v&#7899;i ch&#7913;ng kho&aacute;n kh&ocirc;ng &#273;&#7891;ng &#273;i&#7879;u v&agrave; &#273;&atilde; kh&ocirc;ng &#273;&#7891;ng &#273;i&#7879;u v&#7899;i th&#7883; tr&#432;&#7901;ng trong m&#7897;t th&#7901;i gian d&agrave;i.&rdquo;
<img style="height:400px;width:640px;"decoding="async" alt="Michael Burry&rsquo;s Letter to Investors" class="wp-image-772843 lazy" loading="lazy" src="https://assets.beincrypto.com/img/P3i-KDp-c8CSlbYn1BBOZ_niTPI=/smart/7e8ca1f2409242d48a4bcac4c40adab6">Th&#432; g&#7917;i Nh&agrave; &#273;&#7847;u t&#432; c&#7911;a Michael Burry

&#272;&acirc;y l&agrave; l&#7847;n th&#7913; hai Burry t&#7921; nguy&#7879;n &#273;&oacute;ng qu&#7929; trong khi &#273;ang gi&#7919; v&#7883; tr&iacute; tr&aacute;i chi&#7873;u s&acirc;u. Ban &#273;&#7847;u, &#273;&oacute; l&agrave; sau khi thu l&#7907;i t&#7915; s&#7921; s&#7909;p &#273;&#7893; c&#7911;a th&#7883; tr&#432;&#7901;ng th&#7871; ch&#7845;p d&#432;&#7899;i chu&#7849;n. L&#7847;n n&agrave;y, n&oacute; &#273;&#7871;n trong b&#7889;i c&#7843;nh m&agrave; &ocirc;ng g&#7885;i l&agrave; &ldquo;&#273;&#7897;ng l&#7921;c bong b&oacute;ng AI.&rdquo;
V&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;ang theo d&otilde;i <a href="https://vn.beincrypto.com/bmnr-ethereum-equity-treasury-model-risks/" target="_blank" rel="noreferrer noopener">&#273;&#7883;nh gi&aacute; c&#7893; phi&#7871;u cao</a> v&agrave; s&#7921; l&#7841;c quan trong crypto &#273;ang gia t&#259;ng, vi&#7879;c &ocirc;ng r&uacute;t lui c&oacute; th&#7875; b&aacute;o hi&#7879;u m&#7897;t &#273;i&#7875;m xoay chi&#7873;u quan tr&#7885;ng.
Trong c&aacute;c b&agrave;i &#273;&#259;ng g&#7847;n &#273;&acirc;y tr&ecirc;n X (Twitter), Burry c&aacute;o bu&#7897;c c&aacute;c c&ocirc;ng ty c&ocirc;ng ngh&#7879; l&#7899;n &ldquo;l&agrave;m l&#7879;ch l&#7883;ch tr&igrave;nh kh&#7845;u hao&rdquo; &#273;&#7875; th&#7893;i ph&#7891;ng thu nh&#7853;p li&ecirc;n quan &#273;&#7871;n AI, so s&aacute;nh c&#417;n s&#7889;t n&agrave;y v&#7899;i &#273;&#7907;t b&ugrave;ng n&#7893; dot-com cu&#7889;i nh&#7919;ng n&#259;m 1990.
H&#7891; s&#417; 13F m&#7899;i nh&#7845;t c&#7911;a &ocirc;ng, <a href="https://vn.beincrypto.com/burry-buffett-market-risk-indicator/" target="_blank" rel="noreferrer noopener">&#273;&#432;&#7907;c n&#7897;p m&#7897;t c&aacute;ch b&#7845;t th&#432;&#7901;ng s&#7899;m</a>, cho th&#7845;y h&agrave;ng ch&#7909;c ngh&igrave;n h&#7907;p &#273;&#7891;ng <a href="https://vn.beincrypto.com/bitcoin-ethereum-october-options-expiry-analysis/" target="_blank" rel="noreferrer noopener">put options</a> k&eacute;o d&agrave;i &#273;&#7871;n 2026 v&agrave; 2027. Nh&#7919;ng h&#7907;p &#273;&#7891;ng n&agrave;y t&#7841;o th&agrave;nh c&aacute;c kho&#7843;n &#273;&#7863;t c&#432;&#7907;c m&#7841;nh m&#7869; ch&#7889;ng l&#7841;i c&aacute;c c&#7893; phi&#7871;u nh&#432; Palantir (PLTR).
