Xin chào, tôi có thể giúp gì cho bạn hôm nay?

Gi&aacute; tr&#7883; Digital Asset Treasury (DAT) &#273;&atilde; gi&#7843;m m&#7841;nh, ch&#7881; &#273;&#7841;t 1.32 t&#7927; USD trong nh&#7919;ng th&aacute;ng g&#7847;n &#273;&acirc;y. &#272;&acirc;y l&agrave; m&#7913;c th&#7845;p nh&#7845;t trong n&#259;m 2025 v&agrave; gi&#7843;m &#273;&#7871;n 90% so v&#7899;i &#273;&#7881;nh &#273;i&#7875;m v&agrave;o th&aacute;ng 07.
S&#7921; suy gi&#7843;m n&agrave;y &#273;&#7863;t ra nh&#7919;ng c&acirc;u h&#7887;i m&#7899;i v&#7873; &#273;&#7897; &#7893;n &#273;&#7883;nh trong chi&#7871;n l&#432;&#7907;c kho b&#7841;c t&#7853;p trung v&agrave;o c&aacute;c t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; &#273;&#7847;y bi&#7871;n &#273;&#7897;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-institutional-flows-collapse-amid-declining-confidence">D&ograve;ng v&#7889;n t&#7893; ch&#7913;c s&#7909;t gi&#7843;m gi&#7919;a b&#7889;i c&#7843;nh ni&#7873;m tin gi&#7843;m s&uacute;t</h2>

D&#7919; li&#7879;u t&#7915; <a href="https://defillama.com/digital-asset-treasuries" target="_blank" rel="noopener">DefiLlama</a> cho th&#7845;y r&#7857;ng d&ograve;ng ti&#7873;n DAT &#273;&#7841;t m&#7913;c th&#7845;p nh&#7845;t t&#7915; khi c&aacute;c t&#7893; ch&#7913;c b&#7855;t &#273;&#7847;u x&acirc;y d&#7921;ng kho d&#7921; tr&#7919; t&agrave;i s&#7843;n s&#7889; m&#7897;t c&aacute;ch m&#7841;nh m&#7869;.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/hEPJHg4hDr6nWLAuP2SXv4a3XbM=/smart/8cf3045b96f3413ebffe0c6f759dd7a6" alt="DAT Inflows by Asset" class="wp-image-778884">D&ograve;ng ti&#7873;n DAT theo t&agrave;i s&#7843;n. Ngu&#7891;n: <a href="https://defillama.com/digital-asset-treasuries" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>

S&#7889; ti&#7873;n 1.32 t&#7927; USD n&agrave;y r&#7845;t kh&aacute;c bi&#7879;t so v&#7899;i &#273;&#7881;nh cao v&agrave;o th&aacute;ng 07/2025, khi s&#7921; quan t&acirc;m &#273;&#7871;n vi&#7879;c n&#7855;m gi&#7919; ti&#7873;n &#273;i&#7879;n t&#7917; c&#7911;a c&aacute;c c&ocirc;ng ty &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c.
C&aacute;c t&#7893; ch&#7913;c h&agrave;ng &#273;&#7847;u nh&#432; <a href="https://vn.beincrypto.com/microstrategy-december-crash-below-bitcoin-value/" target="_blank" rel="noopener">Strategy, Inc. (tr&#432;&#7899;c &#273;&acirc;y l&agrave; MicroStrategy)</a>, BitMine Immersion Technologies, v&agrave; Marathon Digital n&#7855;m gi&#7919; h&agrave;ng ch&#7909;c t&#7927; &#273;&ocirc; t&agrave;i s&#7843;n s&#7889;. Tuy nhi&ecirc;n, <a href="https://vn.beincrypto.com/microstrategy-mnav-bitcoin-premium-collapse/" target="_blank" rel="noreferrer noopener">gi&aacute; tr&#7883; mNAV th&#7921;c hi&#7879;n v&agrave; ch&#432;a th&#7921;c hi&#7879;n c&#7911;a h&#7885; &#273;&atilde; gi&#7843;m &#273;&aacute;ng k&#7875;</a>.
Strategy, Inc. d&#7851;n &#273;&#7847;u v&#7899;i 48.411 t&#7927; USD, ti&#7871;p theo l&agrave; BitMine Immersion v&#7899;i 10.6 t&#7927; USD v&agrave; Marathon Digital v&#7899;i 4.5 t&#7927; USD.
<a href="https://defillama.com/digital-asset-treasuries"><img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/4xM0QlZsCz7cK9y82un2iToRLsU=/smart/cb98dd96963b42a6bdd0833aed2cd5f9" alt="DAT Holdings by Institution" class="wp-image-778889"></a>T&agrave;i s&#7843;n DAT theo t&#7893; ch&#7913;c. Ngu&#7891;n: <a href="https://defillama.com/digital-asset-treasuries" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>

