<p>Bitcoin v&#7915;a gi&#7843;m ng&#7855;n d&#432;&#7899;i 76,000 USD trong tu&#7847;n n&agrave;y, khi&#7871;n gi&aacute; c&#7893; phi&#7871;u c&#7911;a Strategy lao d&#7889;c 7%. &#272;i&#7873;u n&agrave;y &#273;&atilde; cho th&#7845;y m&#7897;t th&#7921;c t&#7871; m&agrave; th&#7883; tr&#432;&#7901;ng kh&ocirc;ng th&#7875; b&#7887; qua: to&agrave;n b&#7897; 713,502 BTC m&agrave; c&ocirc;ng ty &#273;ang n&#7855;m gi&#7919; hi&#7879;n c&oacute; gi&aacute; tr&#7883; ngang v&#7899;i v&#7889;n b&#7887; ra.</p>
<p>Th&#7921;c t&#7871; r&otilde; r&agrave;ng n&agrave;y &#273;&atilde; bi&#7871;n kho&#7843;n &#273;&#7847;u t&#432; v&agrave;o Bitcoin c&#7911;a doanh nghi&#7879;p th&agrave;nh m&#7897;t m&#7913;c tham chi&#7871;u quan tr&#7885;ng c&#7911;a c&#7843; th&#7883; tr&#432;&#7901;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-when-size-becomes-structure">Khi quy m&ocirc; tr&#7903; th&agrave;nh c&#7845;u tr&uacute;c</h2>

<p>Strategy, tr&#432;&#7899;c &#273;&acirc;y l&agrave; MicroStrategy, hi&#7879;n &#273;ang n&#7855;m gi&#7919; kho&#7843;ng 3.57% t&#7893;ng ngu&#7891;n cung Bitcoin. &#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; c&ocirc;ng ty kh&ocirc;ng ch&#7881; &#273;&#417;n gi&#7843;n l&agrave; m&#7897;t nh&agrave; &#273;&#7847;u t&#432; l&#7899;n, m&agrave; c&ograve;n tr&#7903; th&agrave;nh m&#7897;t ph&#7847;n c&#7845;u tr&uacute;c c&#7911;a th&#7883; tr&#432;&#7901;ng.</p>
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<p>&ldquo;Saylor kh&ocirc;ng ch&#7881; l&#7841;c quan &mdash; &ocirc;ng &#7845;y ch&iacute;nh l&agrave; th&#7883; tr&#432;&#7901;ng,&rdquo; nh&agrave; ph&acirc;n t&iacute;ch CryptoQuant Maartunn <a href="https://x.com/JA_Maartun/status/2018389779205734622">chia s&#7867;</a> khi &#273;&aacute;nh gi&aacute; v&#7873; v&#7883; th&#7871; c&#7911;a Strategy. &ldquo;&#272;&acirc;y kh&ocirc;ng c&ograve;n l&agrave; vi&#7879;c s&#7903; h&#7919;u th&#7909; &#273;&#7897;ng n&#7919;a, m&agrave; th&#7853;t s&#7921; l&agrave; m&#7897;t ph&#7847;n c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng.&rdquo;</p>
</blockquote>

