S&amp;P 500 l&#7847;n &#273;&#7847;u ti&ecirc;n v&#432;&#7907;t m&#7889;c 6,900 v&agrave;o ng&agrave;y 28/10/2025, nh&#432;ng g&#7847;n 80% c&#7893; phi&#7871;u c&#7911;a n&oacute; &#273;&atilde; gi&#7843;m trong ng&agrave;y &#273;&oacute;. &#272;i&#7873;u n&agrave;y khi&#7871;n &#273;&acirc;y l&agrave; phi&ecirc;n giao d&#7883;ch c&oacute; &#273;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng y&#7871;u nh&#7845;t t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n trong m&#7897;t phi&ecirc;n t&#259;ng &#273;i&#7875;m.
S&#7921; b&#7845;t th&#432;&#7901;ng n&agrave;y cho th&#7845;y s&#7921; t&#7853;p trung c&#7921;c &#273;&#7897; c&#7911;a &#273;&#7907;t t&#259;ng gi&aacute; v&agrave; d&#7845;y l&ecirc;n lo ng&#7841;i v&#7873; s&#7921; mong manh c&#7911;a th&#7883; tr&#432;&#7901;ng, ngay c&#7843; khi c&aacute;c th&#7883; tr&#432;&#7901;ng d&#7921; &#273;o&aacute;n cho th&#7845;y s&#7921; l&#7841;c quan v&#7873; kh&#7843; n&#259;ng t&#259;ng tr&#432;&#7903;ng ti&#7871;p theo.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-rally-driven-by-a-few-stocks">&#272;&#7907;t t&#259;ng gi&aacute; &#273;&#432;&#7907;c th&uacute;c &#273;&#7849;y b&#7903;i m&#7897;t v&agrave;i c&#7893; phi&#7871;u</h2>

T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i, S&amp;P 500 (SPX) giao d&#7883;ch &#7903; m&#7913;c 6,890, m&#7897;t s&#7921; &#273;i&#7873;u ch&#7881;nh nh&#7865; sau khi &#273;&#7841;t &#273;&#7881;nh 6,911 v&agrave;o th&#7913; Ba.
<img style="height:400px;width:640px;" decoding="async" alt="S&amp;P 500 (SPX) Price Performance" class="wp-image-766603 lazy" loading="lazy" src="https://assets.beincrypto.com/img/6SQHKyCDRO0WOlePI1ghjZUR5-w=/smart/3d9b79b3707a45e993fbc1c026acbaec">Hi&#7879;u su&#7845;t gi&aacute; S&amp;P 500 (SPX). Ngu&#7891;n: <a href="https://www.tradingview.com/x/PRpnz7g0/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch th&#7883; tr&#432;&#7901;ng g&#7885;i &#273;&acirc;y l&agrave; m&#7897;t trong nh&#7919;ng &#273;&#7907;t t&#259;ng gi&aacute; k&#7923; l&#7841; nh&#7845;t trong l&#7883;ch s&#7917; hi&#7879;n &#273;&#7841;i. Theo Barchart, g&#7847;n 80% c&#7893; phi&#7871;u S&amp;P 500 &#273;&atilde; gi&#7843;m, &#273;&aacute;nh d&#7845;u ng&agrave;y c&oacute; &#273;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng t&#7891;i t&#7879; nh&#7845;t t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n. Trong khi &#273;&oacute;, SPX &#273;ang &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c m&#7899;i.
Bespoke Investment Group <a href="https://x.com/bespokeinvest/status/1983276195413446690" target="_blank" rel="noreferrer noopener nofollow">x&aacute;c nh&#7853;n</a> c&aacute;c con s&#7889;, g&#7885;i &#273;&acirc;y l&agrave; ng&agrave;y c&oacute; &#273;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng t&#7891;i t&#7879; nh&#7845;t c&#7911;a S&amp;P trong m&#7897;t ng&agrave;y t&#259;ng &#273;i&#7875;m. ZeroHedge <a href="https://x.com/zerohedge/status/1983261961568825793" target="_blank" rel="noreferrer noopener nofollow">b&#7893; sung</a> r&#7857;ng s&#7921; b&#7845;t th&#432;&#7901;ng n&agrave;y s&#7869; &#273;&#432;&#7907;c ghi v&agrave;o s&aacute;ch l&#7883;ch s&#7917;, v&igrave; n&oacute; ph&#7843;n &aacute;nh &#273;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng ti&ecirc;u c&#7921;c nh&#7845;t t&#7841;i m&#7897;t m&#7913;c cao k&#7927; l&#7909;c t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n.
&#272;&#7907;t t&#259;ng gi&aacute; n&agrave;y g&#7847;n nh&#432; ho&agrave;n to&agrave;n &#273;&#432;&#7907;c d&#7851;n d&#7855;t b&#7903;i c&aacute;c c&ocirc;ng ty l&#7899;n s&#7917; d&#7909;ng AI. Theo Kobeissi Letter, th&#7883; tr&#432;&#7901;ng &#273;ang ch&#7913;ng ki&#7871;n m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; c&oacute; m&#7897;t kh&ocirc;ng hai trong &#273;&#7901;i. H&#7885; <a href="https://x.com/KobeissiLetter/status/1983255563837550635" target="_blank" rel="noreferrer noopener nofollow">tr&iacute;ch d&#7851;n</a> s&#7921; giao thoa c&#7911;a m&#7897;t trong nh&#7919;ng cu&#7897;c c&aacute;ch m&#7841;ng c&ocirc;ng ngh&#7879; l&#7899;n nh&#7845;t trong l&#7883;ch s&#7917;, s&#7921; gi&#7843;m b&#7899;t quy &#273;&#7883;nh v&agrave; h&agrave;ng ngh&igrave;n t&#7927; USD &#273;&#7847;u t&#432;.
Tuy nhi&ecirc;n, Kobeissi c&#361;ng c&#7843;nh b&aacute;o r&#7857;ng s&#7921; bi&#7871;n &#273;&#7897;ng v&#7851;n l&agrave; m&#7897;t &#273;&#7863;c &#273;i&#7875;m n&#7893;i b&#7853;t c&#7911;a th&#7901;i &#273;&#7841;i n&agrave;y.
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&ldquo;S&amp;P 500 &#273;&atilde; ghi nh&#7853;n b&#7889;n l&#7847;n gi&#7843;m &iacute;t nh&#7845;t -20% trong m&#432;&#7901;i n&#259;m qua, nhi&#7873;u nh&#7845;t t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n&hellip; H&atilde;y t&#7853;n d&#7909;ng s&#7921; bi&#7871;n &#273;&#7897;ng n&agrave;y,&rdquo; h&#7885; <a href="https://x.com/KobeissiLetter/status/1983382542930546841" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>.
</blockquote>