Xu h&#432;&#7899;ng gi&#7843;m cho th&#7845;y s&#7921; suy gi&#7843;m trong s&#7921; th&egrave;m mu&#7889;n c&#7911;a c&aacute;c t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i vi&#7879;c m&#7903; r&#7897;ng c&aacute;c v&#7883; th&#7871; n&agrave;y. M&#7863;c d&ugrave; h&#7847;u h&#7871;t c&aacute;c chi&#7871;n l&#432;&#7907;c DAT &#273;&#7873;u t&#7853;p trung v&agrave;o Bitcoin, nh&#432;ng m&#7897;t s&#7889; &#273;&atilde; &#273;a d&#7841;ng h&oacute;a sang Ethereum, Solana v&agrave; c&aacute;c <a href="https://vn.beincrypto.com/altcoins-all-time-highs-first-week-december/" target="_blank" rel="noopener">altcoin</a> kh&aacute;c.
Tuy nhi&ecirc;n, s&#7921; &#273;a d&#7841;ng h&oacute;a n&agrave;y kh&ocirc;ng &#273;&#7911; b&#7843;o v&#7879; kho b&#7841;c kh&#7887;i s&#7921; gi&#7843;m gi&aacute; t&agrave;i s&#7843;n trong chu k&#7923; th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i.
B&#7843;ng ph&acirc;n t&iacute;ch c&#7911;a DefiLlama cung c&#7845;p c&aacute;i nh&igrave;n s&acirc;u s&#7855;c v&#7873; c&aacute;c t&#7893; ch&#7913;c v&agrave; lo&#7841;i t&agrave;i s&#7843;n b&#7883; &#7843;nh h&#432;&#7903;ng n&#7863;ng n&#7873; nh&#7845;t. H&#7847;u h&#7871;t c&aacute;c c&ocirc;ng ty n&#7855;m gi&#7919; DAT ch&iacute;nh &#273;&#7873;u b&aacute;o c&aacute;o gi&aacute; tr&#7883; th&#7921;c hi&#7879;n th&#7845;p h&#417;n, ph&#7843;n &aacute;nh nh&#7919;ng gi&oacute; ng&#432;&#7907;c tr&ecirc;n th&#7883; tr&#432;&#7901;ng di&#7879;n r&#7897;ng v&agrave; s&#7921; s&#7909;t gi&#7843;m ni&#7873;m tin c&#7911;a nh&agrave; &#273;&#7847;u t&#432;.
D&#7919; li&#7879;u cho th&#7845;y s&#7921; chuy&#7875;n bi&#7871;n &#273;&aacute;ng ch&uacute; &yacute; trong c&aacute;ch <a href="https://beincrypto.com/learn/tradfi-explained" target="_blank" rel="noreferrer noopener">t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng (TradFi)</a> nh&igrave;n nh&#7853;n ti&#7873;n &#273;i&#7879;n t&#7917; nh&#432; m&#7897;t t&agrave;i s&#7843;n tr&ecirc;n b&#7843;ng c&acirc;n &#273;&#7889;i.
&#272;i&#7873;u n&agrave;y minh ch&#7913;ng r&#7857;ng nh&agrave; &#273;&#7847;u t&#432; kh&ocirc;ng c&ograve;n &#273;&aacute;nh gi&aacute; cao chi&#7871;n l&#432;&#7907;c DAT. Thay v&agrave;o &#273;&oacute;, h&#7885; &#273;ang &#273;&#7843;o ng&#432;&#7907;c s&#7921; l&#7841;c quan th&#7845;y v&agrave;o &#273;&#7847;u n&#259;m 2025 khi vi&#7879;c &aacute;p d&#7909;ng ti&#7873;n &#273;i&#7879;n t&#7917; c&#7911;a doanh nghi&#7879;p &#273;&#432;&#7907;c ca ng&#7907;i l&agrave; m&#7897;t &#273;&#7893;i m&#7899;i l&#7899;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-liquidity-concerns-and-long-term-survival-risks">Lo ng&#7841;i v&#7873; thanh kho&#7843;n v&agrave; r&#7911;i ro t&#7891;n t&#7841;i l&acirc;u d&agrave;i</h2>

