M&#7897;t l&agrave;n s&oacute;ng v&#7889;n to&agrave;n c&#7847;u m&#7841;nh m&#7869; v&agrave; kh&ocirc;ng th&#432;&#7901;ng l&#7879; &#273;ang &#273;&#7893; v&agrave;o c&aacute;c th&#7883; tr&#432;&#7901;ng M&#7929;. C&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&#432;&#7899;c ngo&agrave;i &#273;ang mua c&#7893; phi&#7871;u M&#7929; v&#7899;i t&#7889;c &#273;&#7897; k&#7927; l&#7909;c, nhu c&#7847;u v&#7873; tr&aacute;i phi&#7871;u kho b&#7841;c &#273;ang t&aacute;i c&#7845;u tr&uacute;c &#7903; m&#7913;c &#273;&#7897; c&#417; c&#7845;u, v&agrave; c&aacute;c d&ograve;ng v&#7889;n n&#7897;i &#273;&#7883;a &#273;ang t&#259;ng t&#7889;c v&agrave;o cu&#7889;i n&#259;m.
&#272;&#7891;ng th&#7901;i, n&#7907; ti&ecirc;u d&ugrave;ng c&#7911;a M&#7929; &#273;&atilde; ch&#7841;m m&#7913;c cao nh&#7845;t trong l&#7883;ch s&#7917;. &#272;&#7889;i v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; crypto v&agrave; c&#7893; phi&#7871;u, quy m&ocirc; v&agrave; h&#432;&#7899;ng &#273;i c&#7911;a c&aacute;c d&ograve;ng v&#7889;n n&agrave;y cho th&#7845;y m&#7897;t chuy&#7875;n bi&#7871;n l&#7899;n trong kh&#7849;u v&#7883; r&#7911;i ro v&agrave; &#273;&#7883;nh v&#7883; to&agrave;n c&#7847;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-foreign-investors-drive-record-equity-buying-amid-historic-realignment-in-treasury-ownership">Nh&agrave; &#273;&#7847;u t&#432; n&#432;&#7899;c ngo&agrave;i th&uacute;c &#273;&#7849;y k&#7927; l&#7909;c mua c&#7893; phi&#7871;u gi&#7919;a s&#7921; t&aacute;i c&#417; c&#7845;u l&#7883;ch s&#7917; trong quy&#7873;n s&#7903; h&#7919;u tr&aacute;i phi&#7871;u</h2>

C&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&#432; nh&acirc;n ngo&agrave;i M&#7929; &#273;&atilde; mua 646.8 t&#7927; USD c&#7893; phi&#7871;u M&#7929; trong 12 th&aacute;ng k&#7871;t th&uacute;c v&agrave;o th&aacute;ng 09/2025, theo d&#7919; li&#7879;u &#273;&#432;&#7907;c Yardeni Research tr&iacute;ch d&#7851;n.
&#272;&acirc;y l&agrave; m&#7913;c cao nh&#7845;t t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay, v&#432;&#7907;t qua m&#7913;c &#273;&#7881;nh 2021 t&#7899;i 66%, v&#7899;i d&ograve;ng v&#7889;n &#273;&atilde; t&#259;ng g&#7845;p &#273;&ocirc;i k&#7875; t&#7915; th&aacute;ng 01.
Vi&#7879;c mua kh&ocirc;ng gi&#7899;i h&#7841;n ch&#7881; &#7903; <a href="https://vn.beincrypto.com/institutions-bitcoin-trading-plan-before-next-halving/" target="_blank" rel="noreferrer noopener">c&#7893; phi&#7871;u M&#7929;</a>. Nh&#7919;ng nh&agrave; &#273;&#7847;u t&#432; t&#432; nh&acirc;n n&#432;&#7899;c ngo&agrave;i &#273;&atilde; mua <a href="https://vn.beincrypto.com/tether-us-debt-holdings-2025/" target="_blank" rel="noreferrer noopener">tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;</a> v&#7899;i t&#7893;ng gi&aacute; tr&#7883; 492.7 t&#7927; USD trong c&ugrave;ng k&#7923;. M&#7913;c mua l&#259;n 12 th&aacute;ng c&#7911;a c&aacute;c nh&agrave; &#273;&#7847;u t&#432; kh&ocirc;ng thu&#7897;c M&#7929; &#273;&#7889;i v&#7899;i tr&aacute;i phi&#7871;u kho b&#7841;c &#273;&atilde; duy tr&igrave; tr&ecirc;n 400 t&#7927; USD trong b&#7889;n n&#259;m li&ecirc;n ti&#7871;p, ph&#7843;n &aacute;nh nhu c&#7847;u b&#7873;n b&#7881; to&agrave;n c&#7847;u &#273;&#7889;i v&#7899;i s&#7921; an to&agrave;n &#273;&#432;&#7907;c &#273;&#7883;nh gi&aacute; b&#7857;ng &#273;&ocirc; la.
<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;M&#7885;i ng&#432;&#7901;i &#273;&#7873;u mu&#7889;n t&agrave;i s&#7843;n M&#7929;&rdquo;, c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch t&#7841;i Kobeissi Letter <a href="https://x.com/KobeissiLetter/status/1995219279311204613?s=20" target="_blank" rel="noreferrer noopener nofollow">nh&#7853;n x&eacute;t</a>.
</blockquote>

