Th&#7883; tr&#432;&#7901;ng g&#7847;n &#273;&acirc;y kh&ocirc;ng c&ograve;n ch&#7913;ng ki&#7871;n c&aacute;c t&#7893; ch&#7913;c ph&aacute;t h&agrave;nh stablecoin tung ra h&agrave;ng t&#7927; USD m&#7895;i ng&agrave;y nh&#432; tr&#432;&#7899;c. T&#7915; th&aacute;ng 01/2026, s&#7921; t&#259;ng tr&#432;&#7903;ng c&#7911;a stablecoin &#273;&atilde; c&oacute; d&#7845;u hi&#7879;u ch&#7853;m l&#7841;i r&otilde; r&#7879;t. T&iacute;n hi&#7879;u n&agrave;y &#273;ang khi&#7871;n nhi&#7873;u ng&#432;&#7901;i lo l&#7855;ng v&#7873; nh&#7919;ng bi&#7871;n &#273;&#7897;ng ti&#7871;p theo c&#7911;a th&#7883; tr&#432;&#7901;ng.
Khi so s&aacute;nh xu h&#432;&#7899;ng stablecoin v&#7899;i bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin c&ugrave;ng c&aacute;c giai &#273;o&#7841;n t&#432;&#417;ng t&#7921; trong l&#7883;ch s&#7917;, c&oacute; th&#7875; d&#7921; &#273;o&aacute;n ra nhi&#7873;u k&#7883;ch b&#7843;n kh&aacute;c nhau. Nh&#7919;ng so s&aacute;nh n&agrave;y gi&uacute;p nh&agrave; &#273;&#7847;u t&#432; c&oacute; g&oacute;c nh&igrave;n t&#7893;ng quan h&#417;n v&#7873; c&aacute;c r&#7911;i ro c&oacute; th&#7875; x&#7843;y ra s&#7855;p t&#7899;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-usdt-market-capitalization-stalls-raising-concerns-about-continued-correction">V&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng USDT ch&#7919;ng l&#7841;i, d&#7845;y l&ecirc;n lo ng&#7841;i v&#7873; kh&#7843; n&#259;ng ti&#7871;p t&#7909;c &#273;i&#7873;u ch&#7881;nh</h2>

D&#7919; li&#7879;u t&#7915; USDT Market Cap Change c&#7911;a CryptoQuant ghi l&#7841;i s&#7921; thay &#273;&#7893;i v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng h&agrave;ng ng&agrave;y c&#7911;a stablecoin h&agrave;ng &#273;&#7847;u <a href="https://beincrypto.com/learn/best-stablecoins/" target="_blank" rel="noreferrer noopener">stablecoin</a> n&agrave;y.
Ch&#7881; b&aacute;o trung b&igrave;nh 60 ng&agrave;y (60-day market cap change &ndash; SMA30) cho th&#7845;y t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng v&#7889;n h&oacute;a USDT &#273;&atilde; s&#7909;t gi&#7843;m m&#7841;nh k&#7875; t&#7915; cu&#7889;i th&aacute;ng 11 n&#259;m ngo&aacute;i. S&#7889; li&#7879;u t&#259;ng tr&#432;&#7903;ng &#273;&atilde; gi&#7843;m t&#7915; kho&#7843;ng 15 t&#7927; USD xu&#7889;ng c&ograve;n kho&#7843;ng 3.3 t&#7927; USD.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/co80MkdEbkxMGMXihKicCCUt3QA=/smart/bb99981b131f4c92be84523e58e92dfb" alt="USDT Market Cap Change and Bitcoin Price. Source: CryptoQuant" class="wp-image-794361">Bi&#7871;n &#273;&#7897;ng v&#7889;n h&oacute;a USDT v&agrave; gi&aacute; Bitcoin. Ngu&#7891;n: <a href="https://cryptoquant.com/community/dashboard/66a746cf00442146d86dad2b" target="_blank" rel="noreferrer noopener nofollow">CryptoQuant</a>

