Bitcoin v&agrave; m&#7897;t s&#7889; &#273;&#7891;ng ti&#7873;n m&atilde; h&oacute;a h&agrave;ng &#273;&#7847;u &#273;ang t&#259;ng gi&aacute;, trong khi ph&#7847;n l&#7899;n altcoin l&#7841;i gi&#7843;m&mdash;m&#7897;t s&#7921; ph&acirc;n h&oacute;a r&otilde; r&#7879;t th&#7875; hi&#7879;n qua vi&#7879;c &#273;&#432;&#7901;ng t&iacute;ch l&#361;y/ph&acirc;n ph&#7889;i (A/D) t&#7893;ng h&#7907;p c&#7911;a th&#7883; tr&#432;&#7901;ng crypto &#273;ang gi&#7843;m, d&ugrave; 200 t&agrave;i s&#7843;n &#273;&#7913;ng &#273;&#7847;u v&#7851;n &#273;ang gi&#7919; &#273;&#432;&#7907;c &#273;&agrave; t&#259;ng tr&#432;&#7903;ng.
D&#7841;ng th&#7883; tr&#432;&#7901;ng h&igrave;nh ch&#7919; K n&agrave;y ph&#7843;n &aacute;nh s&#7921; kh&aacute;c bi&#7879;t ng&agrave;y c&agrave;ng r&otilde; gi&#7919;a c&aacute;c m&#7843;ng trong l&#297;nh v&#7921;c crypto. Nh&#7919;ng d&#7921; &aacute;n d&#7851;n &#273;&#7847;u ti&#7871;p t&#7909;c h&#432;&#7903;ng l&#7907;i, c&ograve;n nhi&#7873;u t&agrave;i s&#7843;n kh&aacute;c th&igrave; &acirc;m th&#7847;m m&#7845;t gi&aacute; tr&#7883;. Xu h&#432;&#7899;ng n&agrave;y c&#361;ng &#273;ang di&#7877;n ra &#7903; n&#7873;n kinh t&#7871; M&#7929; v&agrave; th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng, cho th&#7845;y s&#7921; ph&acirc;n c&#7921;c ng&agrave;y m&#7897;t l&#7899;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-market-breadth-declines-as-capital-focuses-on-leaders">&#272;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng gi&#7843;m khi d&ograve;ng ti&#7873;n t&#7853;p trung v&agrave;o c&aacute;c &#273;&#7891;ng coin d&#7851;n &#273;&#7847;u</h2>

Th&#7883; tr&#432;&#7901;ng crypto hi&#7879;n t&#7841;i &#273;ang nghi&ecirc;ng v&#7873; m&#7897;t s&#7889; &iacute;t t&agrave;i s&#7843;n c&oacute; hi&#7879;u su&#7845;t t&#7889;t. Chuy&ecirc;n gia ph&acirc;n t&iacute;ch <a href="https://x.com/Jamie1Coutts/status/2008457558965841942" target="_blank" rel="noopener">Jamie Coutts</a> nh&#7853;n &#273;&#7883;nh r&#7857;ng altcoin &#273;&atilde; b&#432;&#7899;c v&agrave;o giai &#273;o&#7841;n gi&#7843;m gi&aacute; k&#7875; t&#7915; n&#259;m 2021. Ch&#7881; b&aacute;o A/D do Marc Chaikin ph&aacute;t tri&#7875;n, gi&uacute;p &#273;o l&#432;&#7901;ng d&ograve;ng ti&#7873;n th&ocirc;ng qua gi&aacute; v&agrave; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch, cho th&#7845;y r&#7845;t r&otilde; s&#7921; ph&acirc;n h&oacute;a n&agrave;y.
D&ugrave; &#273;&#432;&#7901;ng A/D c&#7911;a to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng crypto &#273;ang gi&#7843;m, nh&#432;ng nh&oacute;m 200 t&agrave;i s&#7843;n l&#7899;n nh&#7845;t l&#7841;i duy tr&igrave; m&ocirc; h&igrave;nh &#273;i l&ecirc;n kh&aacute; r&otilde; n&eacute;t. &#272;i&#7873;u n&agrave;y cho th&#7845;y d&ograve;ng ti&#7873;n t&#7915; c&aacute;c t&#7893; ch&#7913;c v&agrave; nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; &#273;ang &#273;&#7893; d&#7891;n v&#7873; nh&#7919;ng d&#7921; &aacute;n &#273;&atilde; kh&#7859;ng &#273;&#7883;nh &#273;&#432;&#7907;c v&#7883; tr&iacute; tr&ecirc;n th&#7883; tr&#432;&#7901;ng. V&igrave; v&#7853;y, nh&#7919;ng blockchain v&agrave; &#7913;ng d&#7909;ng kh&ocirc;ng thu h&uacute;t &#273;&#432;&#7907;c ng&#432;&#7901;i d&ugrave;ng th&#7921;c s&#7921; s&#7869; ph&#7843;i ch&#7883;u &aacute;p l&#7921;c b&aacute;n ra v&agrave; gi&#7843;m &#273;&#7897;ng l&#7921;c ph&aacute;t tri&#7875;n.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/jph8xJ_fP8w-tVD3yXlQIoTHznA=/smart/89d88f6e0d3d4887817e8c844e4b5ade" alt="Crypto market breadth collapse chart" class="wp-image-788772">Bi&#7875;u &#273;&#7891; th&#7875; hi&#7879;n s&#7889; l&#432;&#7907;ng t&agrave;i s&#7843;n t&#259;ng tr&#432;&#7903;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto &#273;ang gi&#7843;m d&#7847;n. Ngu&#7891;n: Jamie Coutts

