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Th&#7883; tr&#432;&#7901;ng crypto gi&#7843;m m&#7841;nh sau khi l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; 10 n&#259;m c&#7911;a Nh&#7853;t B&#7843;n t&#259;ng l&ecirc;n m&#7913;c cao nh&#7845;t k&#7875; t&#7915; n&#259;m 2008. &#272;&#7897;ng th&aacute;i n&agrave;y &#273;&atilde; g&acirc;y ra l&agrave;n s&oacute;ng gi&#7843;m r&#7911;i ro to&agrave;n c&#7847;u v&agrave; m&#7897;t trong nh&#7919;ng s&#7921; ki&#7879;n thanh l&yacute; l&#7899;n nh&#7845;t trong nhi&#7873;u tu&#7847;n.
&#272;&#7897;ng th&aacute;i n&agrave;y &#273;&atilde; xo&aacute; s&#7841;ch h&agrave;ng t&#7927; USD gi&aacute; tr&#7883; t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889;, nh&#7845;n m&#7841;nh crypto v&#7851;n r&#7845;t d&#7877; b&#7883; &#7843;nh h&#432;&#7903;ng b&#7903;i nh&#7919;ng bi&#7871;n &#273;&#7897;ng thanh kho&#7843;n v&#297; m&ocirc; b&ecirc;n ngo&agrave;i h&#7879; sinh th&aacute;i c&#7911;a m&igrave;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-japan-s-yield-spike-the-yen-carry-trade-unwinds-and-crypto-feels-it-first">L&atilde;i su&#7845;t t&#259;ng v&#7885;t &#7903; Nh&#7853;t B&#7843;n: Chi&#7871;n l&#432;&#7907;c vay Y&ecirc;n b&#7855;t &#273;&#7847;u th&aacute;o d&#7905; v&agrave; th&#7883; tr&#432;&#7901;ng crypto b&#7883; &#7843;nh h&#432;&#7903;ng &#273;&#7847;u ti&ecirc;n</h2>

T&#7893;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng crypto gi&#7843;m kho&#7843;ng 5% trong 24 gi&#7901; qua, v&#7899;i gi&aacute; Bitcoin v&agrave; Ethereum gi&#7843;m h&#417;n 5%.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/FRNeyN_p2aFJDt9TF7NbSR43Qik=/smart/d49b420e51f4413abffa01ed8b396b50" alt="Crypto Market Performance" class="wp-image-778427">T&igrave;nh h&igrave;nh th&#7883; tr&#432;&#7901;ng Crypto. Ngu&#7891;n: <a href="https://www.coingecko.com/" target="_blank" rel="noreferrer noopener nofollow">CoinGecko</a>

Theo Coinglass, c&oacute; h&#417;n 217,000 nh&agrave; giao d&#7883;ch b&#7883; thanh l&yacute; trong th&#7901;i gian th&#7883; tr&#432;&#7901;ng gi&#7843;m s&uacute;t, d&#7851;n &#273;&#7871;n thua l&#7895; g&#7847;n 640 tri&#7879;u USD trong c&aacute;c v&#7883; th&#7871; &#273;&#7847;u t&#432;.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/jgmBt45B6jRuKS6grRixtfLcIA4=/smart/ee09c57a813d48bbab5a3dff8199e002" alt="Crypto Liquidations" class="wp-image-778429">C&aacute;c v&#7909; thanh l&yacute; crypto. Ngu&#7891;n: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>

&#272;i&#7873;u n&agrave;y cho th&#7845;y m&#7913;c &#273;&#7897; s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y c&oacute; th&#7875; bi&#7871;n m&#7845;t nhanh ch&oacute;ng nh&#432; th&#7871; n&agrave;o khi l&atilde;i su&#7845;t to&agrave;n c&#7847;u bi&#7871;n &#273;&#7897;ng.
Nguy&ecirc;n nh&acirc;n xu&#7845;t ph&aacute;t t&#7915; Tokyo, n&#417;i l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; Nh&#7853;t B&#7843;n k&#7923; h&#7841;n 10 n&#259;m t&#259;ng v&#7885;t l&ecirc;n 1.84%, m&#7913;c ch&#432;a t&#7915;ng th&#7845;y t&#7915; th&aacute;ng 04/2008.
Quan &#273;i&#7875;m ph&#7893; bi&#7871;n l&agrave; s&#7921; b&ugrave;ng n&#7893; l&#7907;i su&#7845;t n&agrave;y kh&ocirc;ng ch&#7881; &#273;&#417;n thu&#7847;n l&agrave; m&#7897;t &#273;&#7897;ng th&aacute;i k&#7929; thu&#7853;t. N&oacute; cho th&#7845;y r&#7857;ng chi&#7871;n l&#432;&#7907;c <a href="https://vn.beincrypto.com/japan-bond-yield-rate-hike-2024/" target="_blank" rel="noreferrer noopener">giao d&#7883;ch ti&#7873;n t&#7879; yen (yen carry trade)</a> k&eacute;o d&agrave;i nhi&#7873;u th&#7853;p k&#7927; c&oacute; th&#7875; cu&#7889;i c&ugrave;ng c&#361;ng &#273;ang d&#7847;n k&#7871;t th&uacute;c.
G&#7847;n 30 n&#259;m, l&atilde;i su&#7845;t g&#7847;n nh&#432; b&#7857;ng 0 c&#7911;a Nh&#7853;t B&#7843;n cho ph&eacute;p c&aacute;c nh&agrave; &#273;&#7847;u t&#432; vay r&#7867; b&#7857;ng yen v&agrave; &#273;&#7847;u t&#432; v&agrave;o c&aacute;c t&agrave;i s&#7843;n c&oacute; l&#7907;i su&#7845;t cao h&#417;n &#7903; n&#432;&#7899;c ngo&agrave;i. C&aacute;c k&ecirc;nh &#273;&#7847;u t&#432; bao g&#7891;m:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Tr&aacute;i phi&#7871;u M&#7929;</li>