Khi &#273;&#7863;t c&#7841;nh nhau v&#7899;i gi&aacute; Bitcoin, c&oacute; th&#7875; th&#7845;y s&#7921; li&ecirc;n k&#7871;t kh&aacute; ch&#7863;t ch&#7869;. &#7902; c&aacute;c chu k&#7923; tr&#432;&#7899;c, d&ograve;ng ti&#7873;n &#273;&#7893; m&#7841;nh v&agrave;o stablecoin (th&#7875; hi&#7879;n qua v&#7889;n h&oacute;a USDT t&#259;ng nhanh) th&#432;&#7901;ng &#273;i k&egrave;m v&#7899;i giai &#273;o&#7841;n gi&aacute; Bitcoin t&#259;ng m&#7841;nh.
Ng&#432;&#7907;c l&#7841;i, khi t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng d&ograve;ng ti&#7873;n ch&#7853;m l&#7841;i, Bitcoin hay r&#417;i v&agrave;o tr&#7841;ng th&aacute;i &#273;i ngang. T&#7879; h&#417;n l&agrave; th&#7883; tr&#432;&#7901;ng c&oacute; th&#7875; b&#432;&#7899;c v&agrave;o chu k&#7923; gi&#7843;m gi&aacute;.
D&ugrave; ch&#7881; b&aacute;o 60-day market cap change &ndash; SMA30 v&#7851;n ch&#432;a chuy&#7875;n sang v&ugrave;ng &acirc;m, nh&#432;ng c&aacute;c t&iacute;n hi&#7879;u g&#7847;n &#273;&acirc;y t&#7915; th&#7883; tr&#432;&#7901;ng n&#259;m 2026 &#273;ang &#273;&#432;a ra nh&#7919;ng c&#7843;nh b&aacute;o nh&#7845;t &#273;&#7883;nh.
&#272;&#7847;u ti&ecirc;n, v&#7889;n h&oacute;a USDT (ERC-20)&mdash;chi&#7871;m <a href="https://www.coingecko.com/en/coins/tether" target="_blank" rel="noreferrer noopener nofollow">h&#417;n 50%</a> t&#7893;ng ngu&#7891;n cung USDT tr&ecirc;n th&#7883; tr&#432;&#7901;ng&mdash;&#273;&atilde; s&#7909;t gi&#7843;m trong th&aacute;ng v&#7915;a qua. &#272;&#7891;ng th&#7901;i, gi&aacute; USDT c&#361;ng li&ecirc;n t&#7909;c giao d&#7883;ch d&#432;&#7899;i m&#7913;c 1 USD trong su&#7889;t giai &#273;o&#7841;n n&agrave;y.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/I2-2XHojNDzPXy4dzuRGaZQ4WxE=/smart/7959186d671e4e7a953beb524138ff5a" alt="USDT(ERC-20) Circulation Supply and Price. Source: CryptoQuant" class="wp-image-794363">Ngu&#7891;n cung v&agrave; gi&aacute; USDT(ERC-20) l&#432;u th&ocirc;ng. Ngu&#7891;n: <a href="https://cryptoquant.com/asset/usdt_eth/chart/supply/circulating-supply?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noreferrer noopener nofollow">CryptoQuant</a>

&#272;i&#7873;u n&agrave;y kh&ocirc;ng c&oacute; ngh&#297;a l&agrave; <a href="https://vn.beincrypto.com/tether-depeg-risk-japan-treasury-selloff/" target="_blank" rel="noreferrer noopener">USDT b&#7883; m&#7845;t m&#7889;c</a>. Tuy nhi&ecirc;n, khi v&#7889;n h&oacute;a gi&#7843;m c&#7897;ng v&#7899;i vi&#7879;c gi&aacute; USDT v&#7873; d&#432;&#7899;i ng&#432;&#7905;ng 1 USD, n&oacute; cho th&#7845;y d&ograve;ng ti&#7873;n &#273;ang r&uacute;t d&#7847;n kh&#7887;i th&#7883; tr&#432;&#7901;ng. Nh&#7919;ng ng&#432;&#7901;i n&#7855;m gi&#7919; stablecoin d&#432;&#7901;ng nh&#432; kh&ocirc;ng c&ograve;n m&#7863;n m&agrave; v&#7899;i c&aacute;c c&#417; h&#7897;i m&#7899;i, m&agrave; &#432;u ti&ecirc;n r&uacute;t v&#7889;n h&#417;n.
Ti&#7871;p theo, Tether Treasury g&#7847;n &#273;&acirc;y &#273;&atilde; <a href="https://x.com/whale_alert/status/2013627020907803016" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7889;t 3 t&#7927; USDT</a>. &#272;&acirc;y l&agrave; &#273;&#7907;t &#273;&#7889;t token &#273;&#7847;u ti&ecirc;n k&#7875; t&#7915; th&aacute;ng 05 n&#259;m ngo&aacute;i. Theo CryptoQuant, &#273;&acirc;y c&#361;ng l&agrave; l&#432;&#7907;ng USDT b&#7883; &#273;&#7889;t l&#7899;n nh&#7845;t trong 3 n&#259;m qua.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/MPNvpOwyWzkhHHrLC1LXNdG28oA=/smart/7ddaad0f3c6d4327932d587ee3dc2d55" alt="USDT(ERC-20) Burned Supply. Source: CryptoQuant" class="wp-image-794364">L&#432;&#7907;ng USDT(ERC-20) b&#7883; &#273;&#7889;t. Ngu&#7891;n: <a href="https://cryptoquant.com/asset/usdt_eth/chart/supply/burned-supply?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noreferrer noopener nofollow">CryptoQuant</a>