<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;S&#7889; l&#432;&#7907;ng t&agrave;i s&#7843;n t&#259;ng tr&#432;&#7903;ng &#273;&atilde; gi&#7843;m d&#7847;n trong nhi&#7873;u n&#259;m. Ng&agrave;y c&agrave;ng &iacute;t t&agrave;i s&#7843;n d&#7851;n d&#7855;t th&#7883; tr&#432;&#7901;ng, c&ograve;n l&#7841;i &#273;a ph&#7847;n th&igrave; &acirc;m th&#7847;m m&#7845;t gi&aacute;. N&#7871;u m&#7897;t blockchain ho&#7863;c &#7913;ng d&#7909;ng kh&ocirc;ng c&oacute; ng&#432;&#7901;i d&ugrave;ng th&#7921;c th&igrave; kh&oacute; t&#7891;n t&#7841;i &#273;&#432;&#7907;c,&rdquo; <a href="https://x.com/Jamie1Coutts/status/2008457558965841942" target="_blank" rel="noopener">Jamie Coutts chia s&#7867;</a>.
</blockquote>

Nh&#7919;ng s&#7889; li&#7879;u n&agrave;y cho th&#7845;y th&#7883; tr&#432;&#7901;ng crypto &#273;ang thay &#273;&#7893;i m&#7841;nh. Nh&#7919;ng d&#7921; &aacute;n d&#7921;a v&agrave;o c&acirc;u chuy&#7879;n h&#7845;p d&#7851;n ho&#7863;c t&#7863;ng th&#432;&#7903;ng token trong giai &#273;o&#7841;n &ldquo;bull run&rdquo; n&#259;m 2021 gi&#7901; &#273;&acirc;y g&#7863;p nhi&#7873;u kh&oacute; kh&#259;n, khi d&ograve;ng ti&#7873;n &#273;ang chuy&#7875;n sang nh&#7919;ng t&agrave;i s&#7843;n c&oacute; &#7913;ng d&#7909;ng th&#7921;c t&#7871;, r&otilde; r&agrave;ng. Qu&aacute; tr&igrave;nh n&agrave;y &#273;ang ph&acirc;n &#273;&#7883;nh r&otilde; r&agrave;ng &#273;&acirc;u l&agrave; d&#7921; &aacute;n b&#7873;n v&#7919;ng v&agrave; &#273;&acirc;u l&agrave; d&#7921; &aacute;n &ldquo;ch&#7881; &#259;n theo s&oacute;ng&rdquo;, thi&#7871;u c&#259;n c&#7913; th&#7921;c t&#7871;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-defining-winners-and-losers-in-a-k-shaped-market">Ph&acirc;n bi&#7879;t b&ecirc;n th&#7855;ng v&agrave; b&ecirc;n thua trong th&#7883; tr&#432;&#7901;ng h&igrave;nh ch&#7919; K</h2>

Xu h&#432;&#7899;ng n&agrave;y kh&ocirc;ng ch&#7881; t&aacute;c &#273;&#7897;ng &#273;&#7871;n b&#7843;ng x&#7871;p h&#7841;ng c&aacute;c t&agrave;i s&#7843;n. <a href="https://x.com/TaikiMaeda2/status/1986109733791801598" target="_blank" rel="noopener">Chuy&ecirc;n gia ph&acirc;n t&iacute;ch Taiki Maeda</a> c&#361;ng m&ocirc; t&#7843; r&#7857;ng giai &#273;o&#7841;n h&#7891;i ph&#7909;c c&#7911;a th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i &#273;ang l&agrave; h&igrave;nh ch&#7919; K. Bitcoin v&agrave; nh&#7919;ng &#273;&#7891;ng crypto c&oacute; ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i token l&agrave; nh&aacute;nh &#273;ang t&#259;ng, h&#432;&#7903;ng l&#7907;i t&#7915; t&iacute;nh khan hi&#7871;m v&agrave; &#273;&#7897;ng l&#7921;c gi&#7919; gi&aacute; m&#7841;nh m&#7869;.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/Jzx1TElC_i2MD9PfoJjoAecdS_g=/smart/32628af856944d378f6fc3962cdc152a" alt="K-shaped recovery visualization" class="wp-image-788771">H&igrave;nh &#7843;nh m&ocirc; ph&#7887;ng s&#7921; h&#7891;i ph&#7909;c h&igrave;nh ch&#7919; K tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto, theo Taiki Maeda