C&aacute;c nh&agrave; quan s&aacute;t ng&agrave;nh &#273;&atilde; n&ecirc;u l&ecirc;n m&#7889;i lo ng&#7841;i v&#7873; t&iacute;nh b&#7873;n v&#7919;ng c&#7911;a <a href="https://vn.beincrypto.com/hbar-price-dependent-on-bitcoin/" target="_blank" rel="noopener">altcoin</a> khi thi&#7871;u c&aacute;c k&ecirc;nh thanh kho&#7843;n m&#7841;nh.
CEO c&#7911;a CryptoQuant, Ki Young Ju <a href="https://x.com/ki_young_ju/status/1995456499066253782" target="_blank" rel="noopener">c&#7843;nh b&aacute;o</a> r&#7857;ng c&aacute;c d&#7921; &aacute;n thi&#7871;u ti&#7871;p c&#7853;n v&#7899;i DATs ho&#7863;c ETFs &#273;&#7889;i m&#7863;t v&#7899;i r&#7911;i ro d&agrave;i h&#7841;n t&#259;ng cao.
Ph&acirc;n t&iacute;ch c&#7911;a &ocirc;ng n&ecirc;u l&ecirc;n m&#7897;t &#273;i&#7875;m m&#7845;u ch&#7889;t: khi thanh kho&#7843;n tr&ecirc;n th&#7883; tr&#432;&#7901;ng altcoin gi&#7843;m, ch&#7881; nh&#7919;ng d&#7921; &aacute;n c&oacute; s&#7921; h&#7895; tr&#7907; c&#7911;a t&#7893; ch&#7913;c th&ocirc;ng qua DATs ho&#7863;c ETFs &#273;&#432;&#7907;c ph&ecirc; duy&#7879;t m&#7899;i c&oacute; tri&#7875;n v&#7885;ng t&#7891;n t&#7841;i h&#7907;p l&yacute;.
<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;Thanh kho&#7843;n altcoin &#273;ang c&#7841;n ki&#7879;t. C&aacute;c d&#7921; &aacute;n c&oacute; c&aacute;c k&ecirc;nh thanh kho&#7843;n m&#7899;i nh&#432; DAT v&agrave; ETFs c&oacute; c&#417; h&#7897;i t&#7891;n t&#7841;i l&acirc;u d&agrave;i h&#417;n. N&#7871;u altcoin c&#7911;a b&#7841;n kh&ocirc;ng ch&#417;i tr&ograve; thanh kho&#7843;n, r&#7911;i ro d&agrave;i h&#7841;n c&#7911;a n&oacute; c&oacute; th&#7875; cao,&rdquo; <a href="https://x.com/ki_young_ju/status/1995456499066253782?s=20" target="_blank" rel="noreferrer noopener nofollow">Ki vi&#7871;t</a>.
</blockquote>

Tuy nhi&ecirc;n, ngay c&#7843; c&aacute;c <a href="https://vn.beincrypto.com/crypto-whales-december-dip-top-buys/" target="_blank" rel="noopener">altcoin &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i DATs</a> v&agrave; &#273;&#417;n &#273;&#259;ng k&yacute; ETF c&#361;ng &#273;ang g&#7863;p kh&oacute; kh&#259;n. M&#7897;t infographic g&#7847;n &#273;&acirc;y v&#7899;i b&agrave;i &#273;&#259;ng c&#7911;a Ju li&#7879;t k&ecirc; 20 altcoin chia theo tr&#7841;ng th&aacute;i ph&ecirc; duy&#7879;t ETF v&agrave; l&#432;&#7907;ng n&#7855;m gi&#7919; kho b&#7841;c c&ocirc;ng ty.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/-7fh9aoXOV3h3SW7IRzy_v6sd5g=/smart/8bfbf065447143679ae439e1c2c342b9" alt="Projects securing new liquidity channels like DAT and ETFs" class="wp-image-778891">C&aacute;c d&#7921; &aacute;n c&oacute; k&ecirc;nh thanh kho&#7843;n m&#7899;i nh&#432; DAT v&agrave; ETFs. Ngu&#7891;n: <a href="https://x.com/ki_young_ju/status/1995456499066253782?s=20" target="_blank" rel="noreferrer noopener nofollow">Ki Young Ju tr&ecirc;n X</a>
 