S&#7921; h&#7865;p h&ograve;i c&#7911;a &#273;&#7907;t t&#259;ng gi&aacute; ph&#7843;n &aacute;nh s&#7921; t&#7853;p trung c&#7911;a l&atilde;nh &#273;&#7841;o c&#7893; phi&#7871;u M&#7929;, v&#7899;i c&ocirc;ng ngh&#7879; l&#7899;n <a href="https://x.com/KobeissiLetter/status/1983397828249661796" target="_blank" rel="noreferrer noopener nofollow">ch&#7913;ng t&#7887;</a> s&#7921; th&#7889;ng tr&#7883;. L&#7907;i nhu&#7853;n c&#7911;a m&#7897;t s&#7889; c&ocirc;ng ty AI l&#7899;n &#273;ang che gi&#7845;u s&#7921; y&#7871;u k&eacute;m lan r&#7897;ng, m&#7897;t &#273;&#7897;ng l&#7921;c th&#432;&#7901;ng b&aacute;o hi&#7879;u s&#7921; c&#7841;n ki&#7879;t trong c&aacute;c th&#7883; tr&#432;&#7901;ng t&#259;ng gi&aacute; giai &#273;o&#7841;n cu&#7889;i.
Tuy nhi&ecirc;n, <a href="https://vn.beincrypto.com/us-recession-fears-impact-on-crypto-markets/" target="_blank" rel="noreferrer noopener">c&aacute;c nh&agrave; giao d&#7883;ch kh&ocirc;ng r&uacute;t lui</a>. N&#7873;n t&#7843;ng d&#7921; &#273;o&aacute;n Kalshi &#432;&#7899;c t&iacute;nh c&oacute; 81% kh&#7843; n&#259;ng S&amp;P 500 &#273;&#7841;t 7,000 v&agrave;o cu&#7889;i n&#259;m, cho th&#7845;y ni&#7873;m tin c&#7911;a nh&agrave; &#273;&#7847;u t&#432; v&agrave;o s&#7913;c m&#7841;nh c&#7911;a thanh kho&#7843;n v&agrave; s&#7921; l&#7841;c quan v&#7873; ch&iacute;nh s&aacute;ch &#273;&#7875; duy tr&igrave; &#273;&agrave; t&#259;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">&#272;i&#7875;m &#273;&#7889;i l&#7853;p y&ecirc;n t&#297;nh c&#7911;a ti&#7873;n &#273;i&#7879;n t&#7917;</h2>

