Bitcoin (BTC) &#273;&atilde; t&#259;ng g&#7847;n 100 l&#7847;n k&#7875; t&#7915; khi Fundstrat khuy&#7871;n ngh&#7883; mua v&agrave;o th&#7901;i &#273;i&#7875;m gi&aacute; kho&#7843;ng 1,000 USD v&agrave;o n&#259;m 2017. Trong qu&aacute; tr&igrave;nh n&agrave;y, Bitcoin &#273;&atilde; tr&#7843;i qua s&aacute;u l&#7847;n &#273;i&#7873;u ch&#7881;nh gi&#7843;m l&#7899;n h&#417;n 50% v&agrave; ba l&#7847;n l&#7899;n h&#417;n 75%. Gi&aacute;m &#273;&#7889;c &#273;&#7847;u t&#432; c&#7911;a Fundstrat, Tom Lee, hi&#7879;n nay ch&#7881; ra r&#7857;ng Ethereum &#273;ang &#273;i theo con &#273;&#432;&#7901;ng t&#432;&#417;ng t&#7921;.
Trong khi &#273;&oacute;, Gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh Bitwise, Hunter Horsley, l&#432;u &yacute; r&#7857;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng 1.9 ngh&igrave;n t&#7927; USD c&#7911;a Bitcoin v&#7851;n kh&aacute; nh&#7887; so v&#7899;i h&agrave;ng tr&#259;m ngh&igrave;n t&#7927; trong c&aacute;c t&agrave;i s&#7843;n to&agrave;n c&#7847;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-tom-lee-makes-the-case-for-bitcoin-and-ethereum-s-next-surge">Tom Lee &#273;&#432;a ra l&yacute; do cho &#273;&#7907;t t&#259;ng gi&aacute; ti&#7871;p theo c&#7911;a Bitcoin v&agrave; Ethereum</h2>

Kinh nghi&#7879;m c&#7911;a Tom Lee v&#7899;i <a href="https://vn.beincrypto.com/important-bitcoin-price-level-to-watch/" target="_blank" rel="noopener">Bitcoin</a> b&#7855;t &#273;&#7847;u t&#7915; g&#7847;n m&#7897;t th&#7853;p k&#7927; tr&#432;&#7899;c, &#273;&#432;&#7907;c c&#7911;ng c&#7889; b&#7903;i khuy&#7871;n c&aacute;o c&#7911;a Fundstrat &#7903; m&#7913;c gi&aacute; kho&#7843;ng 1,000 USD.
Theo Gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh c&#7911;a Fundstrat, v&#7883; tr&iacute; &#273;&#7847;u ti&ecirc;n n&agrave;y &#273;&atilde; mang l&#7841;i l&#7907;i nhu&#7853;n kho&#7843;ng 100 l&#7847;n b&#7845;t ch&#7845;p nh&#7919;ng &#273;i&#7873;u ch&#7881;nh m&#7841;nh m&#7869; &#273;&atilde; l&agrave;m lung lay ni&#7873;m tin c&#7911;a nh&agrave; &#273;&#7847;u t&#432;.
Lee nh&#7845;n m&#7841;nh r&#7857;ng &#273;&#7875; &#273;&#7841;t &#273;&#432;&#7907;c l&#7907;i nhu&#7853;n cao nh&#432; v&#7853;y, c&#7847;n ph&#7843;i v&#432;&#7907;t qua nh&#7919;ng g&igrave; &ocirc;ng g&#7885;i l&agrave; &lsquo;nh&#7919;ng kho&#7843;nh kh&#7855;c mang t&iacute;nh t&#7891;n t&#7841;i&rsquo;, t&#7913;c l&agrave; nh&#7919;ng th&#7901;i &#273;i&#7875;m c&oacute; t&acirc;m l&yacute; bi quan v&agrave; b&aacute;n th&aacute;o l&#7899;n.
T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i, v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a Bitcoin kho&#7843;ng 1.91 ngh&igrave;n t&#7927; USD. To&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; &#273;&atilde; &#273;&#7841;t 3.23 ngh&igrave;n t&#7927; USD.