M&#7897;t s&#7889; ng&#432;&#7901;i theo d&otilde;i <a href="https://x.com/CryptoPatel/status/2013666357565419886" target="_blank" rel="noreferrer noopener nofollow">cho r&#7857;ng</a> h&agrave;nh &#273;&#7897;ng n&agrave;y l&agrave; d&#7845;u hi&#7879;u c&#7843;nh gi&aacute;c t&#7915; c&aacute;c &ldquo;&ocirc;ng l&#7899;n&rdquo; khi t&igrave;nh h&igrave;nh kinh t&#7871; th&#7871; gi&#7899;i b&#7845;t &#7893;n v&agrave; c&#259;ng th&#7859;ng &#273;&#7883;a ch&iacute;nh tr&#7883; leo thang. Vi&#7879;c n&agrave;y th&#432;&#7901;ng x&#7843;y ra khi nh&agrave; &#273;&#7847;u t&#432; &#273;&#7893;i USDT l&#7845;y USD, khi&#7871;n Tether bu&#7897;c ph&#7843;i r&uacute;t b&#7899;t l&#432;&#7907;ng token n&agrave;y kh&#7887;i l&#432;u th&ocirc;ng.
<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;C&oacute; ai &#273;&oacute; r&#7845;t l&#7899;n v&#7915;a r&uacute;t ho&agrave;n to&agrave;n kh&#7887;i th&#7883; tr&#432;&#7901;ng,&rdquo; nh&agrave; &#273;&#7847;u t&#432; Ted <a href="https://x.com/TedPillows/status/2013629164562104801" target="_blank" rel="noreferrer noopener nofollow">b&igrave;nh lu&#7853;n</a>.
</blockquote>

D&ugrave; nh&#7919;ng t&iacute;n hi&#7879;u n&agrave;y c&ograve;n kh&aacute; s&#7899;m v&agrave; ch&#432;a &#273;&#7911; m&#7841;nh &#273;&#7875; x&aacute;c nh&#7853;n xu h&#432;&#7899;ng r&otilde; r&agrave;ng, nh&#432;ng n&#7871;u ti&#7871;p t&#7909;c gia t&#259;ng, th&#7883; tr&#432;&#7901;ng stablecoin sau hai th&aacute;ng <a href="https://defillama.com/stablecoins" target="_blank" rel="noreferrer noopener nofollow">&#273;i ngang &#7903; m&#7913;c 308 t&#7927; USD v&#7889;n h&oacute;a</a> c&oacute; th&#7875; s&#7869; b&#432;&#7899;c v&agrave;o giai &#273;o&#7841;n &#273;i&#7873;u ch&#7881;nh.
Trong tr&#432;&#7901;ng h&#7907;p &#273;&oacute;, Bitcoin v&agrave; c&aacute;c altcoin c&oacute; th&#7875; <a href="https://vn.beincrypto.com/bitcoin-bear-market-indicators-2026/" target="_blank" rel="noreferrer noopener">&#273;&#7889;i m&#7863;t nguy c&#417; b&#432;&#7899;c v&agrave;o th&#7883; tr&#432;&#7901;ng gi&aacute; xu&#7889;ng (bear market)</a>&mdash;&#273;i&#7873;u m&agrave; h&#7847;u h&#7871;t nh&agrave; &#273;&#7847;u t&#432; &#273;&#7873;u kh&ocirc;ng mong mu&#7889;n.