Trong khi Ph&#7889; Wall n&#7893;i l&ecirc;n nh&#7901; &#273;&#7897;ng l&#7921;c c&#7911;a c&aacute;c c&ocirc;ng ty l&#7899;n, nh&#7919;ng ng&#432;&#7901;i theo d&otilde;i ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang <a href="https://vn.beincrypto.com/dune-on-chain-signals-crypto-2026/" target="_blank" rel="noreferrer noopener">so s&aacute;nh v&agrave; ph&acirc;n bi&#7879;t</a>, v&#7899;i nh&agrave; ph&acirc;n t&iacute;ch Diana Sanchez nh&#7845;n m&#7841;nh kho&#7843;ng c&aacute;ch v&#7873; quy m&ocirc;.
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&ldquo;S&amp;P 500 v&#7915;a v&#432;&#7907;t qua m&#7889;c 6,900&hellip; th&ecirc;m m&#7897;t con s&#7889; kh&#7893;ng l&#7891; 18 ngh&igrave;n t&#7927; USD k&#7875; t&#7915; th&aacute;ng 04. Trong khi &#273;&oacute;, t&#7893;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a Bitcoin ch&#7881; &#7903; m&#7913;c 2.27 ngh&igrave;n t&#7927; USD. Khi b&#7841;n nh&#7853;n ra ti&#7873;n &#273;i&#7879;n t&#7917; v&#7851;n c&ograve;n nh&#7887; b&eacute; nh&#432; th&#7871; n&agrave;o, b&#7841;n s&#7869; hi&#7875;u ch&uacute;ng ta th&#7921;c s&#7921; &#273;ang &#7903; giai &#273;o&#7841;n &#273;&#7847;u,&rdquo; c&ocirc; <a href="https://x.com/DianaSanchez_04/status/1983271631863656579" target="_blank" rel="noreferrer noopener nofollow">ph&aacute;t bi&#7875;u</a>.
</blockquote>

Jamie Coutts, m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch t&#7841;i RealVision v&agrave; c&#7921;u chi&#7871;n l&#432;&#7907;c gia c&#7911;a Bloomberg Intelligence, tin r&#7857;ng th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang ph&aacute;t tri&#7875;n v&#432;&#7907;t ra ngo&agrave;i c&aacute;c chu k&#7923; d&#7921;a tr&ecirc;n thanh kho&#7843;n n&agrave;y.
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&ldquo;Kh&#7889;i l&#432;&#7907;ng chuy&#7875;n Stablecoin &#273;&atilde; t&aacute;ch bi&#7879;t kh&#7887;i c&#7843; ph&iacute; blockchain v&agrave; thanh kho&#7843;n to&agrave;n c&#7847;u&hellip; &#272;i&#7873;u n&agrave;y cho th&#7845;y vi&#7879;c s&#7917; d&#7909;ng kinh t&#7871; th&#7921;c s&#7921; &mdash; thanh to&aacute;n, thanh to&aacute;n b&ugrave; tr&#7915; v&agrave; th&#432;&#417;ng m&#7841;i, thay v&igrave; d&ograve;ng ch&#7843;y &#273;&#7847;u c&#417;,&rdquo; &ocirc;ng <a href="https://x.com/Jamie1Coutts/status/1982933207982174688" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>.
</blockquote>