<img style="height:400px;width:640px;" decoding="async" alt="Bitcoin (BTC) Price Performance" class="wp-image-773698 lazy" style="width:878px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/s1S48DGW0WRSu5PguCEMOCKKapw=/smart/ea8faee4e7024d1a8f103ec516cd78ef">Hi&#7879;u su&#7845;t gi&aacute; Bitcoin (BTC). Ngu&#7891;n: <a href="https://beincrypto.com/price/bitcoin/" target="_blank" rel="noreferrer noopener">BeInCrypto</a>

Tuy nhi&ecirc;n, nh&#7919;ng con s&#7889; n&agrave;y v&#7851;n nh&#7887; so v&#7899;i c&aacute;c l&#7899;p t&agrave;i s&#7843;n truy&#7873;n th&#7889;ng, l&agrave;m n&#7893;i b&#7853;t ti&#7873;m n&#259;ng t&#259;ng tr&#432;&#7903;ng m&#7841;nh m&agrave; c&aacute;c l&atilde;nh &#273;&#7841;o ng&agrave;nh th&#432;&#7901;ng nh&#7855;c &#273;&#7871;n.
Lee cho r&#7857;ng s&#7921; y&#7871;u k&eacute;m hi&#7879;n t&#7841;i c&#7911;a ti&#7873;n &#273;i&#7879;n t&#7917; l&agrave; do c&aacute;c nh&agrave; t&#7841;o l&#7853;p th&#7883; tr&#432;&#7901;ng g&#7863;p kh&oacute; kh&#259;n v&#7873; b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n v&agrave; b&#7883; &eacute;p b&aacute;n. &Ocirc;ng cho r&#7857;ng &#273;&acirc;y l&agrave; nh&#7919;ng th&aacute;ch th&#7913;c k&#7929; thu&#7853;t, kh&ocirc;ng mang t&iacute;nh c&#417; b&#7843;n, trong m&#7897;t si&ecirc;u chu k&#7923; quy m&ocirc; l&#7899;n.
Trong b&#7889;i c&#7843;nh n&agrave;y, Gi&aacute;m &#273;&#7889;c &#273;&#7847;u t&#432; c&#7911;a Fundstrat khuy&ecirc;n kh&ocirc;ng n&ecirc;n s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y v&igrave; n&oacute; s&#7869; gia t&#259;ng r&#7911;i ro gi&#7843;m gi&aacute; trong nh&#7919;ng kho&#7843;ng th&#7901;i gian bi&#7871;n &#273;&#7897;ng cao.
D&#7919; li&#7879;u tr&ecirc;n Coinglass cho th&#7845;y Open Interest c&#7911;a h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai Bitcoin g&#7847;n 100,000, cho th&#7845;y c&oacute; nh&#7919;ng v&#7883; th&#7871; m&#7899;i &#273;&#432;&#7907;c m&#7903; v&agrave; c&oacute; th&#7875; b&aacute;o hi&#7879;u t&acirc;m l&yacute; l&#7841;c quan. Tuy nhi&ecirc;n, Open Interest cao h&#417;n c&#361;ng c&oacute; th&#7875; b&aacute;o hi&#7879;u s&#7921; bi&#7871;n &#273;&#7897;ng ng&#7855;n h&#7841;n khi c&aacute;c nh&agrave; giao d&#7883;ch ph&#7843;n &#7913;ng v&#7899;i s&#7921; thay &#273;&#7893;i &#273;&#7897;ng l&#7921;c.