Ng&#432;&#7907;c l&#7841;i, nh&#7919;ng token thu&#7897;c h&#7841; t&#7847;ng ph&#7843;i m&#7903; kh&oacute;a s&#7889; l&#432;&#7907;ng l&#7899;n v&agrave; thi&#7871;u gi&aacute; tr&#7883; th&#7921;c th&igrave; l&#7841;i gi&#7843;m gi&aacute;. Thay &#273;&#7893;i n&agrave;y cho th&#7845;y th&#7883; tr&#432;&#7901;ng &#273;ang tr&#432;&#7903;ng th&agrave;nh, nhi&#7873;u ng&#432;&#7901;i d&ugrave;ng chuy&#7875;n sang ch&#7885;n c&aacute;c t&agrave;i s&#7843;n c&oacute; &#7913;ng d&#7909;ng r&otilde; r&agrave;ng thay v&igrave; ch&#7881; nghe theo l&#7901;i &#273;&#7891;n &#273;o&aacute;n. Ng&agrave;nh tr&iacute; tu&#7879; nh&acirc;n t&#7841;o c&#361;ng thu h&uacute;t &#273;&#432;&#7907;c s&#7921; quan t&acirc;m l&#7899;n c&#7911;a nh&agrave; &#273;&#7847;u t&#432; l&#7851;n nh&agrave; ph&aacute;t tri&#7875;n, c&agrave;ng ph&acirc;n t&aacute;ch r&otilde; h&#417;n c&aacute;c d&#7921; &aacute;n th&agrave;nh c&ocirc;ng v&#7899;i ph&#7847;n c&ograve;n l&#7841;i.
L&#297;nh v&#7921;c token h&oacute;a v&agrave; t&agrave;i s&#7843;n g&#7855;n v&#7899;i th&#7871; gi&#7899;i th&#7921;c c&#361;ng &#273;ang nh&#7853;n &#273;&#432;&#7907;c quan t&acirc;m. C&aacute;c t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng b&#7855;t &#273;&#7847;u kh&aacute;m ph&aacute; gi&#7843;i ph&aacute;p blockchain, mang l&#7841;i nh&#7919;ng b&agrave;i to&aacute;n th&#7921;c t&#7871; v&agrave; k&#7871;t n&#7889;i t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng v&#7899;i c&ocirc;ng ngh&#7879; phi t&#7853;p trung. Tuy nhi&ecirc;n, &#273;a s&#7889; altcoin l&#7841;i n&#7857;m ngo&agrave;i l&agrave;n s&oacute;ng n&agrave;y v&agrave; g&#7863;p nhi&#7873;u kh&oacute; kh&#259;n khi d&ograve;ng ti&#7873;n tr&#7903; n&ecirc;n ch&#7885;n l&#7885;c h&#417;n.
Ch&#7881; b&aacute;o A/D ti&#7871;p t&#7909;c l&agrave; c&ocirc;ng c&#7909; h&#7919;u &iacute;ch &#273;&#7875; nh&#7853;n bi&#7871;t xu h&#432;&#7899;ng. <a href="https://www.ebc.com/forex/accumulation-distribution-indicator-a-beginner-s-guide" target="_blank" rel="noopener">C&aacute;c h&#432;&#7899;ng d&#7851;n ph&acirc;n t&iacute;ch k&#7929; thu&#7853;t</a> cho th&#7845;y ch&#7881; b&aacute;o n&agrave;y theo d&otilde;i v&#7883; tr&iacute; &#273;&oacute;ng c&#7917;a gi&aacute; &#7903; m&#7895;i giai &#273;o&#7841;n, nh&#7901; v&#7853;y &#273;&aacute;ng tin c&#7853;y h&#417;n nh&#7919;ng ch&#7881; b&aacute;o ch&#7881; x&eacute;t ri&ecirc;ng kh&#7889;i l&#432;&#7907;ng khi &#273;&aacute;nh gi&aacute; s&#7913;c mua v&agrave; b&aacute;n th&#7921;c t&#7871;. &#272;&#432;&#7901;ng A/D t&#259;ng ngh&#297;a l&agrave; &#273;ang c&oacute; xu th&#7871; t&iacute;ch l&#361;y, c&ograve;n n&#7871;u gi&#7843;m th&igrave; l&agrave; ph&acirc;n ph&#7889;i. Khi gi&aacute; v&agrave; A/D c&oacute; d&#7845;u hi&#7879;u ng&#432;&#7907;c chi&#7873;u, nguy c&#417; &#273;&#7843;o chi&#7873;u c&oacute; th&#7875; x&#7843;y ra.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-macro-factors-deepen-crypto-divide">C&aacute;c y&#7871;u t&#7889; v&#297; m&ocirc; l&agrave;m gia t&#259;ng kho&#7843;ng c&aacute;ch trong th&#7883; tr&#432;&#7901;ng crypto</h2>

M&ocirc; h&igrave;nh ch&#7919; K n&agrave;y c&#361;ng ph&#7843;n &aacute;nh xu h&#432;&#7899;ng v&#297; m&ocirc; to&agrave;n c&#7847;u. T&#7841;i M&#7929;, ch&#7881; s&#7889; S&amp;P 500 t&#259;ng t&#7915; n&#259;m 2021, nh&#432;ng ch&#7881; s&#7889; ni&#7873;m tin ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng l&#7841;i gi&#7843;m xu&#7889;ng, cho th&#7845;y c&aacute;c nh&agrave; &#273;&#7847;u t&#432; s&#7903; h&#7919;u t&agrave;i s&#7843;n ng&agrave;y c&agrave;ng gi&agrave;u l&ecirc;n, trong khi t&acirc;m l&yacute; chung l&#7841;i kh&ocirc;ng t&#7889;t.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/B0XORlunsv4U30ZHp6kJ0zoFHGc=/smart/f2ed1e8085214ed1bfa088694ab34e24" alt="K-shaped economy chart showing asset prices versus consumer sentiment" class="wp-image-788774">Bi&#7875;u &#273;&#7891; cho th&#7845;y s&#7921; kh&aacute;c bi&#7879;t gi&#7919;a gi&aacute; t&agrave;i s&#7843;n v&agrave; ni&#7873;m tin c&#7911;a ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng, theo PolymarketMoney