Ng&#432;&#7907;c l&#7841;i, Mark Cullen c&#7911;a AlphaBTC nh&#7853;n th&#7845;y gi&aacute; ti&#7873;n &#273;i&#7879;n t&#7917; v&#7851;n &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i s&#7921; l&#7841;c quan v&#297; m&ocirc;.
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&ldquo;Th&#7883; tr&#432;&#7901;ng gi&#7919; v&#7919;ng khi k&#7923; v&#7885;ng v&#7873; l&#7907;i nhu&#7853;n l&#7899;n v&agrave; c&#7855;t gi&#7843;m l&atilde;i su&#7845;t t&#259;ng l&ecirc;n. L&#7907;i nhu&#7853;n c&ocirc;ng ngh&#7879; v&agrave; t&iacute;n hi&#7879;u t&#7915; Fed l&agrave; nh&#7919;ng ch&#7845;t x&uacute;c t&aacute;c l&#7899;n ti&#7871;p theo,&rdquo; Cullen <a href="https://x.com/mark_cullen/status/1983391325538943077" target="_blank" rel="noreferrer noopener nofollow">ph&#7843;n bi&#7879;n</a>.
</blockquote>

N&#7871;u &#273;&#7907;t t&#259;ng gi&aacute; l&#7883;ch s&#7917; c&#7911;a S&amp;P ph&#7843;n &aacute;nh s&#7921; d&#432; th&#7915;a thanh kho&#7843;n v&agrave; s&#7921; h&#432;ng ph&#7845;n v&#7873; AI, th&igrave; ti&#7873;n &#273;i&#7879;n t&#7917; c&oacute; th&#7875; &#273;ang &acirc;m th&#7847;m <a href="https://vn.beincrypto.com/fed-rate-cut-crypto-impact-2025/" target="_blank" rel="noreferrer noopener">&#273;&#7883;nh v&#7883; m&igrave;nh cho m&#7897;t lo&#7841;i t&#259;ng tr&#432;&#7903;ng kh&aacute;c</a>, d&#7921;a tr&ecirc;n c&#417; s&#7903; h&#7841; t&#7847;ng, s&#7921; &#273;&#7897;c l&#7853;p v&agrave; ti&#7879;n &iacute;ch th&#7921;c s&#7921;.
Trong khi &#273;&#7907;t t&#259;ng gi&aacute; c&#7911;a Ph&#7889; Wall thu h&#7865;p, &#273;&#7897; r&#7897;ng c&#7911;a blockchain c&oacute; th&#7875; &#273;ang &acirc;m th&#7847;m m&#7903; r&#7897;ng.

S&P 500 đạt 6,900 với độ rộng yếu — Nhưng liệu crypto có phải là trò chơi thanh khoản thực sự?

S&amp;P 500 l&#7847;n &#273;&#7847;u ti&ecirc;n v&#432;&#7907;t m&#7889;c 6,900 v&agrave;o ng&agrave;y 28/10/2025, nh&#432;ng g&#7847;n 80% c&#7893; phi&#7871;u c&#7911;a n&oacute; &#273;&atilde; gi&#7843;m trong ng&agrave;y &#273;&oacute;. &#272;i&#7873;u n&agrave;y khi&#7871;n &#273;&acirc;y l&agrave; phi&ecirc;n giao d&#7883;ch c&oacute; &#273;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng y&#7871;u nh&#7845;t t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n trong m&#7897;t phi&ecirc;n t&#259;ng &#273;i&#7875;m.
S&#7921; b&#7845;t th&#432;&#7901;ng n&agrave;y cho th&#7845;y s&#7921; t&#7853;p trung c&#7921;c &#273;&#7897; c&#7911;a &#273;&#7907;t t&#259;ng gi&aacute; v&agrave; d&#7845;y l&ecirc;n lo ng&#7841;i v&#7873; s&#7921; mong manh c&#7911;a th&#7883; tr&#432;&#7901;ng, ngay c&#7843; khi c&aacute;c th&#7883; tr&#432;&#7901;ng d&#7921; &#273;o&aacute;n cho th&#7845;y s&#7921; l&#7841;c quan v&#7873; kh&#7843; n&#259;ng t&#259;ng tr&#432;&#7903;ng ti&#7871;p theo.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-rally-driven-by-a-few-stocks">&#272;&#7907;t t&#259;ng gi&aacute; &#273;&#432;&#7907;c th&uacute;c &#273;&#7849;y b&#7903;i m&#7897;t v&agrave;i c&#7893; phi&#7871;u</h2>