<li>Tr&aacute;i phi&#7871;u ch&acirc;u &Acirc;u</li>

<li>C&aacute;c t&agrave;i s&#7843;n r&#7911;i ro nh&#432; c&#7893; phi&#7871;u v&agrave; crypto.</li>
</ul>

L&#7907;i su&#7845;t t&#259;ng &#7903; Nh&#7853;t B&#7843;n &#273;e d&#7885;a &#273;&#7843;o ng&#432;&#7907;c d&ograve;ng ch&#7843;y n&agrave;y, k&eacute;o v&#7889;n v&#7873; l&#7841;i n&#7897;i &#273;&#7883;a v&agrave; th&#7855;t ch&#7863;t thanh kho&#7843;n to&agrave;n c&#7847;u.
<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;Trong 30 n&#259;m, giao d&#7883;ch ti&#7873;n t&#7879; yen &#273;&atilde; t&agrave;i tr&#7907; cho s&#7921; ki&ecirc;u ng&#7841;o to&agrave;n c&#7847;u &mdash; l&atilde;i su&#7845;t b&#7857;ng 0&hellip; &#273;&ograve;n b&#7849;y mi&#7877;n ph&iacute;&hellip; t&#259;ng tr&#432;&#7903;ng gi&#7843; m&#7841;o&hellip; c&aacute;c n&#7873;n kinh t&#7871; &#273;&#432;&#7907;c x&acirc;y d&#7921;ng tr&ecirc;n th&#7901;i gian vay m&#432;&#7907;n v&agrave; ti&#7873;n vay m&#432;&#7907;n. Gi&#7901; &#273;&acirc;y, Nh&#7853;t B&#7843;n &#273;&atilde; &#273;&#7843;o ng&#432;&#7907;c c&ocirc;ng t&#7855;c. L&atilde;i su&#7845;t t&#259;ng. Yen m&#7841;nh l&ecirc;n. V&agrave; c&acirc;y ATM &#432;a th&iacute;ch c&#7911;a th&#7871; gi&#7899;i v&#7915;a bi&#7871;n th&agrave;nh m&#7897;t ng&#432;&#7901;i thu n&#7907;,&rdquo; <a href="https://x.com/AlgoBoffin/status/1995330288780759382?s=20" target="_blank" rel="noreferrer noopener nofollow">ViPiN, nh&agrave; khoa h&#7885;c d&#7919; li&#7879;u</a> vi&#7871;t tr&ecirc;n X (Twitter).
</blockquote>

Khi l&#7907;i su&#7845;t Nh&#7853;t B&#7843;n t&#259;ng, thanh kho&#7843;n to&agrave;n c&#7847;u b&#7883; th&#7855;t ch&#7863;t, d&#7851;n &#273;&#7871;n vi&#7879;c &#273;&#7883;nh gi&aacute; l&#7841;i tr&ecirc;n th&#7883; tr&#432;&#7901;ng. &#272;&acirc;y c&oacute; th&#7875; l&agrave; l&yacute; do t&#7841;i sao <a href="https://vn.beincrypto.com/coinbase-bitcoin-premium-shift-silver-record-high/" target="_blank" rel="noreferrer noopener">Silver (XAG) ch&#432;a tr&#7843;i qua Supercycle</a>, v&agrave; Bitcoin &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i bi&#7871;n &#273;&#7897;ng cu&#7889;i chu k&#7923;.
<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;Nh&#7853;t B&#7843;n &#273;ang r&uacute;t thanh kho&#7843;n, Bitcoin &#273;ang h&#7845;p th&#7909; c&uacute; s&#7889;c, v&agrave; Silver &#273;ang chu&#7849;n b&#7883; cho vi&#7879;c &#273;&#7883;nh gi&aacute; l&#7841;i trong &#273;&#7901;i,&rdquo; <a href="https://x.com/ajaycan/status/1995303258559275133?s=20" target="_blank" rel="noreferrer noopener nofollow">m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch tuy&ecirc;n b&#7889;</a> trong m&#7897;t b&agrave;i &#273;&#259;ng.
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-crypto-s-sell-off-isn-t-local-it-s-a-macro-liquidity-crunch">&#272;&#7907;t b&aacute;n th&aacute;o crypto kh&ocirc;ng ch&#7881; l&agrave; hi&#7879;n t&#432;&#7907;ng c&#7909;c b&#7897;, &#273;&acirc;y l&agrave; cu&#7897;c kh&#7911;ng ho&#7843;ng thanh kho&#7843;n v&#297; m&ocirc;</h2>