<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;Ch&uacute;ng ta &#273;ang s&#7889;ng trong m&#7897;t n&#7873;n kinh t&#7871; h&igrave;nh ch&#7919; K. Nh&#7919;ng ng&#432;&#7901;i s&#7903; h&#7919;u t&agrave;i s&#7843;n th&igrave; ng&agrave;y c&agrave;ng gi&agrave;u l&ecirc;n, trong khi t&acirc;m l&yacute; ti&ecirc;u d&ugrave;ng l&#7841;i &#273;i xu&#7889;ng, ngh&#297;a l&agrave; kinh t&#7871; c&#7911;a nh&oacute;m gi&agrave;u v&#7851;n m&#7841;nh, c&ograve;n &#273;a ph&#7847;n th&igrave; v&#7851;n g&#7863;p kh&oacute; kh&#259;n,&rdquo; <a href="https://x.com/PolymarketMoney/status/2003828476827271202" target="_blank" rel="noopener">PolymarketMoney chia s&#7867;</a>.
</blockquote>

Y&#7871;u t&#7889; m&ocirc;i tr&#432;&#7901;ng nh&#432; v&#7853;y &#273;ang &#7843;nh h&#432;&#7903;ng tr&#7921;c ti&#7871;p t&#7899;i t&agrave;i s&#7843;n s&#7889;. Crypto ng&agrave;y c&agrave;ng &#273;&oacute;ng vai tr&ograve; nh&#432; &ldquo;kho l&#432;u tr&#7919; gi&aacute; tr&#7883;&rdquo; ho&#7863;c ph&#432;&#417;ng &aacute;n ph&ograve;ng ng&#7915;a l&#7841;m ph&aacute;t, thu h&uacute;t d&ograve;ng ti&#7873;n mu&#7889;n tr&aacute;nh r&#7911;i ro ti&#7873;n t&#7879;. Trong khi &#273;&oacute;, nh&#7919;ng token ch&#7881; d&#7921;a v&agrave;o &#273;&#7847;u c&#417;, thi&#7871;u gi&aacute; tr&#7883; th&#7853;t th&igrave; ti&#7871;p t&#7909;c l&#7895; khi nh&agrave; &#273;&#7847;u t&#432; ch&uacute; tr&#7885;ng v&agrave;o l&#7907;i &iacute;ch th&#7921;c t&#7871; thay v&igrave; c&acirc;u chuy&#7879;n qu&#7843;ng b&aacute;.
Khi s&#7921; li&ecirc;n k&#7871;t gi&#7919;a c&aacute;c m&#7843;ng d&#7847;n thay &#273;&#7893;i, vi&#7879;c &#273;a d&#7841;ng h&oacute;a danh m&#7909;c b&#7857;ng nhi&#7873;u altcoin kh&ocirc;ng c&ograve;n gi&uacute;p ph&ograve;ng ng&#7915;a r&#7911;i ro nh&#432; tr&#432;&#7899;c. Gi&#7901; &#273;&acirc;y, nh&agrave; &#273;&#7847;u t&#432; &#432;u ti&ecirc;n t&#7853;p trung v&#7889;n v&agrave;o c&aacute;c t&agrave;i s&#7843;n c&oacute; n&#7873;n t&#7843;ng v&#7919;ng ch&#7855;c, kh&aacute;c v&#7899;i c&aacute;c chu k&#7923; tr&#432;&#7899;c khi &#273;&#7847;u t&#432; nhi&#7873;u lo&#7841;i altcoin th&#432;&#7901;ng mang l&#7841;i m&#7913;c sinh l&#7901;i l&#7899;n h&#417;n. D&ograve;ng ti&#7873;n d&#7883;ch chuy&#7875;n kh&aacute; nhanh v&agrave; ch&#7881; nh&#7919;ng d&#7921; &aacute;n &#273;&#7911; m&#7841;nh m&#7899;i c&oacute; th&#7875; gi&#7919; v&#7919;ng &#273;&agrave; t&#259;ng tr&#432;&#7903;ng.
&#272;&#7871;n th&aacute;ng 01/2026, c&acirc;u h&#7887;i c&#7911;a nhi&#7873;u nh&agrave; &#273;&#7847;u t&#432; s&#7869; l&agrave; li&#7879;u xu th&#7871; ph&acirc;n h&oacute;a h&igrave;nh ch&#7919; K n&agrave;y s&#7869; c&ograve;n k&eacute;o d&agrave;i bao l&acirc;u. C&aacute;c nguy&ecirc;n nh&acirc;n t&#7841;o n&ecirc;n s&#7921; ph&acirc;n k&#7923; n&agrave;y hi&#7879;n v&#7851;n ch&#432;a c&oacute; d&#7845;u hi&#7879;u d&#7915;ng l&#7841;i. Li&#7879;u &#273;i&#7873;u &#273;&oacute; s&#7869; mang t&#7899;i m&#7897;t h&#7879; sinh th&aacute;i l&agrave;nh m&#7841;nh h&#417;n nh&#7901; t&#7853;p trung v&agrave;o c&#7889;t l&otilde;i, hay s&#7869; k&igrave;m h&atilde;m &#273;&#7893;i m&#7899;i khi ngu&#7891;n l&#7921;c ch&#7881; d&#7891;n v&agrave;o s&#7889; &iacute;t d&#7921; &aacute;n&mdash;t&#7845;t c&#7843; v&#7851;n c&#7847;n ph&#7843;i quan s&aacute;t th&ecirc;m trong th&#7901;i gian t&#7899;i, nh&#7845;t l&agrave; v&#7899;i nh&#7919;ng ai tham gia th&#7883; tr&#432;&#7901;ng crypto.