Th&agrave;nh ph&#7847;n c&#7911;a c&aacute;c ch&#7911; s&#7903; h&#7919;u tr&aacute;i phi&#7871;u kho b&#7841;c n&#432;&#7899;c ngo&agrave;i &#273;ang thay &#273;&#7893;i theo nh&#7919;ng c&aacute;ch ch&#432;a t&#7915;ng th&#7845;y trong nhi&#7873;u th&#7853;p k&#7927;:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>T&#7927; l&#7879; n&#7855;m gi&#7919; c&#7911;a Trung Qu&#7889;c trong tr&aacute;i phi&#7871;u kho b&#7841;c n&#432;&#7899;c ngo&agrave;i &#273;&atilde; gi&#7843;m xu&#7889;ng c&ograve;n 7.6%, m&#7913;c th&#7845;p nh&#7845;t trong 23 n&#259;m qua v&agrave; gi&#7843;m 20% trong 14 n&#259;m.</li>

<li>T&#7927; l&#7879; n&#7855;m gi&#7919; c&#7911;a V&#432;&#417;ng qu&#7889;c Anh &#273;&atilde; t&#259;ng g&#7845;p b&#7889;n l&#7847;n l&ecirc;n 9.4%, g&#7847;n m&#7913;c cao nh&#7845;t t&#7915;ng c&oacute;.</li>

<li>Nh&#7853;t B&#7843;n, v&#7851;n l&agrave; ch&#7911; n&#7855;m gi&#7919; l&#7899;n nh&#7845;t n&#432;&#7899;c ngo&agrave;i, hi&#7879;n chi&#7871;m 12.9%, gi&#7843;m 26 &#273;i&#7875;m trong 21 n&#259;m qua.</li>
</ul>

Nh&#7919;ng thay &#273;&#7893;i n&agrave;y cho th&#7845;y s&#7921; t&aacute;i &#273;&#7883;nh v&#7883; d&agrave;i h&#7841;n c&#7911;a v&#7889;n ch&#7911; quy&#7873;n v&agrave; t&#432; nh&acirc;n, m&#7897;t xu h&#432;&#7899;ng c&oacute; &#7843;nh h&#432;&#7903;ng tr&#7921;c ti&#7871;p &#273;&#7871;n <a href="https://vn.beincrypto.com/federal-reserve-ends-qt-crypto-liquidity-shift/" target="_blank" rel="noreferrer noopener">l&atilde;i su&#7845;t, thanh kho&#7843;n v&agrave; bi&#7871;n &#273;&#7897;ng th&#7883; tr&#432;&#7901;ng</a>.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-cac-nha-dau-tu-noi-dia-cung-dang-chap-nhan-rui-ro-nhung-no-tieu-dung-ky-luc-them-phan-phuc-tap">C&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&#7897;i &#273;&#7883;a c&#361;ng &#273;ang ch&#7845;p nh&#7853;n r&#7911;i ro, nh&#432;ng n&#7907; ti&ecirc;u d&ugrave;ng k&#7927; l&#7909;c th&ecirc;m ph&#7847;n ph&#7913;c t&#7841;p</h2>