Shanaka Anslem, m&#7897;t nh&agrave; l&yacute; thuy&#7871;t n&#7893;i ti&#7871;ng tr&ecirc;n X (Twitter), m&ocirc; t&#7843; s&#7921; b&ugrave;ng n&#7893; l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; Nh&#7853;t B&#7843;n l&agrave; &ldquo;bi&#7875;u &#273;&#7891; khi&#7871;n m&#7885;i nh&agrave; qu&#7843;n l&yacute; danh m&#7909;c &#273;&#7847;u t&#432; ph&#7843;i kinh ho&agrave;ng.
Chi&#7871;n l&#432;&#7907;c gia n&agrave;y, ng&#432;&#7901;i &#273;&atilde; ch&#7913;ng ki&#7871;n s&#7921; s&#7909;p &#273;&#7893; c&#417; s&#7903; h&#7841; t&#7847;ng, c&uacute; s&#7889;c ti&#7873;n t&#7879; v&agrave; kh&#7911;ng ho&#7843;ng c&#7845;p qu&#7889;c gia, <a href="https://substack.com/inbox/post/180376704?r=6p7b5o&amp;utm_medium=ios&amp;triedRedirect=true" target="_blank" rel="noreferrer noopener nofollow">&#273;&atilde; &#273;&#7873; c&#7853;p &#273;&#7871;n</a>:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>L&#7841;m ph&aacute;t tr&ecirc;n 3%, </li>

<li>T&#259;ng tr&#432;&#7903;ng l&#432;&#417;ng cao h&#417;n, v&agrave; </li>

<li>M&#7897;t <a href="https://beincrypto.com/boj-rat-hike-bitcoin-impact/" target="_blank" rel="noreferrer noopener">Ng&acirc;n h&agrave;ng Nh&#7853;t B&#7843;n</a> &#273;ang ng&agrave;y c&agrave;ng m&#7845;t kh&#7843; n&#259;ng ki&#7875;m so&aacute;t l&#7907;i su&#7845;t.</li>
</ul>

Nh&#7919;ng l&#7921;c l&#432;&#7907;ng n&agrave;y &#273;ang &#273;&#7849;y Nh&#7853;t B&#7843;n v&agrave;o m&#7897;t thay &#273;&#7893;i c&#7845;u tr&uacute;c kh&#7887;i ch&#7871; &#273;&#7897; ti&#7873;n t&#7879; c&#7921;c k&#7923; d&#7877; d&atilde;i &#273;&atilde; &#273;&#7883;nh h&igrave;nh c&aacute;c th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u su&#7889;t nhi&#7873;u th&#7853;p k&#7927;.
<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;Khi Nh&#7853;t B&#7843;n t&#259;ng l&atilde;i su&#7845;t, n&oacute; h&uacute;t thanh kho&#7843;n kh&#7887;i h&#7879; th&#7889;ng to&agrave;n c&#7847;u. &ldquo;Nhi&ecirc;n li&#7879;u&rdquo; &#273;&atilde; th&uacute;c &#273;&#7849;y &#273;&#7907;t t&#259;ng gi&aacute; tr&ecirc;n th&#7883; tr&#432;&#7901;ng ch&#7913;ng kho&aacute;n &#273;ang b&#7883; r&uacute;t &#273;i. Ch&uacute;ng ta c&oacute; th&#7875; mong &#273;&#7907;i s&#7921; bi&#7871;n &#273;&#7897;ng &#7903; c&aacute;c c&#7893; phi&#7871;u t&#259;ng tr&#432;&#7903;ng cao khi k&#7927; nguy&ecirc;n &ldquo;ti&#7873;n r&#7867;&rdquo; n&agrave;y k&#7871;t th&uacute;c,&rdquo; <a href="https://x.com/pilotinvestor7/status/1995363728993444170?s=20" target="_blank" rel="noreferrer noopener nofollow">m&#7897;t nh&agrave; &#273;&#7847;u t&#432; kh&aacute;c b&#7893; sung</a> trong m&#7897;t b&agrave;i &#273;&#259;ng.
</blockquote>