Nhu cầu USDT chững lại trong tháng 01/2024, cho thấy dòng vốn rút khỏi thị trường

Th&#7883; tr&#432;&#7901;ng g&#7847;n &#273;&acirc;y kh&ocirc;ng c&ograve;n ch&#7913;ng ki&#7871;n c&aacute;c t&#7893; ch&#7913;c ph&aacute;t h&agrave;nh stablecoin tung ra h&agrave;ng t&#7927; USD m&#7895;i ng&agrave;y nh&#432; tr&#432;&#7899;c. T&#7915; th&aacute;ng 01/2026, s&#7921; t&#259;ng tr&#432;&#7903;ng c&#7911;a stablecoin &#273;&atilde; c&oacute; d&#7845;u hi&#7879;u ch&#7853;m l&#7841;i r&otilde; r&#7879;t. T&iacute;n hi&#7879;u n&agrave;y &#273;ang khi&#7871;n nhi&#7873;u ng&#432;&#7901;i lo l&#7855;ng v&#7873; nh&#7919;ng bi&#7871;n &#273;&#7897;ng ti&#7871;p theo c&#7911;a th&#7883; tr&#432;&#7901;ng.
Khi so s&aacute;nh xu h&#432;&#7899;ng stablecoin v&#7899;i bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin c&ugrave;ng c&aacute;c giai &#273;o&#7841;n t&#432;&#417;ng t&#7921; trong l&#7883;ch s&#7917;, c&oacute; th&#7875; d&#7921; &#273;o&aacute;n ra nhi&#7873;u k&#7883;ch b&#7843;n kh&aacute;c nhau. Nh&#7919;ng so s&aacute;nh n&agrave;y gi&uacute;p nh&agrave; &#273;&#7847;u t&#432; c&oacute; g&oacute;c nh&igrave;n t&#7893;ng quan h&#417;n v&#7873; c&aacute;c r&#7911;i ro c&oacute; th&#7875; x&#7843;y ra s&#7855;p t&#7899;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-usdt-market-capitalization-stalls-raising-concerns-about-continued-correction">V&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng USDT ch&#7919;ng l&#7841;i, d&#7845;y l&ecirc;n lo ng&#7841;i v&#7873; kh&#7843; n&#259;ng ti&#7871;p t&#7909;c &#273;i&#7873;u ch&#7881;nh</h2>

D&#7919; li&#7879;u t&#7915; USDT Market Cap Change c&#7911;a CryptoQuant ghi l&#7841;i s&#7921; thay &#273;&#7893;i v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng h&agrave;ng ng&agrave;y c&#7911;a stablecoin h&agrave;ng &#273;&#7847;u <a href="https://beincrypto.com/learn/best-stablecoins/" target="_blank" rel="noreferrer noopener">stablecoin</a> n&agrave;y.
Ch&#7881; b&aacute;o trung b&igrave;nh 60 ng&agrave;y (60-day market cap change &ndash; SMA30) cho th&#7845;y t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng v&#7889;n h&oacute;a USDT &#273;&atilde; s&#7909;t gi&#7843;m m&#7841;nh k&#7875; t&#7915; cu&#7889;i th&aacute;ng 11 n&#259;m ngo&aacute;i. S&#7889; li&#7879;u t&#259;ng tr&#432;&#7903;ng &#273;&atilde; gi&#7843;m t&#7915; kho&#7843;ng 15 t&#7927; USD xu&#7889;ng c&ograve;n kho&#7843;ng 3.3 t&#7927; USD.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/co80MkdEbkxMGMXihKicCCUt3QA=/smart/bb99981b131f4c92be84523e58e92dfb" alt="USDT Market Cap Change and Bitcoin Price. Source: CryptoQuant" class="wp-image-794361">Bi&#7871;n &#273;&#7897;ng v&#7889;n h&oacute;a USDT v&agrave; gi&aacute; Bitcoin. Ngu&#7891;n: <a href="https://cryptoquant.com/community/dashboard/66a746cf00442146d86dad2b" target="_blank" rel="noreferrer noopener nofollow">CryptoQuant</a>