Thị trường crypto hình chữ K: tài sản hàng đầu tăng mạnh trong khi altcoin tụt lại vào năm 2026

Bitcoin v&agrave; m&#7897;t s&#7889; &#273;&#7891;ng ti&#7873;n m&atilde; h&oacute;a h&agrave;ng &#273;&#7847;u &#273;ang t&#259;ng gi&aacute;, trong khi ph&#7847;n l&#7899;n altcoin l&#7841;i gi&#7843;m&mdash;m&#7897;t s&#7921; ph&acirc;n h&oacute;a r&otilde; r&#7879;t th&#7875; hi&#7879;n qua vi&#7879;c &#273;&#432;&#7901;ng t&iacute;ch l&#361;y/ph&acirc;n ph&#7889;i (A/D) t&#7893;ng h&#7907;p c&#7911;a th&#7883; tr&#432;&#7901;ng crypto &#273;ang gi&#7843;m, d&ugrave; 200 t&agrave;i s&#7843;n &#273;&#7913;ng &#273;&#7847;u v&#7851;n &#273;ang gi&#7919; &#273;&#432;&#7907;c &#273;&agrave; t&#259;ng tr&#432;&#7903;ng.
D&#7841;ng th&#7883; tr&#432;&#7901;ng h&igrave;nh ch&#7919; K n&agrave;y ph&#7843;n &aacute;nh s&#7921; kh&aacute;c bi&#7879;t ng&agrave;y c&agrave;ng r&otilde; gi&#7919;a c&aacute;c m&#7843;ng trong l&#297;nh v&#7921;c crypto. Nh&#7919;ng d&#7921; &aacute;n d&#7851;n &#273;&#7847;u ti&#7871;p t&#7909;c h&#432;&#7903;ng l&#7907;i, c&ograve;n nhi&#7873;u t&agrave;i s&#7843;n kh&aacute;c th&igrave; &acirc;m th&#7847;m m&#7845;t gi&aacute; tr&#7883;. Xu h&#432;&#7899;ng n&agrave;y c&#361;ng &#273;ang di&#7877;n ra &#7903; n&#7873;n kinh t&#7871; M&#7929; v&agrave; th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng, cho th&#7845;y s&#7921; ph&acirc;n c&#7921;c ng&agrave;y m&#7897;t l&#7899;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-market-breadth-declines-as-capital-focuses-on-leaders">&#272;&#7897; r&#7897;ng th&#7883; tr&#432;&#7901;ng gi&#7843;m khi d&ograve;ng ti&#7873;n t&#7853;p trung v&agrave;o c&aacute;c &#273;&#7891;ng coin d&#7851;n &#273;&#7847;u</h2>

Th&#7883; tr&#432;&#7901;ng crypto hi&#7879;n t&#7841;i &#273;ang nghi&ecirc;ng v&#7873; m&#7897;t s&#7889; &iacute;t t&agrave;i s&#7843;n c&oacute; hi&#7879;u su&#7845;t t&#7889;t. Chuy&ecirc;n gia ph&acirc;n t&iacute;ch <a href="https://x.com/Jamie1Coutts/status/2008457558965841942" target="_blank" rel="noopener">Jamie Coutts</a> nh&#7853;n &#273;&#7883;nh r&#7857;ng altcoin &#273;&atilde; b&#432;&#7899;c v&agrave;o giai &#273;o&#7841;n gi&#7843;m gi&aacute; k&#7875; t&#7915; n&#259;m 2021. Ch&#7881; b&aacute;o A/D do Marc Chaikin ph&aacute;t tri&#7875;n, gi&uacute;p &#273;o l&#432;&#7901;ng d&ograve;ng ti&#7873;n th&ocirc;ng qua gi&aacute; v&agrave; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch, cho th&#7845;y r&#7845;t r&otilde; s&#7921; ph&acirc;n h&oacute;a n&agrave;y.
D&ugrave; &#273;&#432;&#7901;ng A/D c&#7911;a to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng crypto &#273;ang gi&#7843;m, nh&#432;ng nh&oacute;m 200 t&agrave;i s&#7843;n l&#7899;n nh&#7845;t l&#7841;i duy tr&igrave; m&ocirc; h&igrave;nh &#273;i l&ecirc;n kh&aacute; r&otilde; n&eacute;t. &#272;i&#7873;u n&agrave;y cho th&#7845;y d&ograve;ng ti&#7873;n t&#7915; c&aacute;c t&#7893; ch&#7913;c v&agrave; nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; &#273;ang &#273;&#7893; d&#7891;n v&#7873; nh&#7919;ng d&#7921; &aacute;n &#273;&atilde; kh&#7859;ng &#273;&#7883;nh &#273;&#432;&#7907;c v&#7883; tr&iacute; tr&ecirc;n th&#7883; tr&#432;&#7901;ng. V&igrave; v&#7853;y, nh&#7919;ng blockchain v&agrave; &#7913;ng d&#7909;ng kh&ocirc;ng thu h&uacute;t &#273;&#432;&#7907;c ng&#432;&#7901;i d&ugrave;ng th&#7921;c s&#7921; s&#7869; ph&#7843;i ch&#7883;u &aacute;p l&#7921;c b&aacute;n ra v&agrave; gi&#7843;m &#273;&#7897;ng l&#7921;c ph&aacute;t tri&#7875;n.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/jph8xJ_fP8w-tVD3yXlQIoTHznA=/smart/89d88f6e0d3d4887817e8c844e4b5ade" alt="Crypto market breadth collapse chart" class="wp-image-788772">Bi&#7875;u &#273;&#7891; th&#7875; hi&#7879;n s&#7889; l&#432;&#7907;ng t&agrave;i s&#7843;n t&#259;ng tr&#432;&#7903;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto &#273;ang gi&#7843;m d&#7847;n. Ngu&#7891;n: Jamie Coutts

