<p>Th&#7883; tr&#432;&#7901;ng ETF t&#7841;i M&#7929; &#273;&atilde; &#273;&#7841;t th&agrave;nh t&iacute;ch &ldquo;c&uacute; &#259;n ba&rdquo; l&#7883;ch s&#7917; trong n&#259;m 2025 khi x&aacute;c l&#7853;p c&aacute;c k&#7927; l&#7909;c m&#7899;i v&#7873; d&ograve;ng v&#7889;n &#273;&#7893; v&agrave;o (1.4 ngh&igrave;n t&#7927; USD), s&#7889; l&#432;&#7907;ng qu&#7929; ra m&#7855;t m&#7899;i (h&#417;n 1,100 qu&#7929;) v&agrave; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch (57.9 ngh&igrave;n t&#7927; USD). &#272;&acirc;y l&agrave; l&#7847;n &#273;&#7847;u ti&ecirc;n c&#7843; ba con s&#7889; n&agrave;y c&ugrave;ng l&uacute;c l&#7853;p k&#7927; l&#7909;c k&#7875; t&#7915; n&#259;m 2021.</p>
<p>Ba n&#259;m li&ecirc;n ti&#7871;p S&amp;P 500 t&#259;ng tr&#432;&#7903;ng hai con s&#7889; &#273;&atilde; gi&uacute;p th&#7883; tr&#432;&#7901;ng b&ugrave;ng n&#7893;. Tuy nhi&ecirc;n, Ph&#7889; Wall b&#7855;t &#273;&#7847;u &#273;&#7863;t c&acirc;u h&#7887;i: &#272;i&#7873;u g&igrave; s&#7869; x&#7843;y ra ti&#7871;p theo?</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-ghost-of-2022">B&oacute;ng ma n&#259;m 2022</h2>

<p>Ti&#7873;n l&#7879; n&agrave;y c&#361;ng l&agrave; m&#7897;t l&#7901;i c&#7843;nh b&aacute;o. N&#259;m sau c&uacute; &#259;n ba n&#259;m 2021, S&amp;P 500 &#273;&atilde; gi&#7843;m t&#7899;i 19% do FED t&#259;ng l&atilde;i su&#7845;t m&#7841;nh tay. &#272;&agrave; t&#259;ng tr&#432;&#7903;ng c&ocirc;ng ngh&#7879; t&#7915;ng gi&uacute;p d&ograve;ng v&#7889;n ETF t&#259;ng cao c&#361;ng quay ng&#432;&#7907;c, khi&#7871;n c&#7843; d&ograve;ng v&#7889;n v&agrave; s&#7889; qu&#7929; ra m&#7855;t &#273;&#7873;u gi&#7843;m trong n&#259;m 2022.</p>
<p>Nh&#7919;ng &#273;i&#7875;m t&#432;&#417;ng &#273;&#7891;ng n&agrave;y r&#7845;t kh&oacute; b&#7887; qua. N&#259;m 2021, s&#7921; h&agrave;o h&#7913;ng v&#7899;i c&#7893; phi&#7871;u c&ocirc;ng ngh&#7879; &#273;&atilde; &#273;&#7849;y nhu c&#7847;u l&ecirc;n m&#7913;c k&#7927; l&#7909;c. &#272;&#7871;n n&#259;m 2025, &#273;&#7847;u t&#432; v&agrave;o AI chi&#7871;m &#432;u th&#7871; nh&#432;ng ho&agrave;i nghi ng&agrave;y c&agrave;ng t&#259;ng. K&#7875; t&#7915; th&aacute;ng 10, S&amp;P 500 g&#7847;n nh&#432; &#273;i ngang khi Ph&#7889; Wall &#273;&#7863;t d&#7845;u h&#7887;i v&#7873; hi&#7879;u qu&#7843; c&#7911;a kho&#7843;n &#273;&#7847;u t&#432; v&agrave;o AI t&#7915; c&aacute;c &ldquo;&ocirc;ng l&#7899;n&rdquo; c&ocirc;ng ngh&#7879;.</p>