Th&#7901;i &#273;i&#7875;m di&#7877;n ra &#273;&#7897;ng th&aacute;i n&agrave;y &#273;&#7863;c bi&#7879;t quan tr&#7885;ng. <a href="https://vn.beincrypto.com/federal-reserve-ends-qt-crypto-liquidity-shift/" target="_blank" rel="noreferrer noopener">C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang M&#7929; v&#7915;a k&#7871;t th&uacute;c ch&#432;&#417;ng tr&igrave;nh th&#7855;t ch&#7863;t &#273;&#7883;nh l&#432;&#7907;ng</a>, M&#7929; &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i vi&#7879;c ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u k&#7927; l&#7909;c, v&agrave; chi tr&#7843; l&atilde;i su&#7845;t n&#7907; c&ocirc;ng M&#7929; &#273;&atilde; v&#432;&#7907;t qua m&#7889;c 1 ngh&igrave;n t&#7927; USD m&#7895;i n&#259;m.
Trong khi &#273;&oacute;, Trung Qu&#7889;c, m&#7897;t trong nh&#7919;ng <a href="https://vn.beincrypto.com/foreign-investor-us-stocks-record-2025/" target="_blank" rel="noreferrer noopener">ng&#432;&#7901;i mua tr&aacute;i phi&#7871;u M&#7929; l&#7899;n nh&#7845;t t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay</a>, &#273;&atilde; ch&#7853;m l&#7841;i trong vi&#7879;c t&iacute;ch l&#361;y. V&#7899;i vi&#7879;c Nh&#7853;t B&#7843;n gi&#7901; &#273;&acirc;y &#273;ang ch&#7883;u &aacute;p l&#7921;c &#273;&#7875; &#273;&#432;a v&#7889;n tr&#7903; v&#7873; n&#432;&#7899;c, hai trong s&#7889; c&aacute;c ngu&#7891;n t&agrave;i tr&#7907; n&#432;&#7899;c ngo&agrave;i quan tr&#7885;ng nh&#7845;t c&#7911;a M&#7929; &#273;ang c&ugrave;ng l&uacute;c r&uacute;t lui.
<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;Khi c&aacute;c qu&#7889;c gia cho vay tr&ecirc;n th&#7871; gi&#7899;i ng&#7915;ng cung c&#7845;p v&#7889;n cho c&aacute;c qu&#7889;c gia n&#7907; v&#7899;i l&atilde;i su&#7845;t b&#7883; &aacute;p &#273;&#7863;t nh&acirc;n t&#7841;o, th&igrave; to&agrave;n b&#7897; c&#7845;u tr&uacute;c t&agrave;i ch&iacute;nh sau n&#259;m 2008 ph&#7843;i &#273;&#7883;nh gi&aacute; l&#7841;i. M&#7885;i c&#432;&#7907;c d&#7921; &#273;o&aacute;n. M&#7885;i v&#7883; th&#7871; c&oacute; &#273;&ograve;n b&#7849;y. M&#7885;i gi&#7843; &#273;&#7883;nh v&#7873; l&atilde;i su&#7845;t lu&ocirc;n gi&#7843;m. &#272;&acirc;y kh&ocirc;ng ph&#7843;i l&agrave; c&acirc;u chuy&#7879;n c&#7911;a Nh&#7853;t B&#7843;n. &#272;&acirc;y l&agrave; c&acirc;u chuy&#7879;n to&agrave;n c&#7847;u. Th&#7883; tr&#432;&#7901;ng t&#259;ng gi&aacute; tr&aacute;i phi&#7871;u 30 n&#259;m &#273;&atilde; k&#7871;t th&uacute;c. Ph&#7847;n l&#7899;n m&#7885;i ng&#432;&#7901;i ch&#7881; ch&#432;a nh&#7853;n ra &#273;i&#7873;u &#273;&oacute;,&rdquo; Shanaka di&#7877;n gi&#7843;i.
</blockquote>

Crypto, l&agrave; m&#7897;t trong nh&#7919;ng m&#7843;ng c&oacute; beta cao nh&#7845;t c&#7911;a th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u, th&#432;&#7901;ng ph&#7843;n &#7913;ng &#273;&#7847;u ti&ecirc;n khi thanh kho&#7843;n th&#7855;t ch&#7863;t. Quy m&ocirc; c&#7911;a c&aacute;c v&#7909; b&aacute;n th&aacute;o cho th&#7845;y c&aacute;c nh&agrave; giao d&#7883;ch s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y &#273;&atilde; g&#7863;p r&#7911;i ro v&#7899;i s&#7921; bi&#7871;n &#273;&#7897;ng c&#7911;a tr&aacute;i phi&#7871;u, bu&#7897;c ph&#7843;i gi&#7843;i ph&oacute;ng nhanh c&aacute;c v&#7883; th&#7871; tr&ecirc;n c&aacute;c t&agrave;i s&#7843;n l&#7899;n.
Thay v&igrave; l&agrave; m&#7897;t cu&#7897;c kh&#7911;ng ho&#7843;ng ri&ecirc;ng c&#7911;a crypto, &#273;&#7907;t b&aacute;n th&aacute;o n&agrave;y ph&#7843;n &aacute;nh s&#7921; &#273;&#7883;nh gi&aacute; l&#7841;i r&#7897;ng l&#7899;n &#273;&#7889;i v&#7899;i th&#7901;i h&#7841;n, &#273;&ograve;n b&#7849;y v&agrave; r&#7911;i ro khi th&#7883; tr&#432;&#7901;ng tr&aacute;i phi&#7871;u to&agrave;n c&#7847;u thi&#7871;t l&#7853;p l&#7841;i.
Do &#273;&oacute;, c&aacute;c nh&agrave; giao d&#7883;ch c&oacute; l&#7869; n&ecirc;n theo d&otilde;i th&#7883; tr&#432;&#7901;ng tr&aacute;i phi&#7871;u Nh&#7853;t B&#7843;n m&#7897;t c&aacute;ch ch&#7863;t ch&#7869; nh&#432; khi h&#7885; theo d&otilde;i bi&#7875;u &#273;&#7891; Bitcoin. N&#7871;u l&#7907;i su&#7845;t JGB ti&#7871;p t&#7909;c t&#259;ng, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; th&#7855;t ch&#7863;t thanh kho&#7843;n to&agrave;n c&#7847;u cho &#273;&#7871;n cu&#7889;i n&#259;m nay.

