Sau m&#7897;t v&agrave;i tu&#7847;n s&oacute;ng gi&oacute; tr&ecirc;n th&#7883; tr&#432;&#7901;ng ti&#7873;n s&#7889;, c&aacute;c c&ocirc;ng ty Digital Asset Treasury (DAT) &#273;&atilde; &#273;&#432;&#7907;c &#273;&#432;a tr&#7903; l&#7841;i t&acirc;m &#273;i&#7875;m ch&uacute; &yacute;, v&agrave; kh&ocirc;ng ph&#7843;i v&igrave; nh&#7919;ng l&yacute; do h&#7885; mong mu&#7889;n.
Bitcoin, Ethereum v&agrave; th&#7883; tr&#432;&#7901;ng r&#7897;ng l&#7899;n h&#417;n &#273;&atilde; ch&#7883;u nh&#7919;ng t&#7893;n th&#7845;t n&#7863;ng n&#7873; do lo ng&#7841;i v&#7873; &#7843;nh h&#432;&#7903;ng v&#297; m&ocirc;, bao g&#7891;m kh&#7843; n&#259;ng &#273;&#7843;o ng&#432;&#7907;c giao d&#7883;ch yen carry n&#7871;u Ng&acirc;n h&agrave;ng Nh&#7853;t B&#7843;n t&#259;ng l&atilde;i su&#7845;t. Th&ecirc;m v&agrave;o &#273;&oacute; l&agrave; s&#7921; bi&#7871;n &#273;&#7897;ng gia t&#259;ng, thanh l&yacute; h&agrave;ng lo&#7841;t, v&agrave; c&aacute;c v&#7883; th&#7871; b&aacute;n thi&#7871;u quy&#7871;t li&#7879;t t&#7915; c&aacute;c t&#7893; ch&#7913;c l&#7899;n, t&#7841;o th&agrave;nh m&#7897;t c&ocirc;ng th&#7913;c ho&agrave;n h&#7843;o cho s&#7921; ho&#7843;ng lo&#7841;n c&#7911;a nh&agrave; &#273;&#7847;u t&#432;.
C&#7893; phi&#7871;u DAT b&#7883; &#7843;nh h&#432;&#7903;ng n&#7863;ng n&#7873; nh&#7845;t. C&aacute;c c&ocirc;ng ty t&#7915;ng giao d&#7883;ch g&#7845;p nhi&#7873;u l&#7847;n gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng &#273;&atilde; &#273;&#432;&#7907;c &#273;i&#7873;u ch&#7881;nh (mNAV) c&#7911;a h&#7885; &mdash; 3 l&#7847;n, 5 l&#7847;n, th&#7853;m ch&iacute; 10 l&#7847;n v&agrave;o m&ugrave;a h&egrave;, nay &#273;ang n&#7857;m &#7903; ho&#7863;c d&#432;&#7899;i m&#7913;c ngang gi&aacute;. N&#7895;i s&#7907; h&atilde;i r&#7845;t &#273;&#417;n gi&#7843;n: khi gi&aacute; gi&#7843;m, li&#7879;u c&aacute;c kho b&#7841;c c&oacute; bu&#7897;c ph&#7843;i b&aacute;n th&aacute;o ti&#7873;n s&#7889; c&#7911;a h&#7885; &#273;&#7875; duy tr&igrave; vay n&#7907;, b&#7843;o v&#7879; &#273;&#7883;nh gi&aacute; v&#7889;n ch&#7911; s&#7903; h&#7919;u, hay ch&#7881; &#273;&#417;n gi&#7843;n l&agrave; duy tr&igrave; thanh kho&#7843;n?
Theo &ocirc;ng James Butterfill, Tr&#432;&#7903;ng ph&ograve;ng Nghi&ecirc;n c&#7913;u t&#7841;i CoinShares, t&igrave;nh h&igrave;nh r&#7845;t mong manh, nh&#432;ng kh&ocirc;ng ph&#7843;i l&agrave; tuy&#7879;t v&#7885;ng.
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&ldquo;V&agrave;o m&ugrave;a h&egrave; n&#259;m 2025, nhi&#7873;u c&ocirc;ng ty DAT giao d&#7883;ch cao g&#7845;p 3 l&#7847;n, 5 l&#7847;n ho&#7863;c th&#7853;m ch&iacute; 10 l&#7847;n mNAV c&#7911;a h&#7885; v&agrave; hi&#7879;n &#273;ang dao &#273;&#7897;ng quanh 1 l&#7847;n ho&#7863;c th&#7845;p h&#417;n. T&#7915; &#273;&acirc;y, con &#273;&#432;&#7901;ng chia ra: ho&#7863;c gi&aacute; gi&#7843;m k&iacute;ch ho&#7841;t m&#7897;t chu&#7895;i b&aacute;n th&aacute;o kh&ocirc;ng c&oacute; tr&#7853;t t&#7921;, ho&#7863;c c&aacute;c c&ocirc;ng ty gi&#7919; v&#7919;ng s&#7889; d&#432; c&#7911;a h&#7885; v&agrave; h&#432;&#7903;ng l&#7907;i t&#7915; kh&#7843; n&#259;ng ph&#7909;c h&#7891;i gi&aacute;. Ch&uacute;ng t&ocirc;i nghi&ecirc;ng v&#7873; &#273;i&#7873;u th&#7913; hai, &#273;&#7863;c bi&#7879;t l&agrave; khi b&#7889;i c&#7843;nh v&#297; m&ocirc; &#273;&#432;&#7907;c c&#7843;i thi&#7879;n v&agrave; kh&#7843; n&#259;ng c&#7855;t gi&#7843;m l&atilde;i su&#7845;t v&agrave;o th&aacute;ng 12, &#273;i&#7873;u n&agrave;y s&#7869; h&#7895; tr&#7907; r&#7897;ng r&atilde;i cho th&#7883; tr&#432;&#7901;ng ti&#7873;n s&#7889; h&#417;n.&rdquo;
</blockquote>