<p>Eric Balchunas, chuy&ecirc;n gia ph&acirc;n t&iacute;ch ETF cao c&#7845;p t&#7841;i Bloomberg Intelligence, <a href="https://www.bloomberg.com/news/newsletters/2025-12-24/any-way-you-look-at-it-etfs-have-boomed-in-2025" target="_blank" rel="noreferrer noopener">c&#7843;nh b&aacute;o</a>: &ldquo;V&igrave; n&#259;m nay qu&aacute; ho&agrave;n h&#7843;o v&#7899;i c&aacute;c ETF n&ecirc;n b&#7841;n c&#361;ng n&ecirc;n chu&#7849;n b&#7883; t&acirc;m l&yacute;.&rdquo; &Ocirc;ng d&#7921; b&aacute;o r&#7857;ng &ldquo;c&uacute; th&#7921;c t&#7871;&rdquo; c&oacute; th&#7875; &#273;&#7871;n v&agrave;o n&#259;m 2026 th&ocirc;ng qua s&#7921; bi&#7871;n &#273;&#7897;ng th&#7883; tr&#432;&#7901;ng ho&#7863;c c&aacute;c ETF &#273;&ograve;n b&#7849;y g&#7863;p s&#7921; c&#7889;&mdash;r&#7911;i ro t&#7915;ng x&#7843;y ra v&#7899;i GraniteShares&rsquo; 3x Short AMD ETP, khi m&#7845;t 88.9% ch&#7881; trong m&#7897;t ng&agrave;y v&agrave; b&#7883; thanh l&yacute; h&#7891;i th&aacute;ng 10.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-crypto-etf-rotation">S&#7921; lu&acirc;n chuy&#7875;n ETF ti&#7873;n m&atilde; h&oacute;a</h2>

<p>Gi&#7919;a c&#417;n s&#7889;t ETF n&oacute;i chung, c&aacute;c qu&#7929; ETF ti&#7873;n &#273;i&#7879;n t&#7917; l&#7841;i ghi nh&#7853;n s&#7921; ph&acirc;n h&oacute;a n&#7893;i b&#7853;t.</p>
<p>Qu&#7929; IBIT c&#7911;a BlackRock thu h&uacute;t 25.4 t&#7927; USD, d&ugrave; gi&aacute; tr&#7883; gi&#7843;m -9.6%&mdash;l&agrave; qu&#7929; duy nh&#7845;t trong top 10 h&uacute;t v&#7889;n l&#7899;n b&#7883; &acirc;m hi&#7879;u su&#7845;t. <a href="https://vn.beincrypto.com/blackrock-bitcoin-etf-thrives-despite-bear-market/" target="_blank" rel="noreferrer noopener">Balchunas g&#7885;i &#273;&acirc;y l&agrave;</a> &ldquo;nh&agrave; &#273;&#7847;u t&#432; l&#7899;n tu&#7893;i h&#432;&#7899;ng d&#7851;n HODL&rdquo;. D&#7851;u v&#7853;y, d&ograve;ng ti&#7873;n &#273;&atilde; &#273;&#7843;o chi&#7873;u khi Bitcoin gi&#7843;m 30% so v&#7899;i &#273;&#7881;nh th&aacute;ng 10. IBIT ghi nh&#7853;n 5 tu&#7847;n li&ecirc;n ti&#7871;p r&uacute;t r&ograve;ng t&#7893;ng c&#7897;ng 2.7 t&#7927; USD. C&aacute;c ETF Ethereum c&#361;ng b&#7883; r&uacute;t v&#7889;n li&ecirc;n ti&#7871;p 7 ng&agrave;y trong th&aacute;ng 12, t&#7893;ng c&#7897;ng 685 tri&#7879;u USD.</p>
<p>Ng&#432;&#7907;c l&#7841;i, ETF altcoin m&#7899;i ra m&#7855;t l&#7841;i &#273;&oacute;n nh&#7853;n d&ograve;ng ti&#7873;n &#7893;n &#273;&#7883;nh. C&aacute;c ETF US spot XRP, ni&ecirc;m y&#7871;t ng&agrave;y 13/11, ghi nh&#7853;n 28 phi&ecirc;n giao d&#7883;ch li&ecirc;n ti&#7871;p h&uacute;t r&ograve;ng&mdash;ch&#432;a t&#7915;ng c&oacute; ETF crypto n&agrave;o l&agrave;m &#273;&#432;&#7907;c nh&#432; v&#7853;y t&#7915; khi ra m&#7855;t. T&#7893;ng d&ograve;ng ti&#7873;n v&agrave;o &#273;&#7841;t 1.14 t&#7927; USD m&agrave; kh&ocirc;ng c&oacute; ng&agrave;y n&agrave;o b&#7883; r&uacute;t. Tuy nhi&ecirc;n, l&#432;&#7907;ng r&oacute;t v&#7889;n m&#7895;i ng&agrave;y (ch&#7911; y&#7871;u 10-50 tri&#7879;u USD) v&#7851;n k&eacute;m xa Bitcoin ETF&mdash;t&#7915;ng thu h&uacute;t 500 tri&#7879;u USD/ng&agrave;y khi m&#7899;i ni&ecirc;m y&#7871;t.</p>