Cú sốc trái phiếu Nhật Bản ảnh hưởng đến tiền điện tử: 640 triệu USD bị thanh lý khi JGB kỳ hạn 10 năm đạt mức cao nhất trong 17 năm

Th&#7883; tr&#432;&#7901;ng crypto gi&#7843;m m&#7841;nh sau khi l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; 10 n&#259;m c&#7911;a Nh&#7853;t B&#7843;n t&#259;ng l&ecirc;n m&#7913;c cao nh&#7845;t k&#7875; t&#7915; n&#259;m 2008. &#272;&#7897;ng th&aacute;i n&agrave;y &#273;&atilde; g&acirc;y ra l&agrave;n s&oacute;ng gi&#7843;m r&#7911;i ro to&agrave;n c&#7847;u v&agrave; m&#7897;t trong nh&#7919;ng s&#7921; ki&#7879;n thanh l&yacute; l&#7899;n nh&#7845;t trong nhi&#7873;u tu&#7847;n.
&#272;&#7897;ng th&aacute;i n&agrave;y &#273;&atilde; xo&aacute; s&#7841;ch h&agrave;ng t&#7927; USD gi&aacute; tr&#7883; t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889;, nh&#7845;n m&#7841;nh crypto v&#7851;n r&#7845;t d&#7877; b&#7883; &#7843;nh h&#432;&#7903;ng b&#7903;i nh&#7919;ng bi&#7871;n &#273;&#7897;ng thanh kho&#7843;n v&#297; m&ocirc; b&ecirc;n ngo&agrave;i h&#7879; sinh th&aacute;i c&#7911;a m&igrave;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-japan-s-yield-spike-the-yen-carry-trade-unwinds-and-crypto-feels-it-first">L&atilde;i su&#7845;t t&#259;ng v&#7885;t &#7903; Nh&#7853;t B&#7843;n: Chi&#7871;n l&#432;&#7907;c vay Y&ecirc;n b&#7855;t &#273;&#7847;u th&aacute;o d&#7905; v&agrave; th&#7883; tr&#432;&#7901;ng crypto b&#7883; &#7843;nh h&#432;&#7903;ng &#273;&#7847;u ti&ecirc;n</h2>

T&#7893;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng crypto gi&#7843;m kho&#7843;ng 5% trong 24 gi&#7901; qua, v&#7899;i gi&aacute; Bitcoin v&agrave; Ethereum gi&#7843;m h&#417;n 5%.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/FRNeyN_p2aFJDt9TF7NbSR43Qik=/smart/d49b420e51f4413abffa01ed8b396b50" alt="Crypto Market Performance" class="wp-image-778427">T&igrave;nh h&igrave;nh th&#7883; tr&#432;&#7901;ng Crypto. Ngu&#7891;n: <a href="https://www.coingecko.com/" target="_blank" rel="noreferrer noopener nofollow">CoinGecko</a>

Theo Coinglass, c&oacute; h&#417;n 217,000 nh&agrave; giao d&#7883;ch b&#7883; thanh l&yacute; trong th&#7901;i gian th&#7883; tr&#432;&#7901;ng gi&#7843;m s&uacute;t, d&#7851;n &#273;&#7871;n thua l&#7895; g&#7847;n 640 tri&#7879;u USD trong c&aacute;c v&#7883; th&#7871; &#273;&#7847;u t&#432;.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/jgmBt45B6jRuKS6grRixtfLcIA4=/smart/ee09c57a813d48bbab5a3dff8199e002" alt="Crypto Liquidations" class="wp-image-778429">C&aacute;c v&#7909; thanh l&yacute; crypto. Ngu&#7891;n: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>

&#272;i&#7873;u n&agrave;y cho th&#7845;y m&#7913;c &#273;&#7897; s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y c&oacute; th&#7875; bi&#7871;n m&#7845;t nhanh ch&oacute;ng nh&#432; th&#7871; n&agrave;o khi l&atilde;i su&#7845;t to&agrave;n c&#7847;u bi&#7871;n &#273;&#7897;ng.
Nguy&ecirc;n nh&acirc;n xu&#7845;t ph&aacute;t t&#7915; Tokyo, n&#417;i l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; Nh&#7853;t B&#7843;n k&#7923; h&#7841;n 10 n&#259;m t&#259;ng v&#7885;t l&ecirc;n 1.84%, m&#7913;c ch&#432;a t&#7915;ng th&#7845;y t&#7915; th&aacute;ng 04/2008.
Quan &#273;i&#7875;m ph&#7893; bi&#7871;n l&agrave; s&#7921; b&ugrave;ng n&#7893; l&#7907;i su&#7845;t n&agrave;y kh&ocirc;ng ch&#7881; &#273;&#417;n thu&#7847;n l&agrave; m&#7897;t &#273;&#7897;ng th&aacute;i k&#7929; thu&#7853;t. N&oacute; cho th&#7845;y r&#7857;ng chi&#7871;n l&#432;&#7907;c <a href="https://vn.beincrypto.com/japan-bond-yield-rate-hike-2024/" target="_blank" rel="noreferrer noopener">giao d&#7883;ch ti&#7873;n t&#7879; yen (yen carry trade)</a> k&eacute;o d&agrave;i nhi&#7873;u th&#7853;p k&#7927; c&oacute; th&#7875; cu&#7889;i c&ugrave;ng c&#361;ng &#273;ang d&#7847;n k&#7871;t th&uacute;c.
G&#7847;n 30 n&#259;m, l&atilde;i su&#7845;t g&#7847;n nh&#432; b&#7857;ng 0 c&#7911;a Nh&#7853;t B&#7843;n cho ph&eacute;p c&aacute;c nh&agrave; &#273;&#7847;u t&#432; vay r&#7867; b&#7857;ng yen v&agrave; &#273;&#7847;u t&#432; v&agrave;o c&aacute;c t&agrave;i s&#7843;n c&oacute; l&#7907;i su&#7845;t cao h&#417;n &#7903; n&#432;&#7899;c ngo&agrave;i. C&aacute;c k&ecirc;nh &#273;&#7847;u t&#432; bao g&#7891;m:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Tr&aacute;i phi&#7871;u M&#7929;</li>