T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i, S&amp;P 500 (SPX) giao d&#7883;ch &#7903; m&#7913;c 6,890, m&#7897;t s&#7921; &#273;i&#7873;u ch&#7881;nh nh&#7865; sau khi &#273;&#7841;t &#273;&#7881;nh 6,911 v&agrave;o th&#7913; Ba.
<img style="height:400px;width:640px;"decoding="async" alt="S&amp;P 500 (SPX) Price Performance" class="wp-image-766603 lazy" loading="lazy" src="https://assets.beincrypto.com/img/6SQHKyCDRO0WOlePI1ghjZUR5-w=/smart/3d9b79b3707a45e993fbc1c026acbaec">Hi&#7879;u su&#7845;t gi&aacute; S&amp;P 500 (SPX). Ngu&#7891;n: <a href="https://www.tradingview.com/x/PRpnz7g0/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch th&#7883; tr&#432;&#7901;ng g&#7885;i &#273;&acirc;y l&agrave; m&#7897;t trong nh&#7919;ng &#273;&#7907;t t&#259;ng gi&aacute; k&#7923; l&#7841; nh&#7845;t trong l&#7883;ch s&#7917; hi&#7879;n &#273;&#7841;i. Theo Barchart, g&#7847;n 80% c&#7893; phi&#7871;u S&amp;P 500 &#273;&atilde; gi&#7843;m, &#273;&aacute;nh d&#7845;u ng&agrave;y c&oacute; &#273;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng t&#7891;i t&#7879; nh&#7845;t t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n. Trong khi &#273;&oacute;, SPX &#273;ang &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c m&#7899;i.
Bespoke Investment Group <a href="https://x.com/bespokeinvest/status/1983276195413446690" target="_blank" rel="noreferrer noopener nofollow">x&aacute;c nh&#7853;n</a> c&aacute;c con s&#7889;, g&#7885;i &#273;&acirc;y l&agrave; ng&agrave;y c&oacute; &#273;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng t&#7891;i t&#7879; nh&#7845;t c&#7911;a S&amp;P trong m&#7897;t ng&agrave;y t&#259;ng &#273;i&#7875;m. ZeroHedge <a href="https://x.com/zerohedge/status/1983261961568825793" target="_blank" rel="noreferrer noopener nofollow">b&#7893; sung</a> r&#7857;ng s&#7921; b&#7845;t th&#432;&#7901;ng n&agrave;y s&#7869; &#273;&#432;&#7907;c ghi v&agrave;o s&aacute;ch l&#7883;ch s&#7917;, v&igrave; n&oacute; ph&#7843;n &aacute;nh &#273;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng ti&ecirc;u c&#7921;c nh&#7845;t t&#7841;i m&#7897;t m&#7913;c cao k&#7927; l&#7909;c t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n.
&#272;&#7907;t t&#259;ng gi&aacute; n&agrave;y g&#7847;n nh&#432; ho&agrave;n to&agrave;n &#273;&#432;&#7907;c d&#7851;n d&#7855;t b&#7903;i c&aacute;c c&ocirc;ng ty l&#7899;n s&#7917; d&#7909;ng AI. Theo Kobeissi Letter, th&#7883; tr&#432;&#7901;ng &#273;ang ch&#7913;ng ki&#7871;n m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; c&oacute; m&#7897;t kh&ocirc;ng hai trong &#273;&#7901;i. H&#7885; <a href="https://x.com/KobeissiLetter/status/1983255563837550635" target="_blank" rel="noreferrer noopener nofollow">tr&iacute;ch d&#7851;n</a> s&#7921; giao thoa c&#7911;a m&#7897;t trong nh&#7919;ng cu&#7897;c c&aacute;ch m&#7841;ng c&ocirc;ng ngh&#7879; l&#7899;n nh&#7845;t trong l&#7883;ch s&#7917;, s&#7921; gi&#7843;m b&#7899;t quy &#273;&#7883;nh v&agrave; h&agrave;ng ngh&igrave;n t&#7927; USD &#273;&#7847;u t&#432;.
Tuy nhi&ecirc;n, Kobeissi c&#361;ng c&#7843;nh b&aacute;o r&#7857;ng s&#7921; bi&#7871;n &#273;&#7897;ng v&#7851;n l&agrave; m&#7897;t &#273;&#7863;c &#273;i&#7875;m n&#7893;i b&#7853;t c&#7911;a th&#7901;i &#273;&#7841;i n&agrave;y.
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&ldquo;S&amp;P 500 &#273;&atilde; ghi nh&#7853;n b&#7889;n l&#7847;n gi&#7843;m &iacute;t nh&#7845;t -20% trong m&#432;&#7901;i n&#259;m qua, nhi&#7873;u nh&#7845;t t&#7915;ng &#273;&#432;&#7907;c ghi nh&#7853;n&hellip; H&atilde;y t&#7853;n d&#7909;ng s&#7921; bi&#7871;n &#273;&#7897;ng n&agrave;y,&rdquo; h&#7885; <a href="https://x.com/KobeissiLetter/status/1983382542930546841" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>.
</blockquote>