<p>ETF Solana c&#361;ng thu h&uacute;t 750 tri&#7879;u USD d&ugrave; gi&aacute; SOL gi&#7843;m t&#7899;i 53%&mdash;tuy nhi&ecirc;n kh&aacute;c v&#7899;i XRP, SOL l&#7841;i c&oacute; nhi&#7873;u ng&agrave;y b&#7883; r&uacute;t v&#7889;n v&agrave;o cu&#7889;i th&aacute;ng 11 v&agrave; &#273;&#7847;u th&aacute;ng 12.</p>
<table class="has-fixed-layout"><tbody><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left"></td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">BTC</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">ETH</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">XRP</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">SOL</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">YTD Inflows</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">25.4B USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">10.3B USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">1.14B USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">750M USD</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Dec 1-24</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">-629M USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">-512M USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">+470M USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">+132M USD</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Notable</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">5 tu&#7847;n r&uacute;t v&#7889;n</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">7 ng&agrave;y r&uacute;t v&#7889;n</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Chu&#7895;i h&uacute;t v&#7889;n 28 ng&agrave;y</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">H&uacute;t v&#7889;n d&ugrave; gi&#7843;m 53%</td></tr></tbody></table>Ngu&#7891;n: BeInCrypto

<p>Th&aacute;ng 12 cho th&#7845;y r&otilde; s&#7921; lu&acirc;n chuy&#7875;n d&ograve;ng ti&#7873;n n&agrave;y. T&iacute;nh &#273;&#7871;n ng&agrave;y 24/12, c&aacute;c ETF Bitcoin gi&#7843;m 629 tri&#7879;u USD, Ethereum m&#7845;t 512 tri&#7879;u USD, trong khi XRP t&#259;ng 470 tri&#7879;u USD v&agrave; Solana th&ecirc;m 132 tri&#7879;u USD.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-structural-shift-or-temporary-adjustment">S&#7921; thay &#273;&#7893;i c&#7845;u tr&uacute;c hay ch&#7881; l&agrave; &#273;i&#7873;u ch&#7881;nh t&#7841;m th&#7901;i?</h2>