<li>Tr&aacute;i phi&#7871;u ch&acirc;u &Acirc;u</li>

<li>C&aacute;c t&agrave;i s&#7843;n r&#7911;i ro nh&#432; c&#7893; phi&#7871;u v&agrave; crypto.</li>
</ul>

L&#7907;i su&#7845;t t&#259;ng &#7903; Nh&#7853;t B&#7843;n &#273;e d&#7885;a &#273;&#7843;o ng&#432;&#7907;c d&ograve;ng ch&#7843;y n&agrave;y, k&eacute;o v&#7889;n v&#7873; l&#7841;i n&#7897;i &#273;&#7883;a v&agrave; th&#7855;t ch&#7863;t thanh kho&#7843;n to&agrave;n c&#7847;u.
<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;Trong 30 n&#259;m, giao d&#7883;ch ti&#7873;n t&#7879; yen &#273;&atilde; t&agrave;i tr&#7907; cho s&#7921; ki&ecirc;u ng&#7841;o to&agrave;n c&#7847;u &mdash; l&atilde;i su&#7845;t b&#7857;ng 0&hellip; &#273;&ograve;n b&#7849;y mi&#7877;n ph&iacute;&hellip; t&#259;ng tr&#432;&#7903;ng gi&#7843; m&#7841;o&hellip; c&aacute;c n&#7873;n kinh t&#7871; &#273;&#432;&#7907;c x&acirc;y d&#7921;ng tr&ecirc;n th&#7901;i gian vay m&#432;&#7907;n v&agrave; ti&#7873;n vay m&#432;&#7907;n. Gi&#7901; &#273;&acirc;y, Nh&#7853;t B&#7843;n &#273;&atilde; &#273;&#7843;o ng&#432;&#7907;c c&ocirc;ng t&#7855;c. L&atilde;i su&#7845;t t&#259;ng. Yen m&#7841;nh l&ecirc;n. V&agrave; c&acirc;y ATM &#432;a th&iacute;ch c&#7911;a th&#7871; gi&#7899;i v&#7915;a bi&#7871;n th&agrave;nh m&#7897;t ng&#432;&#7901;i thu n&#7907;,&rdquo; <a href="https://x.com/AlgoBoffin/status/1995330288780759382?s=20" target="_blank" rel="noreferrer noopener nofollow">ViPiN, nh&agrave; khoa h&#7885;c d&#7919; li&#7879;u</a> vi&#7871;t tr&ecirc;n X (Twitter).
</blockquote>

Khi l&#7907;i su&#7845;t Nh&#7853;t B&#7843;n t&#259;ng, thanh kho&#7843;n to&agrave;n c&#7847;u b&#7883; th&#7855;t ch&#7863;t, d&#7851;n &#273;&#7871;n vi&#7879;c &#273;&#7883;nh gi&aacute; l&#7841;i tr&ecirc;n th&#7883; tr&#432;&#7901;ng. &#272;&acirc;y c&oacute; th&#7875; l&agrave; l&yacute; do t&#7841;i sao <a href="https://vn.beincrypto.com/coinbase-bitcoin-premium-shift-silver-record-high/" target="_blank" rel="noreferrer noopener">Silver (XAG) ch&#432;a tr&#7843;i qua Supercycle</a>, v&agrave; Bitcoin &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i bi&#7871;n &#273;&#7897;ng cu&#7889;i chu k&#7923;.
<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;Nh&#7853;t B&#7843;n &#273;ang r&uacute;t thanh kho&#7843;n, Bitcoin &#273;ang h&#7845;p th&#7909; c&uacute; s&#7889;c, v&agrave; Silver &#273;ang chu&#7849;n b&#7883; cho vi&#7879;c &#273;&#7883;nh gi&aacute; l&#7841;i trong &#273;&#7901;i,&rdquo; <a href="https://x.com/ajaycan/status/1995303258559275133?s=20" target="_blank" rel="noreferrer noopener nofollow">m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch tuy&ecirc;n b&#7889;</a> trong m&#7897;t b&agrave;i &#273;&#259;ng.
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-crypto-s-sell-off-isn-t-local-it-s-a-macro-liquidity-crunch">&#272;&#7907;t b&aacute;n th&aacute;o crypto kh&ocirc;ng ch&#7881; l&agrave; hi&#7879;n t&#432;&#7907;ng c&#7909;c b&#7897;, &#273;&acirc;y l&agrave; cu&#7897;c kh&#7911;ng ho&#7843;ng thanh kho&#7843;n v&#297; m&ocirc;</h2>