S&#7921; h&#7865;p h&ograve;i c&#7911;a &#273;&#7907;t t&#259;ng gi&aacute; ph&#7843;n &aacute;nh s&#7921; t&#7853;p trung c&#7911;a l&atilde;nh &#273;&#7841;o c&#7893; phi&#7871;u M&#7929;, v&#7899;i c&ocirc;ng ngh&#7879; l&#7899;n <a href="https://x.com/KobeissiLetter/status/1983397828249661796" target="_blank" rel="noreferrer noopener nofollow">ch&#7913;ng t&#7887;</a> s&#7921; th&#7889;ng tr&#7883;. L&#7907;i nhu&#7853;n c&#7911;a m&#7897;t s&#7889; c&ocirc;ng ty AI l&#7899;n &#273;ang che gi&#7845;u s&#7921; y&#7871;u k&eacute;m lan r&#7897;ng, m&#7897;t &#273;&#7897;ng l&#7921;c th&#432;&#7901;ng b&aacute;o hi&#7879;u s&#7921; c&#7841;n ki&#7879;t trong c&aacute;c th&#7883; tr&#432;&#7901;ng t&#259;ng gi&aacute; giai &#273;o&#7841;n cu&#7889;i.
Tuy nhi&ecirc;n, <a href="https://vn.beincrypto.com/us-recession-fears-impact-on-crypto-markets/" target="_blank" rel="noreferrer noopener">c&aacute;c nh&agrave; giao d&#7883;ch kh&ocirc;ng r&uacute;t lui</a>. N&#7873;n t&#7843;ng d&#7921; &#273;o&aacute;n Kalshi &#432;&#7899;c t&iacute;nh c&oacute; 81% kh&#7843; n&#259;ng S&amp;P 500 &#273;&#7841;t 7,000 v&agrave;o cu&#7889;i n&#259;m, cho th&#7845;y ni&#7873;m tin c&#7911;a nh&agrave; &#273;&#7847;u t&#432; v&agrave;o s&#7913;c m&#7841;nh c&#7911;a thanh kho&#7843;n v&agrave; s&#7921; l&#7841;c quan v&#7873; ch&iacute;nh s&aacute;ch &#273;&#7875; duy tr&igrave; &#273;&agrave; t&#259;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">&#272;i&#7875;m &#273;&#7889;i l&#7853;p y&ecirc;n t&#297;nh c&#7911;a ti&#7873;n &#273;i&#7879;n t&#7917;</h2>

Trong khi Ph&#7889; Wall n&#7893;i l&ecirc;n nh&#7901; &#273;&#7897;ng l&#7921;c c&#7911;a c&aacute;c c&ocirc;ng ty l&#7899;n, nh&#7919;ng ng&#432;&#7901;i theo d&otilde;i ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang <a href="https://vn.beincrypto.com/dune-on-chain-signals-crypto-2026/" target="_blank" rel="noreferrer noopener">so s&aacute;nh v&agrave; ph&acirc;n bi&#7879;t</a>, v&#7899;i nh&agrave; ph&acirc;n t&iacute;ch Diana Sanchez nh&#7845;n m&#7841;nh kho&#7843;ng c&aacute;ch v&#7873; quy m&ocirc;.
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&ldquo;S&amp;P 500 v&#7915;a v&#432;&#7907;t qua m&#7889;c 6,900&hellip; th&ecirc;m m&#7897;t con s&#7889; kh&#7893;ng l&#7891; 18 ngh&igrave;n t&#7927; USD k&#7875; t&#7915; th&aacute;ng 04. Trong khi &#273;&oacute;, t&#7893;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a Bitcoin ch&#7881; &#7903; m&#7913;c 2.27 ngh&igrave;n t&#7927; USD. Khi b&#7841;n nh&#7853;n ra ti&#7873;n &#273;i&#7879;n t&#7917; v&#7851;n c&ograve;n nh&#7887; b&eacute; nh&#432; th&#7871; n&agrave;o, b&#7841;n s&#7869; hi&#7875;u ch&uacute;ng ta th&#7921;c s&#7921; &#273;ang &#7903; giai &#273;o&#7841;n &#273;&#7847;u,&rdquo; c&ocirc; <a href="https://x.com/DianaSanchez_04/status/1983271631863656579" target="_blank" rel="noreferrer noopener nofollow">ph&aacute;t bi&#7875;u</a>.
</blockquote>