Vi&#7879;c ti&#7871;t l&#7897; n&agrave;y &#273;&#7863;t Burry v&agrave;o giai &#273;o&#7841;n &#273;i&#7873;u ch&#7881;nh nhi&#7873;u kh&#7843; n&#259;ng k&eacute;o d&agrave;i nhi&#7873;u n&#259;m do <a href="https://vn.beincrypto.com/dxy-bitcoin-macro-indicator-willy-woo/" target="_blank" rel="noreferrer noopener">t&iacute;nh thanh kho&#7843;n qu&aacute; m&#7913;c</a> v&agrave; s&#7921; h&#432;ng ph&#7845;n c&#7911;a nh&agrave; &#273;&#7847;u t&#432; xung quanh tr&iacute; tu&#7879; nh&acirc;n t&#7841;o.
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&ldquo;B&agrave;i &#273;&#259;ng c&#7911;a Burry l&agrave; s&#7921; khinh b&#7881;. H&#7879; th&#7889;ng b&#7883; gian l&#7853;n. &Ocirc;ng &#7845;y bi&#7871;t &#273;i&#7873;u &#273;&oacute;. Ng&#432;&#7901;i &#273;&agrave;n &ocirc;ng &#273;&atilde; short c&#7843; th&#7871; gi&#7899;i &#273;ang nh&igrave;n v&agrave;o m&#7897;t th&#7883; tr&#432;&#7901;ng t&#7915; ch&#7889;i t&#7893;n th&#432;&#417;ng&hellip; &#272;&oacute; l&agrave; l&yacute; do t&#7841;i sao &ocirc;ng &#7845;y n&oacute;i nh&#432; v&#7853;y. Kh&ocirc;ng ph&#7843;i &#273;&#7875; c&#7843;nh b&aacute;o. &Ocirc;ng &#7845;y m&#7879;t m&#7887;i,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/level941/status/1984342155544903833" target="_blank" rel="noreferrer noopener nofollow">nh&#7853;n x&eacute;t</a>.
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N&#7871;u lu&#7853;n &#273;i&#7875;m c&#7911;a Burry &#273;&uacute;ng, n&oacute; s&#7869; g&#7907;i l&#7841;i c&aacute;c &#273;i&#7873;u ki&#7879;n kinh t&#7871; tr&#432;&#7899;c th&#7873;m c&#7843; cu&#7897;c kh&#7911;ng ho&#7843;ng t&agrave;i ch&iacute;nh 2008 v&agrave; s&#7921; n&#7893;i l&ecirc;n s&#7899;m c&#7911;a Bitcoin nh&#432; m&#7897;t t&agrave;i s&#7843;n thay th&#7871;, kh&ocirc;ng li&ecirc;n quan.