<p>C&aacute;c con s&#7889; &#273;&atilde; n&oacute;i l&ecirc;n s&#7921; thay &#273;&#7893;i n&agrave;y. T&iacute;nh &#273;&#7871;n ng&agrave;y 01/02/2024, Strategy n&#7855;m gi&#7919; 713,502 BTC, t&#7893;ng gi&aacute; tr&#7883; &#273;&atilde; chi x&#7845;p x&#7881; 54.26 t&#7927; USD v&#7899;i gi&aacute; trung b&igrave;nh l&agrave; 76,052 USD/BTC. Khi Bitcoin gi&#7843;m xu&#7889;ng 74,500 USD v&agrave;o th&#7913; Hai &mdash; m&#7913;c th&#7845;p nh&#7845;t k&#7875; t&#7915; th&aacute;ng 04/2024 &mdash; to&agrave;n b&#7897; kho&#7843;n &#273;&#7847;u t&#432; c&#7911;a h&#7885; &#273;&atilde; r&#417;i v&agrave;o v&ugrave;ng l&#7895; (d&#432;&#7899;i v&#7889;n g&#7889;c) trong m&#7897;t th&#7901;i gian ng&#7855;n.</p>
<p>D&ugrave; gi&aacute; hi&#7879;n &#273;&atilde; h&#7891;i ph&#7909;c v&#7873; quanh m&#7913;c 78,800 USD, nh&#432;ng s&#7921; ki&#7879;n n&agrave;y cho th&#7845;y m&#7889;c 76,000 USD gi&#7901; &#273;&acirc;y mang &yacute; ngh&#297;a l&agrave; m&#7897;t m&#7913;c tham chi&#7871;u c&#417; h&#7885;c. Theo ph&acirc;n t&iacute;ch c&#7911;a Maartunn, kho&#7843;ng 61% l&#432;&#7907;ng Bitcoin l&#432;u h&agrave;nh hi&#7879;n c&oacute; gi&aacute; mua cao h&#417;n so v&#7899;i gi&aacute; th&#7883; tr&#432;&#7901;ng, trong khi 39% c&ograve;n l&#7841;i th&igrave; th&#7845;p h&#417;n. V&#7883; th&#7871; c&#7921;c l&#7899;n c&#7911;a Strategy n&#7857;m &#273;&uacute;ng t&#7841;i &#273;&#432;&#7901;ng c&acirc;n b&#7857;ng n&agrave;y.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-pressure-of-continued-buying">&Aacute;p l&#7921;c mua li&ecirc;n t&#7909;c</h2>

<p>B&#7845;t ch&#7845;p bi&#7871;n &#273;&#7897;ng, Strategy v&#7851;n <a href="https://x.com/saylor/status/2018309030360363422" target="_blank" rel="noreferrer noopener">th&ocirc;ng b&aacute;o</a> ti&#7871;p t&#7909;c gom th&ecirc;m 855 BTC &#7903; m&#7913;c gi&aacute; trung b&igrave;nh 87,974 USD. &#272;&#7897;ng th&aacute;i n&agrave;y cho th&#7845;y h&#7885; v&#7851;n gi&#7919; v&#7919;ng chi&#7871;n l&#432;&#7907;c &#273;&#7847;u t&#432; Bitcoin, nh&#432;ng c&#361;ng khi&#7871;n &aacute;p l&#7921;c l&ecirc;n c&#7845;u tr&uacute;c t&agrave;i ch&iacute;nh l&#7899;n h&#417;n.</p>
<p>Vi&#7879;c mua th&ecirc;m n&agrave;y khi&#7871;n chi ph&iacute; trung b&igrave;nh c&#7911;a Strategy t&#259;ng l&ecirc;n v&agrave; ph&#7909; thu&#7897;c nhi&#7873;u h&#417;n v&agrave;o v&#7889;n. &#272;&aacute;ng ch&uacute; &yacute;, c&aacute;c BTC m&#7899;i n&agrave;y &#273;&#432;&#7907;c mua cao h&#417;n th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i kho&#7843;ng 7%, ngh&#297;a l&agrave; kho&#7843;n n&agrave;y &#273;&atilde; l&#7853;p t&#7913;c ghi nh&#7853;n l&#7895;.</p>
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<p>&ldquo;Mua 855 BTC gi&aacute; 87,974 USD l&agrave;m t&#259;ng chi ph&iacute; c&#7853;n bi&ecirc;n, ph&#7909; thu&#7897;c th&ecirc;m v&agrave;o v&#7889;n, t&#259;ng quy m&ocirc; v&#7899;i kho&#7843;n l&#7895; tr&#7921;c ti&#7871;p -7%,&rdquo; Maartunn nh&#7853;n x&eacute;t. &ldquo;Saylor b&acirc;y gi&#7901; &#273;&atilde; s&#7903; h&#7919;u l&#432;&#7907;ng BTC mua &#7903; m&#7913;c gi&aacute; cao h&#417;n th&#7883; tr&#432;&#7901;ng nhi&#7873;u h&#417;n d&#432;&#7899;i m&#7913;c &#273;&oacute;. &#272;i&#7873;u n&agrave;y &#273;&#7891;ng ngh&#297;a c&#7913; m&#7895;i &#273;&#7907;t gi&#7843;m, thi&#7879;t h&#7841;i xu&#7845;t hi&#7879;n nhanh h&#417;n.&rdquo;</p>
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-different-kind-of-leverage">M&#7897;t ki&#7875;u &#273;&ograve;n b&#7849;y kh&aacute;c</h2>