<img style="height:400px;width:640px;" decoding="async" alt="Bitcoin Futures Open Interest." class="wp-image-773699 lazy" loading="lazy" src="https://assets.beincrypto.com/img/BTXL0NGV-d3KfKKx9KBY--BjoPk=/smart/55cf049bbd2b4d04bfa28d601de27fd4">Open Interest c&#7911;a h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai Bitcoin. Ngu&#7891;n: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>

<h3 class="wp-block-heading" id="h-ethereum-s-supercycle-and-volatility">Chu k&#7923; si&ecirc;u c&#7845;p v&agrave; bi&#7871;n &#273;&#7897;ng c&#7911;a Ethereum</h3>

Quan &#273;i&#7875;m c&#7911;a Fundstrat kh&ocirc;ng ch&#7881; gi&#7899;i h&#7841;n &#7903; Bitcoin. C&ocirc;ng ty tin r&#7857;ng <a href="https://vn.beincrypto.com/ethereum-price-bottom-signal-vs-downside-risk/" target="_blank" rel="noopener">Ethereum</a> &#273;ang b&#432;&#7899;c v&agrave;o m&#7897;t si&ecirc;u chu k&#7923; ri&ecirc;ng, v&agrave; cho r&#7857;ng ti&#7871;n tr&igrave;nh c&#7911;a Ethereum s&#7869; kh&ocirc;ng ph&#7843;i l&agrave; tuy&#7871;n t&iacute;nh. D&#7921;a tr&ecirc;n &#273;i&#7873;u n&agrave;y, h&#7885; khuy&ecirc;n nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n mong &#273;&#7907;i s&#7921; bi&#7871;n &#273;&#7897;ng khi gi&aacute; t&#259;ng trong d&agrave;i h&#7841;n. Xu h&#432;&#7899;ng n&agrave;y ph&#7843;n &aacute;nh l&#7883;ch s&#7917; c&#7911;a Bitcoin v&#7899;i nh&#7919;ng l&#7847;n gi&#7843;m m&#7841;nh gi&#7919;a c&aacute;c &#273;&#7907;t t&#259;ng gi&aacute;.
&Yacute; ki&#7871;n c&#7911;a Lee v&#7873; &ldquo;ch&#7883;u &#273;&#7921;ng nh&#7919;ng kho&#7843;nh kh&#7855;c mang t&iacute;nh t&#7891;n t&#7841;i&rdquo; c&#361;ng r&#7845;t quan tr&#7885;ng &#273;&#7889;i v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; Ethereum. T&agrave;i s&#7843;n n&agrave;y &#273;&atilde; tr&#7843;i qua nh&#7919;ng l&#7847;n s&#7909;t gi&#7843;m l&#7899;n, c&oacute; l&uacute;c m&#7845;t h&#417;n 80% t&#7915; &#273;&#7881;nh cao c&#7911;a m&igrave;nh.
Tuy nhi&ecirc;n, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; ki&ecirc;n tr&igrave; &#273;&atilde; nh&#7853;n &#273;&#432;&#7907;c l&#7907;i nhu&#7853;n &#273;&aacute;ng k&#7875;, c&#7911;ng c&#7889; l&yacute; do cho v&#7889;n &#273;&#7847;u t&#432; ki&ecirc;n nh&#7851;n v&agrave;o c&aacute;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; c&oacute; ni&#7873;m tin cao.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitwise-s-horsley-challenges-the-4-year-cycle-myth">Horsley c&#7911;a Bitwise th&aacute;ch th&#7913;c quan ni&#7879;m sai l&#7847;m v&#7873; chu k&#7923; 4 n&#259;m</h2>

M&#7863;t kh&aacute;c, Gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh Bitwise, Hunter Horsley, &#273;&#432;a ra b&#7889;i c&#7843;nh ti&#7873;m n&#259;ng c&#7911;a Bitcoin b&#7857;ng c&aacute;ch so s&aacute;nh k&iacute;ch th&#432;&#7899;c c&#7911;a n&oacute; v&#7899;i <a href="https://beincrypto.com/learn/tradfi-explained" target="_blank" rel="noreferrer noopener">th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng</a>.
Horsley ch&#7881; ra r&#7857;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a Bitcoin l&agrave; 1.9 ngh&igrave;n t&#7927; USD kh&aacute; nh&#7887; b&eacute; so v&#7899;i 120 ngh&igrave;n t&#7927; USD trong th&#7883; tr&#432;&#7901;ng ch&#7913;ng kho&aacute;n, 140 ngh&igrave;n t&#7927; USD trong thu nh&#7853;p c&#7889; &#273;&#7883;nh, 250 ngh&igrave;n t&#7927; USD trong b&#7845;t &#273;&#7897;ng s&#7843;n v&agrave; 30 ngh&igrave;n t&#7927; USD trong v&agrave;ng.