Shanaka Anslem, m&#7897;t nh&agrave; l&yacute; thuy&#7871;t n&#7893;i ti&#7871;ng tr&ecirc;n X (Twitter), m&ocirc; t&#7843; s&#7921; b&ugrave;ng n&#7893; l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; Nh&#7853;t B&#7843;n l&agrave; &ldquo;bi&#7875;u &#273;&#7891; khi&#7871;n m&#7885;i nh&agrave; qu&#7843;n l&yacute; danh m&#7909;c &#273;&#7847;u t&#432; ph&#7843;i kinh ho&agrave;ng.
Chi&#7871;n l&#432;&#7907;c gia n&agrave;y, ng&#432;&#7901;i &#273;&atilde; ch&#7913;ng ki&#7871;n s&#7921; s&#7909;p &#273;&#7893; c&#417; s&#7903; h&#7841; t&#7847;ng, c&uacute; s&#7889;c ti&#7873;n t&#7879; v&agrave; kh&#7911;ng ho&#7843;ng c&#7845;p qu&#7889;c gia, <a href="https://substack.com/inbox/post/180376704?r=6p7b5o&amp;utm_medium=ios&amp;triedRedirect=true" target="_blank" rel="noreferrer noopener nofollow">&#273;&atilde; &#273;&#7873; c&#7853;p &#273;&#7871;n</a>:
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>L&#7841;m ph&aacute;t tr&ecirc;n 3%, </li>

<li>T&#259;ng tr&#432;&#7903;ng l&#432;&#417;ng cao h&#417;n, v&agrave; </li>

<li>M&#7897;t <a href="https://beincrypto.com/boj-rat-hike-bitcoin-impact/" target="_blank" rel="noreferrer noopener">Ng&acirc;n h&agrave;ng Nh&#7853;t B&#7843;n</a> &#273;ang ng&agrave;y c&agrave;ng m&#7845;t kh&#7843; n&#259;ng ki&#7875;m so&aacute;t l&#7907;i su&#7845;t.</li>
</ul>

Nh&#7919;ng l&#7921;c l&#432;&#7907;ng n&agrave;y &#273;ang &#273;&#7849;y Nh&#7853;t B&#7843;n v&agrave;o m&#7897;t thay &#273;&#7893;i c&#7845;u tr&uacute;c kh&#7887;i ch&#7871; &#273;&#7897; ti&#7873;n t&#7879; c&#7921;c k&#7923; d&#7877; d&atilde;i &#273;&atilde; &#273;&#7883;nh h&igrave;nh c&aacute;c th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u su&#7889;t nhi&#7873;u th&#7853;p k&#7927;.
<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;Khi Nh&#7853;t B&#7843;n t&#259;ng l&atilde;i su&#7845;t, n&oacute; h&uacute;t thanh kho&#7843;n kh&#7887;i h&#7879; th&#7889;ng to&agrave;n c&#7847;u. &ldquo;Nhi&ecirc;n li&#7879;u&rdquo; &#273;&atilde; th&uacute;c &#273;&#7849;y &#273;&#7907;t t&#259;ng gi&aacute; tr&ecirc;n th&#7883; tr&#432;&#7901;ng ch&#7913;ng kho&aacute;n &#273;ang b&#7883; r&uacute;t &#273;i. Ch&uacute;ng ta c&oacute; th&#7875; mong &#273;&#7907;i s&#7921; bi&#7871;n &#273;&#7897;ng &#7903; c&aacute;c c&#7893; phi&#7871;u t&#259;ng tr&#432;&#7903;ng cao khi k&#7927; nguy&ecirc;n &ldquo;ti&#7873;n r&#7867;&rdquo; n&agrave;y k&#7871;t th&uacute;c,&rdquo; <a href="https://x.com/pilotinvestor7/status/1995363728993444170?s=20" target="_blank" rel="noreferrer noopener nofollow">m&#7897;t nh&agrave; &#273;&#7847;u t&#432; kh&aacute;c b&#7893; sung</a> trong m&#7897;t b&agrave;i &#273;&#259;ng.
</blockquote>