Theo d&#7919; li&#7879;u c&#7911;a JPMorgan, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; M&#7929; &#273;&atilde; &#273;&#7893; kho&#7843;ng 900 t&#7927; USD v&agrave;o qu&#7929; c&#7893; phi&#7871;u t&#7915; th&aacute;ng 11/2024, trong &#273;&oacute; m&#7897;t n&#7917;a, 450 t&#7927; USD, &#273;&atilde; &#273;&#7871;n ch&#7881; trong n&#259;m th&aacute;ng qua.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/Z6JIdd6jtlp5XDmn_alHbfTRB_E=/smart/82d8d39e37bb4c92a35f6eefbcdea1d4" alt="US Asset Class Flows" class="wp-image-778270">D&ograve;ng v&#7889;n theo lo&#7841;i t&agrave;i s&#7843;n t&#7841;i M&#7929;. Ngu&#7891;n: JP Morgan

C&aacute;c qu&#7929; thu nh&#7853;p c&#7889; &#273;&#7883;nh &#273;&atilde; th&ecirc;m 400 t&#7927; USD kh&aacute;c, trong khi t&#7845;t c&#7843; c&aacute;c lo&#7841;i t&agrave;i s&#7843;n kh&aacute;c k&#7871;t h&#7907;p ch&#7881; thu h&uacute;t &#273;&#432;&#7907;c 100 t&#7927; USD.
D&ograve;ng v&#7889;n &#273;&#7893; v&agrave;o c&#7893; phi&#7871;u M&#7929; &#273;&atilde; v&#432;&#7907;t qua t&#7845;t c&#7843; c&aacute;c lo&#7841;i t&agrave;i s&#7843;n kh&aacute;c k&#7871;t h&#7907;p, c&#7911;ng c&#7889; s&#7913;c m&#7841;nh mong mu&#7889;n cho <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">t&agrave;i s&#7843;n r&#7911;i ro M&#7929;</a>.
Trong khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&#7893; ch&#7913;c v&agrave; n&#432;&#7899;c ngo&agrave;i &#273;ang t&#259;ng c&#432;&#7901;ng ti&#7871;p x&uacute;c c&#7911;a h&#7885;, c&aacute;c h&#7897; gia &#273;&igrave;nh M&#7929; &#273;ang ch&#7883;u &aacute;p l&#7921;c t&agrave;i ch&iacute;nh ng&agrave;y c&agrave;ng t&#259;ng. T&#7893;ng n&#7907; th&#7867; t&iacute;n d&#7909;ng c&#7911;a M&#7929; &#273;&atilde; t&#259;ng l&ecirc;n 1.233 ngh&igrave;n t&#7927; USD trong Q3/2025, m&#7913;c cao nh&#7845;t t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n.
S&#7921; kh&aacute;c bi&#7879;t gi&#7919;a s&#7921; l&#7841;c quan c&#7911;a th&#7883; tr&#432;&#7901;ng v&agrave; &aacute;p l&#7921;c ti&ecirc;u d&ugrave;ng n&agrave;y &#273;&#7863;t ra nh&#7919;ng c&acirc;u h&#7887;i v&#7873; t&iacute;nh b&#7873;n v&#7919;ng, <a href="https://vn.beincrypto.com/jpmorgan-nvidia-rally-bitcoin-stocks-us-crypto-news/" target="_blank" rel="noreferrer noopener">s&#7913;c m&#7841;nh thu nh&#7853;p</a>, v&agrave; th&#7901;i &#273;i&#7875;m c&oacute; th&#7875; thay &#273;&#7893;i ch&iacute;nh s&aacute;ch.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-seasonality-and-bullish-projections-lift-sentiment">Y&#7871;u t&#7889; m&ugrave;a v&agrave; d&#7921; b&aacute;o t&#259;ng gi&aacute; n&acirc;ng cao t&acirc;m l&yacute; th&#7883; tr&#432;&#7901;ng</h2>