<p>V&#7883; th&#7871; c&#7911;a Strategy s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y, nh&#432;ng kh&ocirc;ng gi&#7889;ng ki&#7875;u giao d&#7883;ch margin trong crypto. C&aacute;c kho&#7843;n mua Bitcoin ch&#7911; y&#7871;u &#273;&#432;&#7907;c t&agrave;i tr&#7907; qua ph&aacute;t h&agrave;nh c&#7893; ph&#7847;n, tr&aacute;i phi&#7871;u chuy&#7875;n &#273;&#7893;i, c&ugrave;ng c&aacute;c c&ocirc;ng c&#7909; t&agrave;i ch&iacute;nh kh&aacute;c tr&ecirc;n th&#7883; tr&#432;&#7901;ng v&#7889;n.</p>
<p>H&#7891; s&#417; v&#7899;i SEC cho th&#7845;y h&#7885; c&ograve;n nhi&#7873;u ngu&#7891;n v&#7889;n kh&aacute;c nhau: c&#7893; phi&#7871;u &#432;u &#273;&atilde;i STRK c&oacute; th&#7875; huy &#273;&#7897;ng th&ecirc;m 20.33 t&#7927; USD, c&#7893; phi&#7871;u STRF th&ecirc;m 1.62 t&#7927; USD, STRC l&agrave; 3.62 t&#7927; USD, STRD l&agrave; 4.01 t&#7927; USD, v&agrave; c&#7893; phi&#7871;u th&#432;&#7901;ng l&agrave; 8.06 t&#7927; USD.</p>
<p>Tuy nhi&ecirc;n, s&#7921; ph&#7909; thu&#7897;c n&agrave;y c&#361;ng ti&#7873;m &#7849;n r&#7911;i ro d&acirc;y chuy&#7873;n. N&#7871;u gi&aacute; Bitcoin gi&#7843;m, c&#7893; phi&#7871;u c&#7911;a Strategy c&#361;ng s&#7869; y&#7871;u &#273;i. Khi &#273;&oacute;, kh&#7843; n&#259;ng huy &#273;&#7897;ng v&#7889;n qua ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u b&#7883; thu h&#7865;p, khi&#7871;n s&#7913;c mua gi&#7843;m v&agrave; m&#7897;t ngu&#7891;n c&#7847;u l&#7899;n tr&ecirc;n th&#7883; tr&#432;&#7901;ng s&#7869; b&#7883; &#7843;nh h&#432;&#7903;ng.</p>
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<p>&ldquo;Saylor kh&ocirc;ng d&ugrave;ng &#273;&ograve;n b&#7849;y nh&#432; c&aacute;c trader, nh&#432;ng b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n v&#7851;n l&agrave;m t&#259;ng r&#7911;i ro,&rdquo; Maartunn gi&#7843;i th&iacute;ch. &ldquo;N&#7871;u Bitcoin gi&#7843;m gi&aacute;, c&#7893; phi&#7871;u MSTR y&#7871;u &#273;i ho&#7863;c th&#7883; tr&#432;&#7901;ng kh&ocirc;ng c&ograve;n mu&#7889;n r&oacute;t v&#7889;n &mdash; v&ograve;ng l&#7863;p n&agrave;y s&#7869; &#273;&#7843;o chi&#7873;u.&rdquo;</p>
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-what-markets-actually-test">Th&#7883; tr&#432;&#7901;ng th&#7921;c s&#7921; ki&#7875;m tra &#273;i&#7873;u g&igrave;</h2>