Burry chuy&#7875;n &#273;&#7893;i h&#432;&#7899;ng &#273;i

B&#7857;ng c&aacute;ch g&#7905; b&#7887; &#273;&#259;ng k&yacute; Scion v&agrave; chuy&#7875;n &#273;&#7893;i sang m&ocirc; h&igrave;nh v&#259;n ph&ograve;ng gia &#273;&igrave;nh, Burry th&#7921;c s&#7921; t&#7921; lo&#7841;i b&#7887; kh&#7887;i <a href="https://vn.beincrypto.com/sharplink-q3-2025-revenue-eth-treasury/" target="_blank" rel="noreferrer noopener">c&aacute;c &aacute;p l&#7921;c v&agrave; ti&#7871;t l&#7897; h&agrave;ng qu&yacute;</a>, m&#7897;t b&#432;&#7899;c ti&#7871;n &#273;&#7871;n quy&#7873;n ki&#7875;m so&aacute;t to&agrave;n di&#7879;n ngu&#7891;n v&#7889;n.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch nh&#7853;n x&eacute;t r&#7857;ng &#273;&#7897;ng th&aacute;i n&agrave;y th&#7875; hi&#7879;n tri&#7871;t l&yacute; t&#7921; ch&#7911; t&#432;&#417;ng t&#7921; nh&#432; n&#7873;n t&#7843;ng cho s&#7921; ch&#7845;p nh&#7853;n crypto:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>S&#7921; &#273;&#7897;c l&#7853;p kh&#7887;i c&aacute;c &#273;i&#7873;u khi&#7875;n vi&ecirc;n th&#7875; ch&#7871; v&agrave;</li>

<li>Ni&#7873;m tin d&agrave;i h&#7841;n h&#417;n vi&#7879;c &#273;&#7847;u t&#432; ng&#7855;n h&#7841;n.</li>
</ul>

B&#7889;i c&#7843;nh r&#7897;ng l&#7899;n h&#417;n c&#7911;a th&#7883; tr&#432;&#7901;ng

Vi&#7879;c thanh l&yacute; di&#7877;n ra khi Bitcoin &#273;ang c&#7911;ng c&#7889; &#7903; m&#7913;c kho&#7843;ng 103,000 USD, v&agrave; <a href="https://vn.beincrypto.com/canary-capital-xrp-etf-nasdaq-approval-launch/" target="_blank" rel="noreferrer noopener">s&#7921; quan t&acirc;m c&#7911;a t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i c&aacute;c qu&#7929; ETF crypto t&#259;ng t&#7889;c</a>. C&aacute;c nh&agrave; quan s&aacute;t th&#7883; tr&#432;&#7901;ng cho r&#7857;ng n&#7871;u d&#7921; &#273;o&aacute;n c&#7911;a Burry v&#7873; s&#7921; &#273;i&#7873;u ch&#7881;nh th&#7883; tr&#432;&#7901;ng c&#7893; phi&#7871;u th&agrave;nh hi&#7879;n th&#7921;c, v&#7889;n c&oacute; th&#7875; &#273;&#7893; v&agrave;o c&aacute;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &ldquo;c&#7913;ng,&rdquo; &#273;&#432;&#7907;c coi l&agrave; bi&#7879;n ph&aacute;p ph&ograve;ng ng&#7915;a thanh kho&#7843;n.
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&ldquo;Michael Burry d&#7915;ng cu&#7897;c ch&#417;i v&agrave; &#273;&oacute;ng c&#7917;a Scion l&agrave; t&iacute;n hi&#7879;u ng&#432;&#7901;i ch&#417;i m&#7841;nh m&#7869; nh&#7845;t t&ocirc;i t&#7915;ng th&#7845;y v&#7873; kh&#7843; n&#259;ng &#273;&#7881;nh th&#7883; tr&#432;&#7901;ng c&#7893; phi&#7871;u,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/BankofVol/status/1988883420613656828" target="_blank" rel="noreferrer noopener nofollow">b&igrave;nh lu&#7853;n</a>.
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L&#7883;ch s&#7917; &#273;&atilde; ch&#7881; ra r&#7857;ng c&aacute;c th&#7901;i k&#7923; th&#7855;t ch&#7863;t ti&#7873;n t&#7879; t&#432;&#417;ng t&#7921; k&egrave;m theo k&iacute;ch th&iacute;ch (2008 v&agrave; 2020) &#273;&atilde; d&#7851;n t&#7899;i c&aacute;c cu&#7897;c t&#259;ng gi&aacute; l&#7899;n c&#7911;a Bitcoin.