Jamie Coutts, m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch t&#7841;i RealVision v&agrave; c&#7921;u chi&#7871;n l&#432;&#7907;c gia c&#7911;a Bloomberg Intelligence, tin r&#7857;ng th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang ph&aacute;t tri&#7875;n v&#432;&#7907;t ra ngo&agrave;i c&aacute;c chu k&#7923; d&#7921;a tr&ecirc;n thanh kho&#7843;n n&agrave;y.
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&ldquo;Kh&#7889;i l&#432;&#7907;ng chuy&#7875;n Stablecoin &#273;&atilde; t&aacute;ch bi&#7879;t kh&#7887;i c&#7843; ph&iacute; blockchain v&agrave; thanh kho&#7843;n to&agrave;n c&#7847;u&hellip; &#272;i&#7873;u n&agrave;y cho th&#7845;y vi&#7879;c s&#7917; d&#7909;ng kinh t&#7871; th&#7921;c s&#7921; &mdash; thanh to&aacute;n, thanh to&aacute;n b&ugrave; tr&#7915; v&agrave; th&#432;&#417;ng m&#7841;i, thay v&igrave; d&ograve;ng ch&#7843;y &#273;&#7847;u c&#417;,&rdquo; &ocirc;ng <a href="https://x.com/Jamie1Coutts/status/1982933207982174688" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>.
</blockquote>

Ng&#432;&#7907;c l&#7841;i, Mark Cullen c&#7911;a AlphaBTC nh&#7853;n th&#7845;y gi&aacute; ti&#7873;n &#273;i&#7879;n t&#7917; v&#7851;n &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i s&#7921; l&#7841;c quan v&#297; m&ocirc;.
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&ldquo;Th&#7883; tr&#432;&#7901;ng gi&#7919; v&#7919;ng khi k&#7923; v&#7885;ng v&#7873; l&#7907;i nhu&#7853;n l&#7899;n v&agrave; c&#7855;t gi&#7843;m l&atilde;i su&#7845;t t&#259;ng l&ecirc;n. L&#7907;i nhu&#7853;n c&ocirc;ng ngh&#7879; v&agrave; t&iacute;n hi&#7879;u t&#7915; Fed l&agrave; nh&#7919;ng ch&#7845;t x&uacute;c t&aacute;c l&#7899;n ti&#7871;p theo,&rdquo; Cullen <a href="https://x.com/mark_cullen/status/1983391325538943077" target="_blank" rel="noreferrer noopener nofollow">ph&#7843;n bi&#7879;n</a>.
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N&#7871;u &#273;&#7907;t t&#259;ng gi&aacute; l&#7883;ch s&#7917; c&#7911;a S&amp;P ph&#7843;n &aacute;nh s&#7921; d&#432; th&#7915;a thanh kho&#7843;n v&agrave; s&#7921; h&#432;ng ph&#7845;n v&#7873; AI, th&igrave; ti&#7873;n &#273;i&#7879;n t&#7917; c&oacute; th&#7875; &#273;ang &acirc;m th&#7847;m <a href="https://vn.beincrypto.com/fed-rate-cut-crypto-impact-2025/" target="_blank" rel="noreferrer noopener">&#273;&#7883;nh v&#7883; m&igrave;nh cho m&#7897;t lo&#7841;i t&#259;ng tr&#432;&#7903;ng kh&aacute;c</a>, d&#7921;a tr&ecirc;n c&#417; s&#7903; h&#7841; t&#7847;ng, s&#7921; &#273;&#7897;c l&#7853;p v&agrave; ti&#7879;n &iacute;ch th&#7921;c s&#7921;.
Trong khi &#273;&#7907;t t&#259;ng gi&aacute; c&#7911;a Ph&#7889; Wall thu h&#7865;p, &#273;&#7897; r&#7897;ng c&#7911;a blockchain c&oacute; th&#7875; &#273;ang &acirc;m th&#7847;m m&#7903; r&#7897;ng.