Trong b&#7889;i c&#7843;nh n&agrave;y, Bitcoin ch&#7881; chi&#7871;m m&#7897;t ph&#7847;n nh&#7887; trong c&aacute;c t&agrave;i s&#7843;n to&agrave;n c&#7847;u c&oacute; th&#7875; &#273;&#7847;u t&#432;. Th&#7853;m ch&iacute; m&#7897;t ph&#7847;n nh&#7887; chuy&#7875;n t&#7915; t&agrave;i s&#7843;n truy&#7873;n th&#7889;ng sang ti&#7873;n &#273;i&#7879;n t&#7917; c&#361;ng c&oacute; th&#7875; l&agrave;m t&#259;ng &#273;&aacute;ng k&#7875; gi&aacute; tr&#7883; c&#7911;a Bitcoin.
K&#7875; t&#7915; khi ra m&#7855;t <a href="https://vn.beincrypto.com/bitcoin-etfs-hit-six-month-withdrawal-peak/" target="_blank" rel="noreferrer noopener">Bitcoin ETFs giao ngay</a> v&agrave;o &#273;&#7847;u n&#259;m 2024, vi&#7879;c &aacute;p d&#7909;ng t&#7915; t&#7893; ch&#7913;c &#273;&atilde; t&#259;ng l&ecirc;n, v&#7899;i qu&#7929; h&#432;u tr&iacute;, qu&#7929; t&agrave;i tr&#7907; v&agrave; c&aacute;c kho b&#7841;c doanh nghi&#7879;p ph&acirc;n b&#7893; v&#7889;n cho Bitcoin.
Horsley c&#361;ng &#273;&#7873; c&#7853;p &#273;&#7871;n chu k&#7923; c&#7911;a Bitcoin, th&#432;&#7901;ng b&#7883; &#7843;nh h&#432;&#7903;ng b&#7903;i c&aacute;c s&#7921; ki&#7879;n halving. &Ocirc;ng cho r&#7857;ng vi&#7879;c b&aacute;n tr&#432;&#7899;c n&#259;m 2026 c&oacute; th&#7875; ph&aacute; v&#7905; c&aacute;c m&ocirc; h&igrave;nh n&agrave;y, c&oacute; kh&#7843; n&#259;ng m&#7903; &#273;&#432;&#7901;ng cho m&#7897;t giai &#273;o&#7841;n t&#259;ng gi&aacute; m&#7841;nh m&#7869; v&agrave;o n&#259;m 2026.
T&iacute;nh t&#7915; &#273;&#7847;u n&#259;m, Bitcoin &#273;&atilde; t&#259;ng 2.5% cho n&#259;m 2025, theo d&#7919; li&#7879;u c&oacute; s&#7861;n, cho th&#7845;y &#273;&#7897;ng l&#7921;c &#273;ang &#273;&#432;&#7907;c h&igrave;nh th&agrave;nh.
Nhi&#7873;u y&#7871;u t&#7889;, bao g&#7891;m ngu&#7891;n cung h&#7841;n ch&#7871;, gia t&#259;ng s&#7921; quan t&acirc;m c&#7911;a t&#7893; ch&#7913;c, v&agrave; ph&#7847;n nh&#7887; b&eacute; c&#7911;a Bitcoin trong t&#7893;ng t&agrave;i s&#7843;n to&agrave;n c&#7847;u, t&#7841;o ra m&#7897;t lu&#7853;n &#273;i&#7875;m &#273;&#7847;u t&#432; v&#7919;ng ch&#7855;c.
C&#7843; Lee v&agrave; Horsley &#273;&#7873;u l&#432;u &yacute; r&#7857;ng c&#7847;n c&oacute; s&#7921; ki&ecirc;n nh&#7851;n, v&igrave; c&aacute;c th&#7883; tr&#432;&#7901;ng bi&#7871;n &#273;&#7897;ng c&oacute; th&#7875; khi&#7871;n nh&agrave; &#273;&#7847;u t&#432; mu&#7889;n b&aacute;n s&#7899;m.