JP Morgan d&#7921; b&aacute;o S&amp;P 500 s&#7869; &#273;&#7841;t 8,000 v&agrave;o n&#259;m t&#7899;i, m&#7897;t quan &#273;i&#7875;m &#273;&#432;&#7907;c c&#7911;ng c&#7889; b&#7903;i c&aacute;c l&#7907;i th&#7871; m&ugrave;a v&#7909; m&#7841;nh m&#7869;. D&#7921; b&aacute;o n&agrave;y xu&#7845;t hi&#7879;n khi th&#7883; tr&#432;&#7901;ng k&#7923; v&#7885;ng v&agrave;o &ldquo;rally t&#7845;t c&#7843;&rdquo; c&#7911;a ng&acirc;n h&agrave;ng n&agrave;y v&#7915;a &#273;&#432;&#7907;c chia s&#7867; c&aacute;ch &#273;&acirc;y h&#417;n m&#7897;t tu&#7847;n.
Th&aacute;ng 12 &#273;&atilde; c&oacute; truy&#7873;n th&#7889;ng l&agrave; th&aacute;ng m&#7841;nh nh&#7845;t cho c&#7893; phi&#7871;u M&#7929;, v&#7899;i S&amp;P 500 t&#259;ng 73% th&#7901;i gian k&#7875; t&#7915; 1928 v&agrave; mang l&#7841;i l&#7907;i nhu&#7853;n trung b&igrave;nh +1.28%.
&#272;&#7889;i v&#7899;i c&#7843; th&#7883; tr&#432;&#7901;ng crypto v&agrave; c&#7893; phi&#7871;u, d&ograve;ng v&#7889;n ch&#7843;y m&#7841;nh v&agrave;o M&#7929; bi&#7875;u th&#7883; s&#7921; tin t&#432;&#7903;ng ng&agrave;y c&agrave;ng t&#259;ng v&agrave;o t&agrave;i s&#7843;n M&#7929;, ho&#7863;c s&#7921; thi&#7871;u h&#7845;p d&#7851;n c&#7911;a c&aacute;c l&#7921;a ch&#7885;n kh&aacute;c &#7903; n&#432;&#7899;c ngo&agrave;i.
C&aacute;c nh&agrave; &#273;&#7847;u t&#432; s&#7869; theo d&otilde;i xem li&#7879;u d&ograve;ng ti&#7873;n n&agrave;y c&oacute; ti&#7871;p t&#7909;c gia t&#259;ng trong 2026 hay kh&ocirc;ng, v&agrave; nhu c&#7847;u v&#7873; tr&aacute;i phi&#7871;u kho b&#7841;c s&#7869; thay &#273;&#7893;i nh&#432; th&#7871; n&agrave;o khi c&aacute;c kho&#7843;n n&#7855;m gi&#7919; to&agrave;n c&#7847;u &#273;&#432;&#7907;c t&aacute;i c&acirc;n b&#7857;ng, v&agrave; li&#7879;u n&#7907; ti&ecirc;u d&ugrave;ng k&#7927; l&#7909;c c&oacute; tr&#7903; th&agrave;nh g&aacute;nh n&#7863;ng cho &#273;&agrave; ph&aacute;t tri&#7875;n kinh t&#7871; v&#297; m&ocirc; hay kh&ocirc;ng.
V&#7899;i thanh kho&#7843;n &#273;ang t&#259;ng v&agrave; y&#7871;u t&#7889; m&ugrave;a v&#7909; m&#7841;nh m&#7869;, c&#7843; th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng v&agrave; t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &#273;ang b&#432;&#7899;c v&agrave;o giai &#273;o&#7841;n c&oacute; th&#7875; mang t&iacute;nh quy&#7871;t &#273;&#7883;nh.