N&#7871;u gi&aacute; ti&#7871;p t&#7909;c gi&#7843;m, nh&agrave; &#273;&#7847;u t&#432; b&aacute;n kh&#7889;ng c&oacute; th&#7875; t&#259;ng c&#432;&#7901;ng t&#7845;n c&ocirc;ng, &#273;&#7863;c bi&#7879;t l&agrave; &#273;&#7889;i v&#7899;i c&aacute;c c&ocirc;ng ty c&oacute; kho b&#7841;c n&#7855;m gi&#7919; nh&#7919;ng kho&#7843;n d&#7921; tr&#7919; t&agrave;i s&#7843;n s&#7889; l&#7899;n, k&eacute;m thanh kho&#7843;n ho&#7863;c c&oacute; &#273;&#7897; t&#432;&#417;ng quan cao.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-december-turnaround">M&#7897;t s&#7921; &#273;&#7843;o chi&#7873;u v&agrave;o th&aacute;ng 12?</h2>

C&acirc;u h&#7887;i hi&#7879;n nay l&agrave; li&#7879;u c&aacute;c c&ocirc;ng ty DAT c&oacute; &#273;&#7889;i m&#7863;t v&#7899;i v&ograve;ng xo&aacute;y b&aacute;n b&#7855;t bu&#7897;c&hellip; hay c&#417; h&#7897;i cho m&#7897;t cu&#7897;c &eacute;p gi&aacute; kh&#7889;c li&#7879;t. Butterfill tin r&#7857;ng kh&#7843; n&#259;ng th&#7913; hai v&#7851;n l&agrave; m&#7897;t kh&#7843; n&#259;ng m&#7841;nh m&#7869;.
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&ldquo;Ho&#7863;c gi&aacute; gi&#7843;m k&iacute;ch ho&#7841;t m&#7897;t chu&#7895;i b&aacute;n th&aacute;o kh&ocirc;ng c&oacute; tr&#7853;t t&#7921;, ho&#7863;c c&aacute;c c&ocirc;ng ty gi&#7919; v&#7919;ng s&#7889; d&#432; c&#7911;a h&#7885; v&agrave; h&#432;&#7903;ng l&#7907;i t&#7915; kh&#7843; n&#259;ng ph&#7909;c h&#7891;i gi&aacute;. Ch&uacute;ng t&ocirc;i nghi&ecirc;ng v&#7873; &#273;i&#7873;u th&#7913; hai, &#273;&#7863;c bi&#7879;t l&agrave; khi b&#7889;i c&#7843;nh v&#297; m&ocirc; &#273;&#432;&#7907;c c&#7843;i thi&#7879;n v&agrave; kh&#7843; n&#259;ng c&#7855;t gi&#7843;m l&atilde;i su&#7845;t v&agrave;o th&aacute;ng 12, &#273;i&#7873;u n&agrave;y s&#7869; h&#7895; tr&#7907; r&#7897;ng r&atilde;i cho th&#7883; tr&#432;&#7901;ng ti&#7873;n s&#7889; h&#417;n.&rdquo;
</blockquote>