Tom Lee thấy logic tăng 100 lần của Bitcoin giờ đang diễn ra ở Ethereum

Bitcoin (BTC) &#273;&atilde; t&#259;ng g&#7847;n 100 l&#7847;n k&#7875; t&#7915; khi Fundstrat khuy&#7871;n ngh&#7883; mua v&agrave;o th&#7901;i &#273;i&#7875;m gi&aacute; kho&#7843;ng 1,000 USD v&agrave;o n&#259;m 2017. Trong qu&aacute; tr&igrave;nh n&agrave;y, Bitcoin &#273;&atilde; tr&#7843;i qua s&aacute;u l&#7847;n &#273;i&#7873;u ch&#7881;nh gi&#7843;m l&#7899;n h&#417;n 50% v&agrave; ba l&#7847;n l&#7899;n h&#417;n 75%. Gi&aacute;m &#273;&#7889;c &#273;&#7847;u t&#432; c&#7911;a Fundstrat, Tom Lee, hi&#7879;n nay ch&#7881; ra r&#7857;ng Ethereum &#273;ang &#273;i theo con &#273;&#432;&#7901;ng t&#432;&#417;ng t&#7921;.
Trong khi &#273;&oacute;, Gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh Bitwise, Hunter Horsley, l&#432;u &yacute; r&#7857;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng 1.9 ngh&igrave;n t&#7927; USD c&#7911;a Bitcoin v&#7851;n kh&aacute; nh&#7887; so v&#7899;i h&agrave;ng tr&#259;m ngh&igrave;n t&#7927; trong c&aacute;c t&agrave;i s&#7843;n to&agrave;n c&#7847;u.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-tom-lee-makes-the-case-for-bitcoin-and-ethereum-s-next-surge">Tom Lee &#273;&#432;a ra l&yacute; do cho &#273;&#7907;t t&#259;ng gi&aacute; ti&#7871;p theo c&#7911;a Bitcoin v&agrave; Ethereum</h2>

Kinh nghi&#7879;m c&#7911;a Tom Lee v&#7899;i <a href="https://vn.beincrypto.com/important-bitcoin-price-level-to-watch/" target="_blank" rel="noopener">Bitcoin</a> b&#7855;t &#273;&#7847;u t&#7915; g&#7847;n m&#7897;t th&#7853;p k&#7927; tr&#432;&#7899;c, &#273;&#432;&#7907;c c&#7911;ng c&#7889; b&#7903;i khuy&#7871;n c&aacute;o c&#7911;a Fundstrat &#7903; m&#7913;c gi&aacute; kho&#7843;ng 1,000 USD.
Theo Gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh c&#7911;a Fundstrat, v&#7883; tr&iacute; &#273;&#7847;u ti&ecirc;n n&agrave;y &#273;&atilde; mang l&#7841;i l&#7907;i nhu&#7853;n kho&#7843;ng 100 l&#7847;n b&#7845;t ch&#7845;p nh&#7919;ng &#273;i&#7873;u ch&#7881;nh m&#7841;nh m&#7869; &#273;&atilde; l&agrave;m lung lay ni&#7873;m tin c&#7911;a nh&agrave; &#273;&#7847;u t&#432;.
Lee nh&#7845;n m&#7841;nh r&#7857;ng &#273;&#7875; &#273;&#7841;t &#273;&#432;&#7907;c l&#7907;i nhu&#7853;n cao nh&#432; v&#7853;y, c&#7847;n ph&#7843;i v&#432;&#7907;t qua nh&#7919;ng g&igrave; &ocirc;ng g&#7885;i l&agrave; &lsquo;nh&#7919;ng kho&#7843;nh kh&#7855;c mang t&iacute;nh t&#7891;n t&#7841;i&rsquo;, t&#7913;c l&agrave; nh&#7919;ng th&#7901;i &#273;i&#7875;m c&oacute; t&acirc;m l&yacute; bi quan v&agrave; b&aacute;n th&aacute;o l&#7899;n.
T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i, v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a Bitcoin kho&#7843;ng 1.91 ngh&igrave;n t&#7927; USD. To&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; &#273;&atilde; &#273;&#7841;t 3.23 ngh&igrave;n t&#7927; USD.