<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;S&#7889; l&#432;&#7907;ng t&agrave;i s&#7843;n t&#259;ng tr&#432;&#7903;ng &#273;&atilde; gi&#7843;m d&#7847;n trong nhi&#7873;u n&#259;m. Ng&agrave;y c&agrave;ng &iacute;t t&agrave;i s&#7843;n d&#7851;n d&#7855;t th&#7883; tr&#432;&#7901;ng, c&ograve;n l&#7841;i &#273;a ph&#7847;n th&igrave; &acirc;m th&#7847;m m&#7845;t gi&aacute;. N&#7871;u m&#7897;t blockchain ho&#7863;c &#7913;ng d&#7909;ng kh&ocirc;ng c&oacute; ng&#432;&#7901;i d&ugrave;ng th&#7921;c th&igrave; kh&oacute; t&#7891;n t&#7841;i &#273;&#432;&#7907;c,&rdquo; <a href="https://x.com/Jamie1Coutts/status/2008457558965841942" target="_blank" rel="noopener">Jamie Coutts chia s&#7867;</a>.
</blockquote>

Nh&#7919;ng s&#7889; li&#7879;u n&agrave;y cho th&#7845;y th&#7883; tr&#432;&#7901;ng crypto &#273;ang thay &#273;&#7893;i m&#7841;nh. Nh&#7919;ng d&#7921; &aacute;n d&#7921;a v&agrave;o c&acirc;u chuy&#7879;n h&#7845;p d&#7851;n ho&#7863;c t&#7863;ng th&#432;&#7903;ng token trong giai &#273;o&#7841;n &ldquo;bull run&rdquo; n&#259;m 2021 gi&#7901; &#273;&acirc;y g&#7863;p nhi&#7873;u kh&oacute; kh&#259;n, khi d&ograve;ng ti&#7873;n &#273;ang chuy&#7875;n sang nh&#7919;ng t&agrave;i s&#7843;n c&oacute; &#7913;ng d&#7909;ng th&#7921;c t&#7871;, r&otilde; r&agrave;ng. Qu&aacute; tr&igrave;nh n&agrave;y &#273;ang ph&acirc;n &#273;&#7883;nh r&otilde; r&agrave;ng &#273;&acirc;u l&agrave; d&#7921; &aacute;n b&#7873;n v&#7919;ng v&agrave; &#273;&acirc;u l&agrave; d&#7921; &aacute;n &ldquo;ch&#7881; &#259;n theo s&oacute;ng&rdquo;, thi&#7871;u c&#259;n c&#7913; th&#7921;c t&#7871;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-defining-winners-and-losers-in-a-k-shaped-market">Ph&acirc;n bi&#7879;t b&ecirc;n th&#7855;ng v&agrave; b&ecirc;n thua trong th&#7883; tr&#432;&#7901;ng h&igrave;nh ch&#7919; K</h2>

Xu h&#432;&#7899;ng n&agrave;y kh&ocirc;ng ch&#7881; t&aacute;c &#273;&#7897;ng &#273;&#7871;n b&#7843;ng x&#7871;p h&#7841;ng c&aacute;c t&agrave;i s&#7843;n. <a href="https://x.com/TaikiMaeda2/status/1986109733791801598" target="_blank" rel="noopener">Chuy&ecirc;n gia ph&acirc;n t&iacute;ch Taiki Maeda</a> c&#361;ng m&ocirc; t&#7843; r&#7857;ng giai &#273;o&#7841;n h&#7891;i ph&#7909;c c&#7911;a th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i &#273;ang l&agrave; h&igrave;nh ch&#7919; K. Bitcoin v&agrave; nh&#7919;ng &#273;&#7891;ng crypto c&oacute; ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i token l&agrave; nh&aacute;nh &#273;ang t&#259;ng, h&#432;&#7903;ng l&#7907;i t&#7915; t&iacute;nh khan hi&#7871;m v&agrave; &#273;&#7897;ng l&#7921;c gi&#7919; gi&aacute; m&#7841;nh m&#7869;.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/Jzx1TElC_i2MD9PfoJjoAecdS_g=/smart/32628af856944d378f6fc3962cdc152a" alt="K-shaped recovery visualization" class="wp-image-788771">H&igrave;nh &#7843;nh m&ocirc; ph&#7887;ng s&#7921; h&#7891;i ph&#7909;c h&igrave;nh ch&#7919; K tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto, theo Taiki Maeda