Th&#7901;i &#273;i&#7875;m di&#7877;n ra &#273;&#7897;ng th&aacute;i n&agrave;y &#273;&#7863;c bi&#7879;t quan tr&#7885;ng. <a href="https://vn.beincrypto.com/federal-reserve-ends-qt-crypto-liquidity-shift/" target="_blank" rel="noreferrer noopener">C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang M&#7929; v&#7915;a k&#7871;t th&uacute;c ch&#432;&#417;ng tr&igrave;nh th&#7855;t ch&#7863;t &#273;&#7883;nh l&#432;&#7907;ng</a>, M&#7929; &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i vi&#7879;c ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u k&#7927; l&#7909;c, v&agrave; chi tr&#7843; l&atilde;i su&#7845;t n&#7907; c&ocirc;ng M&#7929; &#273;&atilde; v&#432;&#7907;t qua m&#7889;c 1 ngh&igrave;n t&#7927; USD m&#7895;i n&#259;m.
Trong khi &#273;&oacute;, Trung Qu&#7889;c, m&#7897;t trong nh&#7919;ng <a href="https://vn.beincrypto.com/foreign-investor-us-stocks-record-2025/" target="_blank" rel="noreferrer noopener">ng&#432;&#7901;i mua tr&aacute;i phi&#7871;u M&#7929; l&#7899;n nh&#7845;t t&#7915; tr&#432;&#7899;c &#273;&#7871;n nay</a>, &#273;&atilde; ch&#7853;m l&#7841;i trong vi&#7879;c t&iacute;ch l&#361;y. V&#7899;i vi&#7879;c Nh&#7853;t B&#7843;n gi&#7901; &#273;&acirc;y &#273;ang ch&#7883;u &aacute;p l&#7921;c &#273;&#7875; &#273;&#432;a v&#7889;n tr&#7903; v&#7873; n&#432;&#7899;c, hai trong s&#7889; c&aacute;c ngu&#7891;n t&agrave;i tr&#7907; n&#432;&#7899;c ngo&agrave;i quan tr&#7885;ng nh&#7845;t c&#7911;a M&#7929; &#273;ang c&ugrave;ng l&uacute;c r&uacute;t lui.
<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;Khi c&aacute;c qu&#7889;c gia cho vay tr&ecirc;n th&#7871; gi&#7899;i ng&#7915;ng cung c&#7845;p v&#7889;n cho c&aacute;c qu&#7889;c gia n&#7907; v&#7899;i l&atilde;i su&#7845;t b&#7883; &aacute;p &#273;&#7863;t nh&acirc;n t&#7841;o, th&igrave; to&agrave;n b&#7897; c&#7845;u tr&uacute;c t&agrave;i ch&iacute;nh sau n&#259;m 2008 ph&#7843;i &#273;&#7883;nh gi&aacute; l&#7841;i. M&#7885;i c&#432;&#7907;c d&#7921; &#273;o&aacute;n. M&#7885;i v&#7883; th&#7871; c&oacute; &#273;&ograve;n b&#7849;y. M&#7885;i gi&#7843; &#273;&#7883;nh v&#7873; l&atilde;i su&#7845;t lu&ocirc;n gi&#7843;m. &#272;&acirc;y kh&ocirc;ng ph&#7843;i l&agrave; c&acirc;u chuy&#7879;n c&#7911;a Nh&#7853;t B&#7843;n. &#272;&acirc;y l&agrave; c&acirc;u chuy&#7879;n to&agrave;n c&#7847;u. Th&#7883; tr&#432;&#7901;ng t&#259;ng gi&aacute; tr&aacute;i phi&#7871;u 30 n&#259;m &#273;&atilde; k&#7871;t th&uacute;c. Ph&#7847;n l&#7899;n m&#7885;i ng&#432;&#7901;i ch&#7881; ch&#432;a nh&#7853;n ra &#273;i&#7873;u &#273;&oacute;,&rdquo; Shanaka di&#7877;n gi&#7843;i.
</blockquote>

Crypto, l&agrave; m&#7897;t trong nh&#7919;ng m&#7843;ng c&oacute; beta cao nh&#7845;t c&#7911;a th&#7883; tr&#432;&#7901;ng to&agrave;n c&#7847;u, th&#432;&#7901;ng ph&#7843;n &#7913;ng &#273;&#7847;u ti&ecirc;n khi thanh kho&#7843;n th&#7855;t ch&#7863;t. Quy m&ocirc; c&#7911;a c&aacute;c v&#7909; b&aacute;n th&aacute;o cho th&#7845;y c&aacute;c nh&agrave; giao d&#7883;ch s&#7917; d&#7909;ng &#273;&ograve;n b&#7849;y &#273;&atilde; g&#7863;p r&#7911;i ro v&#7899;i s&#7921; bi&#7871;n &#273;&#7897;ng c&#7911;a tr&aacute;i phi&#7871;u, bu&#7897;c ph&#7843;i gi&#7843;i ph&oacute;ng nhanh c&aacute;c v&#7883; th&#7871; tr&ecirc;n c&aacute;c t&agrave;i s&#7843;n l&#7899;n.
Thay v&igrave; l&agrave; m&#7897;t cu&#7897;c kh&#7911;ng ho&#7843;ng ri&ecirc;ng c&#7911;a crypto, &#273;&#7907;t b&aacute;n th&aacute;o n&agrave;y ph&#7843;n &aacute;nh s&#7921; &#273;&#7883;nh gi&aacute; l&#7841;i r&#7897;ng l&#7899;n &#273;&#7889;i v&#7899;i th&#7901;i h&#7841;n, &#273;&ograve;n b&#7849;y v&agrave; r&#7911;i ro khi th&#7883; tr&#432;&#7901;ng tr&aacute;i phi&#7871;u to&agrave;n c&#7847;u thi&#7871;t l&#7853;p l&#7841;i.
Do &#273;&oacute;, c&aacute;c nh&agrave; giao d&#7883;ch c&oacute; l&#7869; n&ecirc;n theo d&otilde;i th&#7883; tr&#432;&#7901;ng tr&aacute;i phi&#7871;u Nh&#7853;t B&#7843;n m&#7897;t c&aacute;ch ch&#7863;t ch&#7869; nh&#432; khi h&#7885; theo d&otilde;i bi&#7875;u &#273;&#7891; Bitcoin. N&#7871;u l&#7907;i su&#7845;t JGB ti&#7871;p t&#7909;c t&#259;ng, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; th&#7855;t ch&#7863;t thanh kho&#7843;n to&agrave;n c&#7847;u cho &#273;&#7871;n cu&#7889;i n&#259;m nay.