<img style="height:400px;width:640px;"decoding="async" alt="Bitcoin (BTC) Price Performance" class="wp-image-773698 lazy" style="width:878px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/s1S48DGW0WRSu5PguCEMOCKKapw=/smart/ea8faee4e7024d1a8f103ec516cd78ef">Hi&#7879;u su&#7845;t gi&aacute; Bitcoin (BTC). Ngu&#7891;n: <a href="https://beincrypto.com/price/bitcoin/" target="_blank" rel="noreferrer noopener">BeInCrypto</a>

Tuy nhi&ecirc;n, nh&#7919;ng con s&#7889; n&agrave;y v&#7851;n nh&#7887; so v&#7899;i c&aacute;c l&#7899;p t&agrave;i s&#7843;n truy&#7873;n th&#7889;ng, l&agrave;m n&#7893;i b&#7853;t ti&#7873;m n&#259;ng t&#259;ng tr&#432;&#7903;ng m&#7841;nh m&agrave; c&aacute;c l&atilde;nh &#273;&#7841;o ng&agrave;nh th&#432;&#7901;ng nh&#7855;c &#273;&#7871;n.
Lee cho r&#7857;ng s&#7921; y&#7871;u k&eacute;m hi&#7879;n t&#7841;i c&#7911;a ti&#7873;n &#273;i&#7879;n t&#7917; l&agrave; do c&aacute;c nh&agrave; t&#7841;o l&#7853;p th&#7883; tr&#432;&#7901;ng g&#7863;p kh&oacute; kh&#259;n v&#7873; b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n v&agrave; b&#7883; &eacute;p b&aacute;n. &Ocirc;ng cho r&#7857;ng &#273;&acirc;y l&agrave; nh&#7919;ng th&aacute;ch th&#7913;c k&#7929; thu&#7853;t, kh&ocirc;ng mang t&iacute;nh c&#417; b&#7843;n, trong m&#7897;t si&ecirc;u chu k&#7923; quy m&ocirc; l&#7899;n.
Trong b&#7889;i c&#7843;nh n&agrave;y, Gi&aacute;m &#273;&#7889;c &#273;&#7847;u t&#432; c&#7911;a Fundstrat khuy&ecirc;n kh&ocirc;ng n&ecirc;n s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y v&igrave; n&oacute; s&#7869; gia t&#259;ng r&#7911;i ro gi&#7843;m gi&aacute; trong nh&#7919;ng kho&#7843;ng th&#7901;i gian bi&#7871;n &#273;&#7897;ng cao.
D&#7919; li&#7879;u tr&ecirc;n Coinglass cho th&#7845;y Open Interest c&#7911;a h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai Bitcoin g&#7847;n 100,000, cho th&#7845;y c&oacute; nh&#7919;ng v&#7883; th&#7871; m&#7899;i &#273;&#432;&#7907;c m&#7903; v&agrave; c&oacute; th&#7875; b&aacute;o hi&#7879;u t&acirc;m l&yacute; l&#7841;c quan. Tuy nhi&ecirc;n, Open Interest cao h&#417;n c&#361;ng c&oacute; th&#7875; b&aacute;o hi&#7879;u s&#7921; bi&#7871;n &#273;&#7897;ng ng&#7855;n h&#7841;n khi c&aacute;c nh&agrave; giao d&#7883;ch ph&#7843;n &#7913;ng v&#7899;i s&#7921; thay &#273;&#7893;i &#273;&#7897;ng l&#7921;c.