Th&#7883; tr&#432;&#7901;ng c&oacute; th&#7875; &#273;ang ti&#7871;n g&#7847;n &#273;&#7871;n m&#7897;t th&#7901;i &#273;i&#7875;m quy&#7871;t &#273;&#7883;nh. L&#7841;m ph&aacute;t &#273;ang gi&#7843;m, th&#7883; tr&#432;&#7901;ng tr&aacute;i phi&#7871;u &#273;&atilde; &#7893;n &#273;&#7883;nh v&agrave; ng&agrave;y c&agrave;ng c&oacute; nhi&#7873;u suy &#273;o&aacute;n r&#7857;ng c&aacute;c ng&acirc;n h&agrave;ng trung &#432;&#417;ng, bao g&#7891;m <a href="https://vn.beincrypto.com/cftc-leveraged-spot-crypto-us-launch/" target="_blank" rel="noreferrer noopener">Fed</a>, c&oacute; th&#7875; th&#7921;c hi&#7879;n c&#7855;t gi&#7843;m l&atilde;i su&#7845;t v&agrave;o th&aacute;ng 12.
Vi&#7879;c c&#7855;t gi&#7843;m c&oacute; th&#7875; l&agrave;m suy y&#7871;u &#273;&#7891;ng &#273;&ocirc; la, gi&#7843;m &aacute;p l&#7921;c thanh kho&#7843;n v&agrave; c&oacute; th&#7875; k&iacute;ch ho&#7841;t m&#7897;t &#273;&#7907;t ph&#7909;c h&#7891;i m&#7841;nh m&#7869; tr&ecirc;n c&aacute;c t&agrave;i s&#7843;n s&#7889;.
&#272;i&#7873;u &#273;&oacute; c&oacute; th&#7875; l&agrave; t&#7845;t c&#7843; c&aacute;c c&ocirc;ng ty DAT c&#7847;n &#273;&#7875; v&#432;&#7907;t qua c&#417;n b&atilde;o hi&#7879;n t&#7841;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-dats-must-now-evolve-or-die">DAT c&#7847;n ph&#7843;i ti&#7871;n h&oacute;a ngay b&acirc;y gi&#7901; &ndash; ho&#7863;c b&#7883; lo&#7841;i tr&#7915;</h2>

Ngay c&#7843; khi ph&#7909;c h&#7891;i x&#7843;y ra, Butterfill l&#7853;p lu&#7853;n r&#7857;ng ng&agrave;nh c&#7847;n ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i nh&#7919;ng khuy&#7871;t &#273;i&#7875;m c&#7845;u tr&uacute;c kh&ocirc;ng tho&#7843;i m&aacute;i.
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&ldquo;S&#7921; gi&#7843;m gi&aacute; g&#7847;n &#273;&acirc;y tr&ecirc;n th&#7883; tr&#432;&#7901;ng ti&#7873;n s&#7889; &#273;&atilde; ph&#417;i b&agrave;y nh&#7919;ng &#273;i&#7875;m y&#7871;u c&#7845;u tr&uacute;c c&#7911;a h&#7885;. Nhi&#7873;u y&#7871;u t&#7889; &#273;&atilde; g&oacute;p ph&#7847;n v&agrave;o s&#7921; suy gi&#7843;m n&agrave;y, bao g&#7891;m thi&#7871;u c&aacute;c doanh nghi&#7879;p ho&#7841;t &#273;&#7897;ng m&#7841;nh m&#7869; &#273;&#7857;ng sau chi&#7871;n l&#432;&#7907;c kho b&#7841;c, s&#7921; chuy&#7875;n d&#7883;ch sang &#273;&#7847;u t&#432; c&#7893; phi&#7871;u li&ecirc;n quan &#273;&#7871;n blockchain kh&aacute;c, v&agrave; s&#7921; suy gi&#7843;m chung c&#7911;a gi&aacute; ti&#7873;n s&#7889;.&rdquo;
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Nh&agrave; &#273;&#7847;u t&#432; &#273;&atilde; tr&#7903; n&ecirc;n &iacute;t ch&#7883;u &#273;&#7921;ng h&#417;n &#273;&#7889;i v&#7899;i:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>pha lo&atilde;ng c&#7893; &#273;&ocirc;ng</li>

<li>t&#7853;p trung t&agrave;i s&#7843;n qu&aacute; cao</li>

<li>c&ocirc;ng ty c&oacute; kho b&#7841;c ti&#7873;n s&#7889; l&#7899;n nh&#432;ng kh&ocirc;ng c&oacute; doanh thu th&#7921;c s&#7921;</li>

<li>C&ocirc;ng ty s&#7917; d&#7909;ng th&#7883; tr&#432;&#7901;ng c&ocirc;ng khai &#273;&#7875; t&iacute;ch tr&#7919; token thay v&igrave; x&acirc;y d&#7921;ng s&#7843;n ph&#7849;m</li>
</ul>

Theo &ocirc;ng, h&agrave;nh vi n&agrave;y &#273;&atilde; l&agrave;m t&#7893;n h&#7841;i &#273;&#7871;n uy t&iacute;n c&#7911;a to&agrave;n b&#7897; ng&agrave;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-dat-model-of-the-future">M&ocirc; h&igrave;nh DAT c&#7911;a t&#432;&#417;ng lai</h2>