Ng&#432;&#7907;c l&#7841;i, nh&#7919;ng token thu&#7897;c h&#7841; t&#7847;ng ph&#7843;i m&#7903; kh&oacute;a s&#7889; l&#432;&#7907;ng l&#7899;n v&agrave; thi&#7871;u gi&aacute; tr&#7883; th&#7921;c th&igrave; l&#7841;i gi&#7843;m gi&aacute;. Thay &#273;&#7893;i n&agrave;y cho th&#7845;y th&#7883; tr&#432;&#7901;ng &#273;ang tr&#432;&#7903;ng th&agrave;nh, nhi&#7873;u ng&#432;&#7901;i d&ugrave;ng chuy&#7875;n sang ch&#7885;n c&aacute;c t&agrave;i s&#7843;n c&oacute; &#7913;ng d&#7909;ng r&otilde; r&agrave;ng thay v&igrave; ch&#7881; nghe theo l&#7901;i &#273;&#7891;n &#273;o&aacute;n. Ng&agrave;nh tr&iacute; tu&#7879; nh&acirc;n t&#7841;o c&#361;ng thu h&uacute;t &#273;&#432;&#7907;c s&#7921; quan t&acirc;m l&#7899;n c&#7911;a nh&agrave; &#273;&#7847;u t&#432; l&#7851;n nh&agrave; ph&aacute;t tri&#7875;n, c&agrave;ng ph&acirc;n t&aacute;ch r&otilde; h&#417;n c&aacute;c d&#7921; &aacute;n th&agrave;nh c&ocirc;ng v&#7899;i ph&#7847;n c&ograve;n l&#7841;i.
L&#297;nh v&#7921;c token h&oacute;a v&agrave; t&agrave;i s&#7843;n g&#7855;n v&#7899;i th&#7871; gi&#7899;i th&#7921;c c&#361;ng &#273;ang nh&#7853;n &#273;&#432;&#7907;c quan t&acirc;m. C&aacute;c t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng b&#7855;t &#273;&#7847;u kh&aacute;m ph&aacute; gi&#7843;i ph&aacute;p blockchain, mang l&#7841;i nh&#7919;ng b&agrave;i to&aacute;n th&#7921;c t&#7871; v&agrave; k&#7871;t n&#7889;i t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng v&#7899;i c&ocirc;ng ngh&#7879; phi t&#7853;p trung. Tuy nhi&ecirc;n, &#273;a s&#7889; altcoin l&#7841;i n&#7857;m ngo&agrave;i l&agrave;n s&oacute;ng n&agrave;y v&agrave; g&#7863;p nhi&#7873;u kh&oacute; kh&#259;n khi d&ograve;ng ti&#7873;n tr&#7903; n&ecirc;n ch&#7885;n l&#7885;c h&#417;n.
Ch&#7881; b&aacute;o A/D ti&#7871;p t&#7909;c l&agrave; c&ocirc;ng c&#7909; h&#7919;u &iacute;ch &#273;&#7875; nh&#7853;n bi&#7871;t xu h&#432;&#7899;ng. <a href="https://www.ebc.com/forex/accumulation-distribution-indicator-a-beginner-s-guide" target="_blank" rel="noopener">C&aacute;c h&#432;&#7899;ng d&#7851;n ph&acirc;n t&iacute;ch k&#7929; thu&#7853;t</a> cho th&#7845;y ch&#7881; b&aacute;o n&agrave;y theo d&otilde;i v&#7883; tr&iacute; &#273;&oacute;ng c&#7917;a gi&aacute; &#7903; m&#7895;i giai &#273;o&#7841;n, nh&#7901; v&#7853;y &#273;&aacute;ng tin c&#7853;y h&#417;n nh&#7919;ng ch&#7881; b&aacute;o ch&#7881; x&eacute;t ri&ecirc;ng kh&#7889;i l&#432;&#7907;ng khi &#273;&aacute;nh gi&aacute; s&#7913;c mua v&agrave; b&aacute;n th&#7921;c t&#7871;. &#272;&#432;&#7901;ng A/D t&#259;ng ngh&#297;a l&agrave; &#273;ang c&oacute; xu th&#7871; t&iacute;ch l&#361;y, c&ograve;n n&#7871;u gi&#7843;m th&igrave; l&agrave; ph&acirc;n ph&#7889;i. Khi gi&aacute; v&agrave; A/D c&oacute; d&#7845;u hi&#7879;u ng&#432;&#7907;c chi&#7873;u, nguy c&#417; &#273;&#7843;o chi&#7873;u c&oacute; th&#7875; x&#7843;y ra.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-macro-factors-deepen-crypto-divide">C&aacute;c y&#7871;u t&#7889; v&#297; m&ocirc; l&agrave;m gia t&#259;ng kho&#7843;ng c&aacute;ch trong th&#7883; tr&#432;&#7901;ng crypto</h2>

M&ocirc; h&igrave;nh ch&#7919; K n&agrave;y c&#361;ng ph&#7843;n &aacute;nh xu h&#432;&#7899;ng v&#297; m&ocirc; to&agrave;n c&#7847;u. T&#7841;i M&#7929;, ch&#7881; s&#7889; S&amp;P 500 t&#259;ng t&#7915; n&#259;m 2021, nh&#432;ng ch&#7881; s&#7889; ni&#7873;m tin ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng l&#7841;i gi&#7843;m xu&#7889;ng, cho th&#7845;y c&aacute;c nh&agrave; &#273;&#7847;u t&#432; s&#7903; h&#7919;u t&agrave;i s&#7843;n ng&agrave;y c&agrave;ng gi&agrave;u l&ecirc;n, trong khi t&acirc;m l&yacute; chung l&#7841;i kh&ocirc;ng t&#7889;t.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/B0XORlunsv4U30ZHp6kJ0zoFHGc=/smart/f2ed1e8085214ed1bfa088694ab34e24" alt="K-shaped economy chart showing asset prices versus consumer sentiment" class="wp-image-788774">Bi&#7875;u &#273;&#7891; cho th&#7845;y s&#7921; kh&aacute;c bi&#7879;t gi&#7919;a gi&aacute; t&agrave;i s&#7843;n v&agrave; ni&#7873;m tin c&#7911;a ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng, theo PolymarketMoney