<img style="height:400px;width:640px;"decoding="async" alt="Bitcoin Futures Open Interest." class="wp-image-773699 lazy" loading="lazy" src="https://assets.beincrypto.com/img/BTXL0NGV-d3KfKKx9KBY--BjoPk=/smart/55cf049bbd2b4d04bfa28d601de27fd4">Open Interest c&#7911;a h&#7907;p &#273;&#7891;ng t&#432;&#417;ng lai Bitcoin. Ngu&#7891;n: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>

<h3 class="wp-block-heading" id="h-ethereum-s-supercycle-and-volatility">Chu k&#7923; si&ecirc;u c&#7845;p v&agrave; bi&#7871;n &#273;&#7897;ng c&#7911;a Ethereum</h3>

Quan &#273;i&#7875;m c&#7911;a Fundstrat kh&ocirc;ng ch&#7881; gi&#7899;i h&#7841;n &#7903; Bitcoin. C&ocirc;ng ty tin r&#7857;ng <a href="https://vn.beincrypto.com/ethereum-price-bottom-signal-vs-downside-risk/" target="_blank" rel="noopener">Ethereum</a> &#273;ang b&#432;&#7899;c v&agrave;o m&#7897;t si&ecirc;u chu k&#7923; ri&ecirc;ng, v&agrave; cho r&#7857;ng ti&#7871;n tr&igrave;nh c&#7911;a Ethereum s&#7869; kh&ocirc;ng ph&#7843;i l&agrave; tuy&#7871;n t&iacute;nh. D&#7921;a tr&ecirc;n &#273;i&#7873;u n&agrave;y, h&#7885; khuy&ecirc;n nh&agrave; &#273;&#7847;u t&#432; n&ecirc;n mong &#273;&#7907;i s&#7921; bi&#7871;n &#273;&#7897;ng khi gi&aacute; t&#259;ng trong d&agrave;i h&#7841;n. Xu h&#432;&#7899;ng n&agrave;y ph&#7843;n &aacute;nh l&#7883;ch s&#7917; c&#7911;a Bitcoin v&#7899;i nh&#7919;ng l&#7847;n gi&#7843;m m&#7841;nh gi&#7919;a c&aacute;c &#273;&#7907;t t&#259;ng gi&aacute;.
&Yacute; ki&#7871;n c&#7911;a Lee v&#7873; &ldquo;ch&#7883;u &#273;&#7921;ng nh&#7919;ng kho&#7843;nh kh&#7855;c mang t&iacute;nh t&#7891;n t&#7841;i&rdquo; c&#361;ng r&#7845;t quan tr&#7885;ng &#273;&#7889;i v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; Ethereum. T&agrave;i s&#7843;n n&agrave;y &#273;&atilde; tr&#7843;i qua nh&#7919;ng l&#7847;n s&#7909;t gi&#7843;m l&#7899;n, c&oacute; l&uacute;c m&#7845;t h&#417;n 80% t&#7915; &#273;&#7881;nh cao c&#7911;a m&igrave;nh.
Tuy nhi&ecirc;n, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; ki&ecirc;n tr&igrave; &#273;&atilde; nh&#7853;n &#273;&#432;&#7907;c l&#7907;i nhu&#7853;n &#273;&aacute;ng k&#7875;, c&#7911;ng c&#7889; l&yacute; do cho v&#7889;n &#273;&#7847;u t&#432; ki&ecirc;n nh&#7851;n v&agrave;o c&aacute;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; c&oacute; ni&#7873;m tin cao.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitwise-s-horsley-challenges-the-4-year-cycle-myth">Horsley c&#7911;a Bitwise th&aacute;ch th&#7913;c quan ni&#7879;m sai l&#7847;m v&#7873; chu k&#7923; 4 n&#259;m</h2>

M&#7863;t kh&aacute;c, Gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh Bitwise, Hunter Horsley, &#273;&#432;a ra b&#7889;i c&#7843;nh ti&#7873;m n&#259;ng c&#7911;a Bitcoin b&#7857;ng c&aacute;ch so s&aacute;nh k&iacute;ch th&#432;&#7899;c c&#7911;a n&oacute; v&#7899;i <a href="https://beincrypto.com/learn/tradfi-explained" target="_blank" rel="noreferrer noopener">th&#7883; tr&#432;&#7901;ng truy&#7873;n th&#7889;ng</a>.
Horsley ch&#7881; ra r&#7857;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a Bitcoin l&agrave; 1.9 ngh&igrave;n t&#7927; USD kh&aacute; nh&#7887; b&eacute; so v&#7899;i 120 ngh&igrave;n t&#7927; USD trong th&#7883; tr&#432;&#7901;ng ch&#7913;ng kho&aacute;n, 140 ngh&igrave;n t&#7927; USD trong thu nh&#7853;p c&#7889; &#273;&#7883;nh, 250 ngh&igrave;n t&#7927; USD trong b&#7845;t &#273;&#7897;ng s&#7843;n v&agrave; 30 ngh&igrave;n t&#7927; USD trong v&agrave;ng.