<p>Nh&#7919;ng ng&#432;&#7901;i cho r&#7857;ng th&#7883; tr&#432;&#7901;ng &#273;ang thay &#273;&#7893;i c&#417; b&#7843;n ch&#7881; ra y&#7871;u t&#7889; minh b&#7841;ch ph&aacute;p l&yacute;&mdash;v&#7909; ki&#7879;n c&#7911;a SEC v&#7899;i XRP &#273;&atilde; k&#7871;t th&uacute;c th&aacute;ng 8, XRP ch&#7881; ph&#7843;i n&#7897;p ph&#7841;t 125 tri&#7879;u USD v&agrave; &#273;&#432;&#7907;c x&aacute;c nh&#7853;n kh&ocirc;ng ph&#7843;i ch&#7913;ng kho&aacute;n. Ngo&agrave;i ra, c&acirc;u chuy&#7879;n v&#7873; t&iacute;nh &#7913;ng d&#7909;ng th&#7921;c t&#7871; c&#361;ng thu h&uacute;t s&#7921; ch&uacute; &yacute;: XRP d&agrave;nh cho chuy&#7875;n ti&#7873;n xuy&ecirc;n bi&ecirc;n gi&#7899;i, c&ograve;n Solana x&acirc;y d&#7921;ng h&#7879; sinh th&aacute;i DeFi, v&#432;&#7907;t ra ngo&agrave;i kh&aacute;i ni&#7879;m &ldquo;v&agrave;ng k&#7929; thu&#7853;t s&#7889;&rdquo;.</p>
<p>Tuy nhi&ecirc;n, c&aacute;c &yacute; ki&#7871;n th&#7853;n tr&#7885;ng cho r&#7857;ng, d&ograve;ng v&#7889;n &#273;&#7873;u &#273;&#7863;n v&agrave;o XRP v&agrave; SOL ch&#7911; y&#7871;u do &ldquo;hi&#7879;u &#7913;ng tr&#259;ng m&#7853;t&rdquo; c&#7911;a c&aacute;c ETF m&#7899;i ra m&#7855;t. D&ugrave; l&#432;&#7907;ng ti&#7873;n &#273;&#7893; v&agrave;o l&#7853;p k&#7927; l&#7909;c nh&#432;ng gi&aacute; XRP v&#7851;n th&#7845;p h&#417;n &#273;&#7881;nh th&aacute;ng 7 t&#7899;i 50%, c&ograve;n SOL &#273;&atilde; gi&#7843;m 53% t&#7915; th&aacute;ng 10&mdash;nhi&#7873;u ng&#432;&#7901;i cho r&#7857;ng nguy&ecirc;n nh&acirc;n do nh&agrave; &#273;&#7847;u t&#432; l&#7899;n ch&#7889;t l&#7901;i cu&#7889;i n&#259;m, ph&acirc;n ph&#7889;i l&#7841;i l&#432;&#7907;ng s&#7903; h&#7919;u, l&agrave;m lu m&#7901; t&aacute;c &#273;&#7897;ng t&#7915; d&ograve;ng ti&#7873;n c&#7911;a c&aacute;c t&#7893; ch&#7913;c.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-2026-outlook">D&#7921; b&aacute;o n&#259;m 2026</h2>

<p>Khi c&ograve;n h&agrave;ng ch&#7909;c h&#7891; s&#417; xin ni&ecirc;m y&#7871;t ETF crypto &#273;ang ch&#7901; SEC xem x&eacute;t, d&#7921; ki&#7871;n n&#259;m 2026 s&#7869; xu&#7845;t hi&#7879;n th&ecirc;m nhi&#7873;u s&#7843;n ph&#7849;m altcoin m&#7899;i.</p>
<p>N&#259;m &ldquo;ho&agrave;n h&#7843;o&rdquo; c&#7911;a th&#7883; tr&#432;&#7901;ng ETF s&#7869; lu&ocirc;n &#273;&#432;&#7907;c nh&#7899; &#273;&#7871;n c&ugrave;ng v&#7899;i c&aacute;c c&#7843;nh b&aacute;o &#273;i&#7873;u ch&#7881;nh. Tuy nhi&ecirc;n, s&#7921; d&#7883;ch chuy&#7875;n b&ecirc;n trong c&aacute;c ETF crypto cho th&#7845;y nh&agrave; &#273;&#7847;u t&#432; t&#7893; ch&#7913;c ng&agrave;y c&agrave;ng c&oacute; ch&#7885;n l&#7885;c h&#417;n &ndash; h&#432;&#7899;ng &#273;&#7871;n nh&#7919;ng t&agrave;i s&#7843;n c&oacute; t&iacute;nh minh b&#7841;ch ph&aacute;p l&yacute;, &#7913;ng d&#7909;ng th&#7921;c t&#7871; thay v&igrave; ch&#7881; t&#7853;p trung v&agrave;o Bitcoin v&agrave; Ethereum. Xu h&#432;&#7899;ng n&agrave;y c&oacute; ti&#7871;p t&#7909;c hay kh&ocirc;ng s&#7869; l&agrave; d&#7845;u hi&#7879;u quan tr&#7885;ng cho &#273;&#7883;nh h&#432;&#7899;ng chung c&#7911;a th&#7883; tr&#432;&#7901;ng.</p>


Thị trường ETF của Mỹ lập hat-trick trong khi BTC giảm và XRP tăng mạnh