<p>Hi&#7879;n t&#7841;i, t&igrave;nh c&#7843;nh n&agrave;y khi&#7871;n nhi&#7873;u ng&#432;&#7901;i li&ecirc;n t&#432;&#7903;ng &#273;&#7871;n nh&#7919;ng &#273;i&#7875;m y&#7871;u c&#7845;u tr&uacute;c t&#7915;ng xu&#7845;t hi&#7879;n tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto&mdash;kh&ocirc;ng ph&#7843;i v&igrave; Strategy s&#7855;p s&#7909;p &#273;&#7893;, m&agrave; l&agrave; v&igrave; quy m&ocirc; c&#7911;a h&#7885; &#273;&atilde; &#273;&#7911; l&#7899;n &#273;&#7875; t&aacute;c &#273;&#7897;ng c&aacute;ch th&#7883; tr&#432;&#7901;ng v&#7853;n h&agrave;nh.</p>
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<p>&ldquo;Ch&uacute;ng ta t&#7915;ng th&#7845;y c&#7845;u tr&uacute;c n&agrave;y tr&#432;&#7899;c &#273;&acirc;y,&rdquo; Maartunn nh&#7855;c t&#7899;i Terra v&agrave; FTX. &ldquo;Kh&ocirc;ng ph&#7843;i v&igrave; h&#7885; x&#7845;u, m&agrave; v&igrave; qu&aacute; nhi&#7873;u th&#7913; ph&#7909; thu&#7897;c v&agrave;o h&#7885;. Saylor ch&#432;a &#273;&#7871;n m&#7913;c &#273;&oacute;. Nh&#432;ng v&#7899;i 3.57% ngu&#7891;n cung, xu&#7845;t hi&#7879;n c&ocirc;ng khai li&ecirc;n t&#7909;c, gi&aacute; &#273;ang n&#7857;m tr&ecirc;n v&#7889;n, v&agrave; ph&#7843;i ti&#7871;p t&#7909;c mua v&agrave;o &#273;&#7875; b&#7843;o v&#7879; c&#7845;u tr&uacute;c&mdash;t&igrave;nh hu&#7889;ng &#273;&atilde; r&#7845;t r&otilde; r&agrave;ng.&rdquo;</p>
</blockquote>

<p>D&#7919; li&#7879;u on-chain c&#361;ng cho th&#7845;y t&iacute;n hi&#7879;u th&#7853;n tr&#7885;ng. Realized Cap v&#7851;n &#273;i ngang, th&#7875; hi&#7879;n d&ograve;ng ti&#7873;n m&#7899;i g&#7847;n nh&#432; ch&#432;a v&agrave;o th&#7883; tr&#432;&#7901;ng. T&#7927; l&#7879; SOPR duy tr&igrave; d&#432;&#7899;i 1, cho th&#7845;y nh&#7919;ng nh&agrave; &#273;&#7847;u t&#432; ng&#7855;n h&#7841;n &#273;ang b&aacute;n l&#7895;. N&#7871;u kh&#7889;i l&#432;&#7907;ng spot v&agrave; d&ograve;ng v&#7889;n v&agrave;o ETF kh&ocirc;ng c&#7843;i thi&#7879;n, b&#7845;t c&#7913; &#273;&#7907;t ph&#7909;c h&#7891;i gi&aacute; n&agrave;o c&#361;ng d&#7877; thi&#7871;u b&#7873;n v&#7919;ng.</p>
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<p>&ldquo;Gi&aacute; n&#7857;m g&#7847;n m&#7913;c trung b&igrave;nh mua v&agrave;o kh&ocirc;ng c&oacute; ngh&#297;a l&agrave; an to&agrave;n. N&oacute; ch&#7881; cho th&#7845;y th&#7883; tr&#432;&#7901;ng s&#7869; ch&uacute; &yacute;,&rdquo; Maartunn k&#7871;t lu&#7853;n. &ldquo;Th&#7883; tr&#432;&#7901;ng kh&ocirc;ng th&aacute;ch th&#7913;c c&acirc;u chuy&#7879;n hay ni&#7873;m tin. H&#7885; ki&#7875;m tra quy m&ocirc;, m&#7913;c &#273;&#7897; t&#7853;p trung, c&#7845;u tr&uacute;c t&agrave;i ch&iacute;nh, v&agrave; m&#7913;c &#273;&#7897; gi&aacute; c&#7843; ph&#7909; thu&#7897;c v&agrave;o s&#7921; tham gia li&ecirc;n t&#7909;c nh&#432; th&#7871; n&agrave;o.&rdquo;</p>
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<p>Hi&#7879;n t&#7841;i, th&#7883; tr&#432;&#7901;ng Bitcoin c&oacute; v&#7867; s&#7869; dao &#273;&#7897;ng trong bi&ecirc;n &#273;&#7897; h&#7865;p thay v&igrave; lao d&#7889;c s&acirc;u&mdash;tr&#7915; khi v&ograve;ng l&#7863;p gi&#7919;a gi&aacute; Bitcoin, c&#7893; phi&#7871;u c&#7911;a Strategy v&agrave; kh&#7843; n&#259;ng ti&#7871;p c&#7853;n v&#7889;n di&#7877;n bi&#7871;n ti&ecirc;u c&#7921;c.</p>


Ở mức 76,000 USD, giá vốn trung bình của chiến lược ngang bằng với giá Bitcoin hiện tại