Butterfill d&#7921; &#273;o&aacute;n m&#7897;t chu k&#7923; l&agrave;m s&#7841;ch, l&#7885;c ra nh&#7919;ng c&ocirc;ng ty ch&#7841;y theo &#273;&#7897;ng l&#7921;c v&agrave; th&#432;&#7903;ng cho nh&#7919;ng c&ocirc;ng ty t&#7841;o ra gi&aacute; tr&#7883; kinh t&#7871; th&#7921;c s&#7921;.
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&ldquo;Khi bong b&oacute;ng x&#7865;p &#273;i, th&#7883; tr&#432;&#7901;ng &#273;ang &#273;&aacute;nh gi&aacute; l&#7841;i xem c&ocirc;ng ty n&agrave;o th&#7921;c s&#7921; ph&ugrave; h&#7907;p v&#7899;i m&ocirc; h&igrave;nh DAT v&agrave; c&ocirc;ng ty n&agrave;o ch&#7881; &#273;&#417;n thu&#7847;n ch&#7881; ch&#7841;y theo &#273;&#7897;ng l&#7921;c. T&#432;&#417;ng lai c&#7911;a DAT n&#7857;m &#7903; vi&#7879;c quay tr&#7903; l&#7841;i c&aacute;c nguy&ecirc;n t&#7855;c c&#417; b&#7843;n: qu&#7843;n l&yacute; kho b&#7841;c c&oacute; k&#7927; lu&#7853;t, m&ocirc; h&igrave;nh kinh doanh &#273;&aacute;ng tin c&#7853;y, v&agrave; k&#7923; v&#7885;ng th&#7921;c t&#7871; v&#7873; vai tr&ograve; c&#7911;a t&agrave;i s&#7843;n s&#7889; tr&ecirc;n b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n c&#7911;a c&ocirc;ng ty.&rdquo;
</blockquote>

Nh&#7919;ng ng&#432;&#7901;i chi&#7871;n th&#7855;ng trong chu k&#7923; ti&#7871;p theo, &ocirc;ng n&oacute;i, s&#7869; tr&ocirc;ng gi&#7889;ng h&#7879;t h&#417;n nh&#432; <a href="https://vn.beincrypto.com/will-dats-like-microstrategy-bitmine-fade-soon/" target="_blank" rel="noreferrer noopener">DAT</a> &#273;&atilde; &#273;&#432;&#7907;c t&#432;&#7903;ng t&#432;&#7907;ng ban &#273;&#7847;u:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>c&ocirc;ng ty to&agrave;n c&#7847;u</li>

<li>c&aacute;c d&ograve;ng doanh thu &#273;a d&#7841;ng</li>

<li>s&#7917; d&#7909;ng t&agrave;i s&#7843;n s&#7889; m&#7897;t c&aacute;ch chi&#7871;n l&#432;&#7907;c, kh&ocirc;ng ph&#7843;i theo c&#417; h&#7897;i</li>

<li>qu&#7843;n l&yacute; b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n d&agrave;i h&#7841;n, kh&ocirc;ng ph&#7843;i m&#7903; r&#7897;ng kho b&#7841;c theo ki&#7875;u &#273;&#7847;u c&#417;</li>
</ul>

N&#7871;u th&#7883; tr&#432;&#7901;ng &#7893;n &#273;&#7883;nh, ho&#7863;c th&#7853;m ch&iacute; t&#259;ng l&ecirc;n, c&aacute;c c&ocirc;ng ty gi&#7919; v&#7919;ng kh&ocirc;ng b&aacute;n th&aacute;o c&oacute; th&#7875; th&#7845;y m&igrave;nh &#273;&#432;&#7907;c &#273;&#7883;nh v&#7883; &#273;&#7875; ph&#7909;c h&#7891;i m&#7841;nh m&#7869;. Trong m&ocirc;i tr&#432;&#7901;ng &#273;&oacute;, b&#7845;t k&#7923; nh&agrave; qu&#7843;n l&yacute; t&agrave;i s&#7843;n n&agrave;o c&oacute; chi&#7871;n l&#432;&#7907;c b&aacute;n kh&#7889;ng to&agrave;n di&#7879;n nh&#7855;m v&agrave;o c&#7893; phi&#7871;u DAT c&oacute; th&#7875; nhanh ch&oacute;ng x&oacute;a b&#7887;, t&#259;ng c&#432;&#7901;ng bi&#7871;n &#273;&#7897;ng gi&aacute; l&ecirc;n.
M&#7897;t &#273;&#7907;t c&#7855;t gi&#7843;m l&atilde;i su&#7845;t v&agrave;o th&aacute;ng 12 c&oacute; th&#7875; l&agrave; ch&#7845;t x&uacute;c t&aacute;c.

Tháng 12 này có thể quyết định số phận của kho bạc tài sản kỹ thuật số: Đây là cảnh báo sinh tồn của CoinShares