<img style="height:400px;width:640px;"decoding="async" alt="Bitcoin Price Performance (2020)" class="wp-image-772845 lazy" loading="lazy" src="https://assets.beincrypto.com/img/Bx41EXxrq--SYov0ICDPi5ESHBE=/smart/be53021b36d645ff80e88390d70335b4">Hi&#7879;u su&#7845;t gi&aacute; Bitcoin (2020). Ngu&#7891;n: <a href="https://www.tradingview.com/x/Z4WWWYI9/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

B&#7843;n th&acirc;n Burry ch&#432;a ti&#7871;t l&#7897; b&#7845;t k&igrave; s&#7921; ti&#7871;p x&uacute;c n&agrave;o v&#7899;i crypto. Tuy nhi&ecirc;n, vi&#7879;c &ocirc;ng r&#7901;i kh&#7887;i th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng ph&ugrave; h&#7907;p v&#7899;i logic m&agrave; nhi&#7873;u ng&#432;&#7901;i &#7911;ng h&#7897; Bitcoin &#273;&#7873; c&#7853;p, bao g&#7891;m s&#7921; ng&#7901; v&#7921;c v&#7873; gi&aacute; tr&#7883; b&#7883; th&#7893;i ph&#7891;ng, t&iacute;nh thanh kho&#7843;n c&#7911;a ng&acirc;n h&agrave;ng trung &#432;&#417;ng v&agrave; &#273;&ograve;n b&#7849;y c&ocirc;ng ty kh&ocirc;ng b&#7873;n v&#7919;ng. Burry c&#361;ng g&#7907;i &yacute; v&#7873; s&#7921; t&#7853;p trung m&#7899;i s&#7869; &#273;&#7871;n v&agrave;o ng&agrave;y 25/11, ch&#7881; c&ograve;n ch&#432;a &#273;&#7847;y hai tu&#7847;n n&#7919;a.
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&ldquo;Ti&#7871;n t&#7899;i nh&#7919;ng &#273;i&#7873;u t&#7889;t &#273;&#7865;p h&#417;n, 25/11,&rdquo; &ocirc;ng <a href="https://x.com/michaeljburry/status/1988778952299802818" target="_blank" rel="noreferrer noopener nofollow">ghi ch&uacute;</a>.
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D&ugrave; &#273;i&#7873;u &#273;&oacute; c&oacute; ngh&#297;a l&agrave; t&agrave;i s&#7843;n thay th&#7871;, d&#7921; &aacute;n t&#432; nh&acirc;n, ho&#7863;c ngh&#7881; ng&#417;i, &#273;&#7907;t r&uacute;t lui g&#7847;n &#273;&acirc;y c&#7911;a &ocirc;ng cho th&#7845;y m&#7897;t s&#7921; thay &#273;&#7893;i t&acirc;m l&yacute; r&#7897;ng l&#7899;n h&#417;n, r&#7857;ng ngay c&#7843; nh&#7919;ng nh&agrave; l&#7921;a ch&#7885;n c&#7893; phi&#7871;u huy&#7873;n tho&#7841;i c&#361;ng &#273;ang nghi ng&#7901; t&iacute;n hi&#7879;u gi&aacute; t&#7915; Wall Street.
Khi th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng d&#432;&#7901;ng nh&#432; t&aacute;ch r&#7901;i kh&#7887;i th&#7921;c t&#7871;, t&#7921; l&#432;u tr&#7919; v&agrave; ti&#7871;p x&uacute;c v&#7899;i t&agrave;i s&#7843;n c&#7913;ng c&oacute; th&#7875; l&#7841;i ch&#7913;ng t&#7887; l&agrave; giao d&#7883;ch tr&aacute;i ng&#432;&#7907;c t&#7889;t nh&#7845;t.