<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;Ch&uacute;ng ta &#273;ang s&#7889;ng trong m&#7897;t n&#7873;n kinh t&#7871; h&igrave;nh ch&#7919; K. Nh&#7919;ng ng&#432;&#7901;i s&#7903; h&#7919;u t&agrave;i s&#7843;n th&igrave; ng&agrave;y c&agrave;ng gi&agrave;u l&ecirc;n, trong khi t&acirc;m l&yacute; ti&ecirc;u d&ugrave;ng l&#7841;i &#273;i xu&#7889;ng, ngh&#297;a l&agrave; kinh t&#7871; c&#7911;a nh&oacute;m gi&agrave;u v&#7851;n m&#7841;nh, c&ograve;n &#273;a ph&#7847;n th&igrave; v&#7851;n g&#7863;p kh&oacute; kh&#259;n,&rdquo; <a href="https://x.com/PolymarketMoney/status/2003828476827271202" target="_blank" rel="noopener">PolymarketMoney chia s&#7867;</a>.
</blockquote>

Y&#7871;u t&#7889; m&ocirc;i tr&#432;&#7901;ng nh&#432; v&#7853;y &#273;ang &#7843;nh h&#432;&#7903;ng tr&#7921;c ti&#7871;p t&#7899;i t&agrave;i s&#7843;n s&#7889;. Crypto ng&agrave;y c&agrave;ng &#273;&oacute;ng vai tr&ograve; nh&#432; &ldquo;kho l&#432;u tr&#7919; gi&aacute; tr&#7883;&rdquo; ho&#7863;c ph&#432;&#417;ng &aacute;n ph&ograve;ng ng&#7915;a l&#7841;m ph&aacute;t, thu h&uacute;t d&ograve;ng ti&#7873;n mu&#7889;n tr&aacute;nh r&#7911;i ro ti&#7873;n t&#7879;. Trong khi &#273;&oacute;, nh&#7919;ng token ch&#7881; d&#7921;a v&agrave;o &#273;&#7847;u c&#417;, thi&#7871;u gi&aacute; tr&#7883; th&#7853;t th&igrave; ti&#7871;p t&#7909;c l&#7895; khi nh&agrave; &#273;&#7847;u t&#432; ch&uacute; tr&#7885;ng v&agrave;o l&#7907;i &iacute;ch th&#7921;c t&#7871; thay v&igrave; c&acirc;u chuy&#7879;n qu&#7843;ng b&aacute;.
Khi s&#7921; li&ecirc;n k&#7871;t gi&#7919;a c&aacute;c m&#7843;ng d&#7847;n thay &#273;&#7893;i, vi&#7879;c &#273;a d&#7841;ng h&oacute;a danh m&#7909;c b&#7857;ng nhi&#7873;u altcoin kh&ocirc;ng c&ograve;n gi&uacute;p ph&ograve;ng ng&#7915;a r&#7911;i ro nh&#432; tr&#432;&#7899;c. Gi&#7901; &#273;&acirc;y, nh&agrave; &#273;&#7847;u t&#432; &#432;u ti&ecirc;n t&#7853;p trung v&#7889;n v&agrave;o c&aacute;c t&agrave;i s&#7843;n c&oacute; n&#7873;n t&#7843;ng v&#7919;ng ch&#7855;c, kh&aacute;c v&#7899;i c&aacute;c chu k&#7923; tr&#432;&#7899;c khi &#273;&#7847;u t&#432; nhi&#7873;u lo&#7841;i altcoin th&#432;&#7901;ng mang l&#7841;i m&#7913;c sinh l&#7901;i l&#7899;n h&#417;n. D&ograve;ng ti&#7873;n d&#7883;ch chuy&#7875;n kh&aacute; nhanh v&agrave; ch&#7881; nh&#7919;ng d&#7921; &aacute;n &#273;&#7911; m&#7841;nh m&#7899;i c&oacute; th&#7875; gi&#7919; v&#7919;ng &#273;&agrave; t&#259;ng tr&#432;&#7903;ng.
&#272;&#7871;n th&aacute;ng 01/2026, c&acirc;u h&#7887;i c&#7911;a nhi&#7873;u nh&agrave; &#273;&#7847;u t&#432; s&#7869; l&agrave; li&#7879;u xu th&#7871; ph&acirc;n h&oacute;a h&igrave;nh ch&#7919; K n&agrave;y s&#7869; c&ograve;n k&eacute;o d&agrave;i bao l&acirc;u. C&aacute;c nguy&ecirc;n nh&acirc;n t&#7841;o n&ecirc;n s&#7921; ph&acirc;n k&#7923; n&agrave;y hi&#7879;n v&#7851;n ch&#432;a c&oacute; d&#7845;u hi&#7879;u d&#7915;ng l&#7841;i. Li&#7879;u &#273;i&#7873;u &#273;&oacute; s&#7869; mang t&#7899;i m&#7897;t h&#7879; sinh th&aacute;i l&agrave;nh m&#7841;nh h&#417;n nh&#7901; t&#7853;p trung v&agrave;o c&#7889;t l&otilde;i, hay s&#7869; k&igrave;m h&atilde;m &#273;&#7893;i m&#7899;i khi ngu&#7891;n l&#7921;c ch&#7881; d&#7891;n v&agrave;o s&#7889; &iacute;t d&#7921; &aacute;n&mdash;t&#7845;t c&#7843; v&#7851;n c&#7847;n ph&#7843;i quan s&aacute;t th&ecirc;m trong th&#7901;i gian t&#7899;i, nh&#7845;t l&agrave; v&#7899;i nh&#7919;ng ai tham gia th&#7883; tr&#432;&#7901;ng crypto.