Nhà đầu tư nước ngoài lập kỷ lục với 646.8 tỷ USD mua cổ phiếu Mỹ giữa dòng chảy vốn toàn cầu thay đổi

M&#7897;t l&agrave;n s&oacute;ng v&#7889;n to&agrave;n c&#7847;u m&#7841;nh m&#7869; v&agrave; kh&ocirc;ng th&#432;&#7901;ng l&#7879; &#273;ang &#273;&#7893; v&agrave;o c&aacute;c th&#7883; tr&#432;&#7901;ng M&#7929;. C&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&#432;&#7899;c ngo&agrave;i &#273;ang mua c&#7893; phi&#7871;u M&#7929; v&#7899;i t&#7889;c &#273;&#7897; k&#7927; l&#7909;c, nhu c&#7847;u v&#7873; tr&aacute;i phi&#7871;u kho b&#7841;c &#273;ang t&aacute;i c&#7845;u tr&uacute;c &#7903; m&#7913;c &#273;&#7897; c&#417; c&#7845;u, v&agrave; c&aacute;c d&ograve;ng v&#7889;n n&#7897;i &#273;&#7883;a &#273;ang t&#259;ng t&#7889;c v&agrave;o cu&#7889;i n&#259;m.
&#272;&#7891;ng th&#7901;i, n&#7907; ti&ecirc;u d&ugrave;ng c&#7911;a M&#7929; &#273;&atilde; ch&#7841;m m&#7913;c cao nh&#7845;t trong l&#7883;ch s&#7917;. &#272;&#7889;i v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; crypto v&agrave; c&#7893; phi&#7871;u, quy m&ocirc; v&agrave; h&#432;&#7899;ng &#273;i c&#7911;a c&aacute;c d&ograve;ng v&#7889;n n&agrave;y cho th&#7845;y m&#7897;t chuy&#7875;n bi&#7871;n l&#7899;n trong kh&#7849;u v&#7883; r&#7911;i ro v&agrave; &#273;&#7883;nh v&#7883; to&agrave;n c&#7847;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-foreign-investors-drive-record-equity-buying-amid-historic-realignment-in-treasury-ownership">Nh&agrave; &#273;&#7847;u t&#432; n&#432;&#7899;c ngo&agrave;i th&uacute;c &#273;&#7849;y k&#7927; l&#7909;c mua c&#7893; phi&#7871;u gi&#7919;a s&#7921; t&aacute;i c&#417; c&#7845;u l&#7883;ch s&#7917; trong quy&#7873;n s&#7903; h&#7919;u tr&aacute;i phi&#7871;u</h2>

C&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&#432; nh&acirc;n ngo&agrave;i M&#7929; &#273;&atilde; mua 646.8 t&#7927; USD c&#7893; phi&#7871;u M&#7929; trong 12 th&aacute;ng k&#7871;t th&uacute;c v&agrave;o th&aacute;ng 09/2025, theo d&#7919; li&#7879;u &#273;&#432;&#7907;c Yardeni Research tr&iacute;ch d&#7851;n.
&#272;&acirc;y l&agrave; m&#7913;c cao nh&#7845;t t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay, v&#432;&#7907;t qua m&#7913;c &#273;&#7881;nh 2021 t&#7899;i 66%, v&#7899;i d&ograve;ng v&#7889;n &#273;&atilde; t&#259;ng g&#7845;p &#273;&ocirc;i k&#7875; t&#7915; th&aacute;ng 01.
Vi&#7879;c mua kh&ocirc;ng gi&#7899;i h&#7841;n ch&#7881; &#7903; <a href="https://vn.beincrypto.com/institutions-bitcoin-trading-plan-before-next-halving/" target="_blank" rel="noreferrer noopener">c&#7893; phi&#7871;u M&#7929;</a>. Nh&#7919;ng nh&agrave; &#273;&#7847;u t&#432; t&#432; nh&acirc;n n&#432;&#7899;c ngo&agrave;i &#273;&atilde; mua <a href="https://vn.beincrypto.com/tether-us-debt-holdings-2025/" target="_blank" rel="noreferrer noopener">tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929;</a> v&#7899;i t&#7893;ng gi&aacute; tr&#7883; 492.7 t&#7927; USD trong c&ugrave;ng k&#7923;. M&#7913;c mua l&#259;n 12 th&aacute;ng c&#7911;a c&aacute;c nh&agrave; &#273;&#7847;u t&#432; kh&ocirc;ng thu&#7897;c M&#7929; &#273;&#7889;i v&#7899;i tr&aacute;i phi&#7871;u kho b&#7841;c &#273;&atilde; duy tr&igrave; tr&ecirc;n 400 t&#7927; USD trong b&#7889;n n&#259;m li&ecirc;n ti&#7871;p, ph&#7843;n &aacute;nh nhu c&#7847;u b&#7873;n b&#7881; to&agrave;n c&#7847;u &#273;&#7889;i v&#7899;i s&#7921; an to&agrave;n &#273;&#432;&#7907;c &#273;&#7883;nh gi&aacute; b&#7857;ng &#273;&ocirc; la.
<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;M&#7885;i ng&#432;&#7901;i &#273;&#7873;u mu&#7889;n t&agrave;i s&#7843;n M&#7929;&rdquo;, c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch t&#7841;i Kobeissi Letter <a href="https://x.com/KobeissiLetter/status/1995219279311204613?s=20" target="_blank" rel="noreferrer noopener nofollow">nh&#7853;n x&eacute;t</a>.
</blockquote>