Trong b&#7889;i c&#7843;nh n&agrave;y, Bitcoin ch&#7881; chi&#7871;m m&#7897;t ph&#7847;n nh&#7887; trong c&aacute;c t&agrave;i s&#7843;n to&agrave;n c&#7847;u c&oacute; th&#7875; &#273;&#7847;u t&#432;. Th&#7853;m ch&iacute; m&#7897;t ph&#7847;n nh&#7887; chuy&#7875;n t&#7915; t&agrave;i s&#7843;n truy&#7873;n th&#7889;ng sang ti&#7873;n &#273;i&#7879;n t&#7917; c&#361;ng c&oacute; th&#7875; l&agrave;m t&#259;ng &#273;&aacute;ng k&#7875; gi&aacute; tr&#7883; c&#7911;a Bitcoin.
K&#7875; t&#7915; khi ra m&#7855;t <a href="https://vn.beincrypto.com/bitcoin-etfs-hit-six-month-withdrawal-peak/" target="_blank" rel="noreferrer noopener">Bitcoin ETFs giao ngay</a> v&agrave;o &#273;&#7847;u n&#259;m 2024, vi&#7879;c &aacute;p d&#7909;ng t&#7915; t&#7893; ch&#7913;c &#273;&atilde; t&#259;ng l&ecirc;n, v&#7899;i qu&#7929; h&#432;u tr&iacute;, qu&#7929; t&agrave;i tr&#7907; v&agrave; c&aacute;c kho b&#7841;c doanh nghi&#7879;p ph&acirc;n b&#7893; v&#7889;n cho Bitcoin.
Horsley c&#361;ng &#273;&#7873; c&#7853;p &#273;&#7871;n chu k&#7923; c&#7911;a Bitcoin, th&#432;&#7901;ng b&#7883; &#7843;nh h&#432;&#7903;ng b&#7903;i c&aacute;c s&#7921; ki&#7879;n halving. &Ocirc;ng cho r&#7857;ng vi&#7879;c b&aacute;n tr&#432;&#7899;c n&#259;m 2026 c&oacute; th&#7875; ph&aacute; v&#7905; c&aacute;c m&ocirc; h&igrave;nh n&agrave;y, c&oacute; kh&#7843; n&#259;ng m&#7903; &#273;&#432;&#7901;ng cho m&#7897;t giai &#273;o&#7841;n t&#259;ng gi&aacute; m&#7841;nh m&#7869; v&agrave;o n&#259;m 2026.
T&iacute;nh t&#7915; &#273;&#7847;u n&#259;m, Bitcoin &#273;&atilde; t&#259;ng 2.5% cho n&#259;m 2025, theo d&#7919; li&#7879;u c&oacute; s&#7861;n, cho th&#7845;y &#273;&#7897;ng l&#7921;c &#273;ang &#273;&#432;&#7907;c h&igrave;nh th&agrave;nh.
Nhi&#7873;u y&#7871;u t&#7889;, bao g&#7891;m ngu&#7891;n cung h&#7841;n ch&#7871;, gia t&#259;ng s&#7921; quan t&acirc;m c&#7911;a t&#7893; ch&#7913;c, v&agrave; ph&#7847;n nh&#7887; b&eacute; c&#7911;a Bitcoin trong t&#7893;ng t&agrave;i s&#7843;n to&agrave;n c&#7847;u, t&#7841;o ra m&#7897;t lu&#7853;n &#273;i&#7875;m &#273;&#7847;u t&#432; v&#7919;ng ch&#7855;c.
C&#7843; Lee v&agrave; Horsley &#273;&#7873;u l&#432;u &yacute; r&#7857;ng c&#7847;n c&oacute; s&#7921; ki&ecirc;n nh&#7851;n, v&igrave; c&aacute;c th&#7883; tr&#432;&#7901;ng bi&#7871;n &#273;&#7897;ng c&oacute; th&#7875; khi&#7871;n nh&agrave; &#273;&#7847;u t&#432; mu&#7889;n b&aacute;n s&#7899;m.