Khi &#273;&#7863;t c&#7841;nh nhau v&#7899;i gi&aacute; Bitcoin, c&oacute; th&#7875; th&#7845;y s&#7921; li&ecirc;n k&#7871;t kh&aacute; ch&#7863;t ch&#7869;. &#7902; c&aacute;c chu k&#7923; tr&#432;&#7899;c, d&ograve;ng ti&#7873;n &#273;&#7893; m&#7841;nh v&agrave;o stablecoin (th&#7875; hi&#7879;n qua v&#7889;n h&oacute;a USDT t&#259;ng nhanh) th&#432;&#7901;ng &#273;i k&egrave;m v&#7899;i giai &#273;o&#7841;n gi&aacute; Bitcoin t&#259;ng m&#7841;nh.
Ng&#432;&#7907;c l&#7841;i, khi t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng d&ograve;ng ti&#7873;n ch&#7853;m l&#7841;i, Bitcoin hay r&#417;i v&agrave;o tr&#7841;ng th&aacute;i &#273;i ngang. T&#7879; h&#417;n l&agrave; th&#7883; tr&#432;&#7901;ng c&oacute; th&#7875; b&#432;&#7899;c v&agrave;o chu k&#7923; gi&#7843;m gi&aacute;.
D&ugrave; ch&#7881; b&aacute;o 60-day market cap change &ndash; SMA30 v&#7851;n ch&#432;a chuy&#7875;n sang v&ugrave;ng &acirc;m, nh&#432;ng c&aacute;c t&iacute;n hi&#7879;u g&#7847;n &#273;&acirc;y t&#7915; th&#7883; tr&#432;&#7901;ng n&#259;m 2026 &#273;ang &#273;&#432;a ra nh&#7919;ng c&#7843;nh b&aacute;o nh&#7845;t &#273;&#7883;nh.
&#272;&#7847;u ti&ecirc;n, v&#7889;n h&oacute;a USDT (ERC-20)&mdash;chi&#7871;m <a href="https://www.coingecko.com/en/coins/tether" target="_blank" rel="noreferrer noopener nofollow">h&#417;n 50%</a> t&#7893;ng ngu&#7891;n cung USDT tr&ecirc;n th&#7883; tr&#432;&#7901;ng&mdash;&#273;&atilde; s&#7909;t gi&#7843;m trong th&aacute;ng v&#7915;a qua. &#272;&#7891;ng th&#7901;i, gi&aacute; USDT c&#361;ng li&ecirc;n t&#7909;c giao d&#7883;ch d&#432;&#7899;i m&#7913;c 1 USD trong su&#7889;t giai &#273;o&#7841;n n&agrave;y.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/I2-2XHojNDzPXy4dzuRGaZQ4WxE=/smart/7959186d671e4e7a953beb524138ff5a" alt="USDT(ERC-20) Circulation Supply and Price. Source: CryptoQuant" class="wp-image-794363">Ngu&#7891;n cung v&agrave; gi&aacute; USDT(ERC-20) l&#432;u th&ocirc;ng. Ngu&#7891;n: <a href="https://cryptoquant.com/asset/usdt_eth/chart/supply/circulating-supply?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noreferrer noopener nofollow">CryptoQuant</a>

&#272;i&#7873;u n&agrave;y kh&ocirc;ng c&oacute; ngh&#297;a l&agrave; <a href="https://vn.beincrypto.com/tether-depeg-risk-japan-treasury-selloff/" target="_blank" rel="noreferrer noopener">USDT b&#7883; m&#7845;t m&#7889;c</a>. Tuy nhi&ecirc;n, khi v&#7889;n h&oacute;a gi&#7843;m c&#7897;ng v&#7899;i vi&#7879;c gi&aacute; USDT v&#7873; d&#432;&#7899;i ng&#432;&#7905;ng 1 USD, n&oacute; cho th&#7845;y d&ograve;ng ti&#7873;n &#273;ang r&uacute;t d&#7847;n kh&#7887;i th&#7883; tr&#432;&#7901;ng. Nh&#7919;ng ng&#432;&#7901;i n&#7855;m gi&#7919; stablecoin d&#432;&#7901;ng nh&#432; kh&ocirc;ng c&ograve;n m&#7863;n m&agrave; v&#7899;i c&aacute;c c&#417; h&#7897;i m&#7899;i, m&agrave; &#432;u ti&ecirc;n r&uacute;t v&#7889;n h&#417;n.
Ti&#7871;p theo, Tether Treasury g&#7847;n &#273;&acirc;y &#273;&atilde; <a href="https://x.com/whale_alert/status/2013627020907803016" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7889;t 3 t&#7927; USDT</a>. &#272;&acirc;y l&agrave; &#273;&#7907;t &#273;&#7889;t token &#273;&#7847;u ti&ecirc;n k&#7875; t&#7915; th&aacute;ng 05 n&#259;m ngo&aacute;i. Theo CryptoQuant, &#273;&acirc;y c&#361;ng l&agrave; l&#432;&#7907;ng USDT b&#7883; &#273;&#7889;t l&#7899;n nh&#7845;t trong 3 n&#259;m qua.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/MPNvpOwyWzkhHHrLC1LXNdG28oA=/smart/7ddaad0f3c6d4327932d587ee3dc2d55" alt="USDT(ERC-20) Burned Supply. Source: CryptoQuant" class="wp-image-794364">L&#432;&#7907;ng USDT(ERC-20) b&#7883; &#273;&#7889;t. Ngu&#7891;n: <a href="https://cryptoquant.com/asset/usdt_eth/chart/supply/burned-supply?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noreferrer noopener nofollow">CryptoQuant</a>