Th&agrave;nh ph&#7847;n c&#7911;a c&aacute;c ch&#7911; s&#7903; h&#7919;u tr&aacute;i phi&#7871;u kho b&#7841;c n&#432;&#7899;c ngo&agrave;i &#273;ang thay &#273;&#7893;i theo nh&#7919;ng c&aacute;ch ch&#432;a t&#7915;ng th&#7845;y trong nhi&#7873;u th&#7853;p k&#7927;:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>T&#7927; l&#7879; n&#7855;m gi&#7919; c&#7911;a Trung Qu&#7889;c trong tr&aacute;i phi&#7871;u kho b&#7841;c n&#432;&#7899;c ngo&agrave;i &#273;&atilde; gi&#7843;m xu&#7889;ng c&ograve;n 7.6%, m&#7913;c th&#7845;p nh&#7845;t trong 23 n&#259;m qua v&agrave; gi&#7843;m 20% trong 14 n&#259;m.</li>

<li>T&#7927; l&#7879; n&#7855;m gi&#7919; c&#7911;a V&#432;&#417;ng qu&#7889;c Anh &#273;&atilde; t&#259;ng g&#7845;p b&#7889;n l&#7847;n l&ecirc;n 9.4%, g&#7847;n m&#7913;c cao nh&#7845;t t&#7915;ng c&oacute;.</li>

<li>Nh&#7853;t B&#7843;n, v&#7851;n l&agrave; ch&#7911; n&#7855;m gi&#7919; l&#7899;n nh&#7845;t n&#432;&#7899;c ngo&agrave;i, hi&#7879;n chi&#7871;m 12.9%, gi&#7843;m 26 &#273;i&#7875;m trong 21 n&#259;m qua.</li>
</ul>

Nh&#7919;ng thay &#273;&#7893;i n&agrave;y cho th&#7845;y s&#7921; t&aacute;i &#273;&#7883;nh v&#7883; d&agrave;i h&#7841;n c&#7911;a v&#7889;n ch&#7911; quy&#7873;n v&agrave; t&#432; nh&acirc;n, m&#7897;t xu h&#432;&#7899;ng c&oacute; &#7843;nh h&#432;&#7903;ng tr&#7921;c ti&#7871;p &#273;&#7871;n <a href="https://vn.beincrypto.com/federal-reserve-ends-qt-crypto-liquidity-shift/" target="_blank" rel="noreferrer noopener">l&atilde;i su&#7845;t, thanh kho&#7843;n v&agrave; bi&#7871;n &#273;&#7897;ng th&#7883; tr&#432;&#7901;ng</a>.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-cac-nha-dau-tu-noi-dia-cung-dang-chap-nhan-rui-ro-nhung-no-tieu-dung-ky-luc-them-phan-phuc-tap">C&aacute;c nh&agrave; &#273;&#7847;u t&#432; n&#7897;i &#273;&#7883;a c&#361;ng &#273;ang ch&#7845;p nh&#7853;n r&#7911;i ro, nh&#432;ng n&#7907; ti&ecirc;u d&ugrave;ng k&#7927; l&#7909;c th&ecirc;m ph&#7847;n ph&#7913;c t&#7841;p</h2>

Theo d&#7919; li&#7879;u c&#7911;a JPMorgan, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; M&#7929; &#273;&atilde; &#273;&#7893; kho&#7843;ng 900 t&#7927; USD v&agrave;o qu&#7929; c&#7893; phi&#7871;u t&#7915; th&aacute;ng 11/2024, trong &#273;&oacute; m&#7897;t n&#7917;a, 450 t&#7927; USD, &#273;&atilde; &#273;&#7871;n ch&#7881; trong n&#259;m th&aacute;ng qua.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/Z6JIdd6jtlp5XDmn_alHbfTRB_E=/smart/82d8d39e37bb4c92a35f6eefbcdea1d4" alt="US Asset Class Flows" class="wp-image-778270">D&ograve;ng v&#7889;n theo lo&#7841;i t&agrave;i s&#7843;n t&#7841;i M&#7929;. Ngu&#7891;n: JP Morgan

C&aacute;c qu&#7929; thu nh&#7853;p c&#7889; &#273;&#7883;nh &#273;&atilde; th&ecirc;m 400 t&#7927; USD kh&aacute;c, trong khi t&#7845;t c&#7843; c&aacute;c lo&#7841;i t&agrave;i s&#7843;n kh&aacute;c k&#7871;t h&#7907;p ch&#7881; thu h&uacute;t &#273;&#432;&#7907;c 100 t&#7927; USD.
D&ograve;ng v&#7889;n &#273;&#7893; v&agrave;o c&#7893; phi&#7871;u M&#7929; &#273;&atilde; v&#432;&#7907;t qua t&#7845;t c&#7843; c&aacute;c lo&#7841;i t&agrave;i s&#7843;n kh&aacute;c k&#7871;t h&#7907;p, c&#7911;ng c&#7889; s&#7913;c m&#7841;nh mong mu&#7889;n cho <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">t&agrave;i s&#7843;n r&#7911;i ro M&#7929;</a>.
Trong khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&#7893; ch&#7913;c v&agrave; n&#432;&#7899;c ngo&agrave;i &#273;ang t&#259;ng c&#432;&#7901;ng ti&#7871;p x&uacute;c c&#7911;a h&#7885;, c&aacute;c h&#7897; gia &#273;&igrave;nh M&#7929; &#273;ang ch&#7883;u &aacute;p l&#7921;c t&agrave;i ch&iacute;nh ng&agrave;y c&agrave;ng t&#259;ng. T&#7893;ng n&#7907; th&#7867; t&iacute;n d&#7909;ng c&#7911;a M&#7929; &#273;&atilde; t&#259;ng l&ecirc;n 1.233 ngh&igrave;n t&#7927; USD trong Q3/2025, m&#7913;c cao nh&#7845;t t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n.
S&#7921; kh&aacute;c bi&#7879;t gi&#7919;a s&#7921; l&#7841;c quan c&#7911;a th&#7883; tr&#432;&#7901;ng v&agrave; &aacute;p l&#7921;c ti&ecirc;u d&ugrave;ng n&agrave;y &#273;&#7863;t ra nh&#7919;ng c&acirc;u h&#7887;i v&#7873; t&iacute;nh b&#7873;n v&#7919;ng, <a href="https://vn.beincrypto.com/jpmorgan-nvidia-rally-bitcoin-stocks-us-crypto-news/" target="_blank" rel="noreferrer noopener">s&#7913;c m&#7841;nh thu nh&#7853;p</a>, v&agrave; th&#7901;i &#273;i&#7875;m c&oacute; th&#7875; thay &#273;&#7893;i ch&iacute;nh s&aacute;ch.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-seasonality-and-bullish-projections-lift-sentiment">Y&#7871;u t&#7889; m&ugrave;a v&agrave; d&#7921; b&aacute;o t&#259;ng gi&aacute; n&acirc;ng cao t&acirc;m l&yacute; th&#7883; tr&#432;&#7901;ng</h2>