M&#7897;t s&#7889; ng&#432;&#7901;i theo d&otilde;i <a href="https://x.com/CryptoPatel/status/2013666357565419886" target="_blank" rel="noreferrer noopener nofollow">cho r&#7857;ng</a> h&agrave;nh &#273;&#7897;ng n&agrave;y l&agrave; d&#7845;u hi&#7879;u c&#7843;nh gi&aacute;c t&#7915; c&aacute;c &ldquo;&ocirc;ng l&#7899;n&rdquo; khi t&igrave;nh h&igrave;nh kinh t&#7871; th&#7871; gi&#7899;i b&#7845;t &#7893;n v&agrave; c&#259;ng th&#7859;ng &#273;&#7883;a ch&iacute;nh tr&#7883; leo thang. Vi&#7879;c n&agrave;y th&#432;&#7901;ng x&#7843;y ra khi nh&agrave; &#273;&#7847;u t&#432; &#273;&#7893;i USDT l&#7845;y USD, khi&#7871;n Tether bu&#7897;c ph&#7843;i r&uacute;t b&#7899;t l&#432;&#7907;ng token n&agrave;y kh&#7887;i l&#432;u th&ocirc;ng.
<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;C&oacute; ai &#273;&oacute; r&#7845;t l&#7899;n v&#7915;a r&uacute;t ho&agrave;n to&agrave;n kh&#7887;i th&#7883; tr&#432;&#7901;ng,&rdquo; nh&agrave; &#273;&#7847;u t&#432; Ted <a href="https://x.com/TedPillows/status/2013629164562104801" target="_blank" rel="noreferrer noopener nofollow">b&igrave;nh lu&#7853;n</a>.
</blockquote>

D&ugrave; nh&#7919;ng t&iacute;n hi&#7879;u n&agrave;y c&ograve;n kh&aacute; s&#7899;m v&agrave; ch&#432;a &#273;&#7911; m&#7841;nh &#273;&#7875; x&aacute;c nh&#7853;n xu h&#432;&#7899;ng r&otilde; r&agrave;ng, nh&#432;ng n&#7871;u ti&#7871;p t&#7909;c gia t&#259;ng, th&#7883; tr&#432;&#7901;ng stablecoin sau hai th&aacute;ng <a href="https://defillama.com/stablecoins" target="_blank" rel="noreferrer noopener nofollow">&#273;i ngang &#7903; m&#7913;c 308 t&#7927; USD v&#7889;n h&oacute;a</a> c&oacute; th&#7875; s&#7869; b&#432;&#7899;c v&agrave;o giai &#273;o&#7841;n &#273;i&#7873;u ch&#7881;nh.
Trong tr&#432;&#7901;ng h&#7907;p &#273;&oacute;, Bitcoin v&agrave; c&aacute;c altcoin c&oacute; th&#7875; <a href="https://vn.beincrypto.com/bitcoin-bear-market-indicators-2026/" target="_blank" rel="noreferrer noopener">&#273;&#7889;i m&#7863;t nguy c&#417; b&#432;&#7899;c v&agrave;o th&#7883; tr&#432;&#7901;ng gi&aacute; xu&#7889;ng (bear market)</a>&mdash;&#273;i&#7873;u m&agrave; h&#7847;u h&#7871;t nh&agrave; &#273;&#7847;u t&#432; &#273;&#7873;u kh&ocirc;ng mong mu&#7889;n.