JP Morgan d&#7921; b&aacute;o S&amp;P 500 s&#7869; &#273;&#7841;t 8,000 v&agrave;o n&#259;m t&#7899;i, m&#7897;t quan &#273;i&#7875;m &#273;&#432;&#7907;c c&#7911;ng c&#7889; b&#7903;i c&aacute;c l&#7907;i th&#7871; m&ugrave;a v&#7909; m&#7841;nh m&#7869;. D&#7921; b&aacute;o n&agrave;y xu&#7845;t hi&#7879;n khi th&#7883; tr&#432;&#7901;ng k&#7923; v&#7885;ng v&agrave;o &ldquo;rally t&#7845;t c&#7843;&rdquo; c&#7911;a ng&acirc;n h&agrave;ng n&agrave;y v&#7915;a &#273;&#432;&#7907;c chia s&#7867; c&aacute;ch &#273;&acirc;y h&#417;n m&#7897;t tu&#7847;n.
Th&aacute;ng 12 &#273;&atilde; c&oacute; truy&#7873;n th&#7889;ng l&agrave; th&aacute;ng m&#7841;nh nh&#7845;t cho c&#7893; phi&#7871;u M&#7929;, v&#7899;i S&amp;P 500 t&#259;ng 73% th&#7901;i gian k&#7875; t&#7915; 1928 v&agrave; mang l&#7841;i l&#7907;i nhu&#7853;n trung b&igrave;nh +1.28%.
&#272;&#7889;i v&#7899;i c&#7843; th&#7883; tr&#432;&#7901;ng crypto v&agrave; c&#7893; phi&#7871;u, d&ograve;ng v&#7889;n ch&#7843;y m&#7841;nh v&agrave;o M&#7929; bi&#7875;u th&#7883; s&#7921; tin t&#432;&#7903;ng ng&agrave;y c&agrave;ng t&#259;ng v&agrave;o t&agrave;i s&#7843;n M&#7929;, ho&#7863;c s&#7921; thi&#7871;u h&#7845;p d&#7851;n c&#7911;a c&aacute;c l&#7921;a ch&#7885;n kh&aacute;c &#7903; n&#432;&#7899;c ngo&agrave;i.
C&aacute;c nh&agrave; &#273;&#7847;u t&#432; s&#7869; theo d&otilde;i xem li&#7879;u d&ograve;ng ti&#7873;n n&agrave;y c&oacute; ti&#7871;p t&#7909;c gia t&#259;ng trong 2026 hay kh&ocirc;ng, v&agrave; nhu c&#7847;u v&#7873; tr&aacute;i phi&#7871;u kho b&#7841;c s&#7869; thay &#273;&#7893;i nh&#432; th&#7871; n&agrave;o khi c&aacute;c kho&#7843;n n&#7855;m gi&#7919; to&agrave;n c&#7847;u &#273;&#432;&#7907;c t&aacute;i c&acirc;n b&#7857;ng, v&agrave; li&#7879;u n&#7907; ti&ecirc;u d&ugrave;ng k&#7927; l&#7909;c c&oacute; tr&#7903; th&agrave;nh g&aacute;nh n&#7863;ng cho &#273;&agrave; ph&aacute;t tri&#7875;n kinh t&#7871; v&#297; m&ocirc; hay kh&ocirc;ng.
V&#7899;i thanh kho&#7843;n &#273;ang t&#259;ng v&agrave; y&#7871;u t&#7889; m&ugrave;a v&#7909; m&#7841;nh m&#7869;, c&#7843; th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng v&agrave; t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &#273;ang b&#432;&#7899;c v&agrave;o giai &#273;o&#7841;n c&oacute; th&#7875; mang t&iacute;nh quy&#7871;t &#273;&#7883;nh.