Ch&#7881; c&oacute; Ethereum, Solana, XRP v&agrave; <a href="https://vn.beincrypto.com/grayscale-chainlink-etf-link-price-outlook/" target="_blank" rel="noreferrer noopener">Chainlink hi&#7879;n &#273;&atilde; &#273;&#432;&#7907;c ch&#7845;p thu&#7853;n</a> c&oacute; tr&#7841;ng th&aacute;i ETF. &#272;a s&#7889; c&aacute;c &#273;&#7891;ng coin kh&aacute;c &#273;ang n&#7857;m trong danh m&#7909;c &ldquo;&#273;&atilde; n&#7897;p h&#7891; s&#417;&rdquo; ho&#7863;c &ldquo;c&oacute; kh&#7843; n&#259;ng&rdquo;, m&#7863;c d&ugrave; c&aacute;c qu&#7929; c&ocirc;ng ty &#273;&#7841;i ch&uacute;ng n&#7855;m gi&#7919; nhi&#7873;u. H&igrave;nh &#7843;nh n&agrave;y l&agrave;m n&#7893;i b&#7853;t nh&#7919;ng r&#7911;i ro t&#259;ng cao li&ecirc;n quan &#273;&#7871;n c&aacute;c &#273;&#7891;ng coin thi&#7871;u h&#7895; tr&#7907; c&#7843; t&#7915; ETF v&agrave; DAT.
V&agrave;o th&aacute;ng 10/2025, CoinShares &#273;&atilde; ra m&#7855;t m&#7897;t ETF cung c&#7845;p ti&#7871;p x&uacute;c v&#7899;i 10 altcoin Layer 1 h&agrave;ng &#273;&#7847;u, theo m&#7897;t <a href="https://investor.coinshares.com/pressreleases/coinshares-launches-etf-offering-access-to-altcoins" target="_blank" rel="noreferrer noopener nofollow">th&ocirc;ng c&aacute;o b&aacute;o ch&iacute; ch&iacute;nh th&#7913;c</a>. Qu&#7929; n&agrave;y &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&igrave;m ki&#7871;m s&#7921; &#273;a d&#7841;ng h&oacute;a ti&#7871;p x&uacute;c v&#7899;i altcoin ngo&agrave;i Bitcoin v&agrave; Ethereum.
CoinShares c&#361;ng mi&#7877;n ph&iacute; qu&#7843;n l&yacute; &#273;&#7871;n th&aacute;ng 09/2026 &#273;&#7875; khuy&#7871;n kh&iacute;ch tham gia, ph&#7843;n &aacute;nh s&#7921; c&#7841;nh tranh gia t&#259;ng trong th&#7883; tr&#432;&#7901;ng ETF. Tuy nhi&ecirc;n, d&#7919; li&#7879;u cho th&#7845;y r&#7857;ng c&aacute;c DAT v&agrave; ETF t&#7853;p trung v&agrave;o altcoin ti&#7871;p t&#7909;c &#273;&#7889;i m&#7863;t v&#7899;i nh&#7919;ng th&aacute;ch th&#7913;c v&#7873; c&#7845;u tr&uacute;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-calls-for-strategic-shifts-in-treasury-management">K&ecirc;u g&#7885;i thay &#273;&#7893;i chi&#7871;n l&#432;&#7907;c trong qu&#7843;n l&yacute; ng&acirc;n qu&#7929;</h2>

M&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch cho r&#7857;ng c&aacute;c c&ocirc;ng ty trong l&#297;nh v&#7921;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; n&ecirc;n suy ngh&#297; l&#7841;i v&#7873; vi&#7879;c ti&#7871;p x&uacute;c v&#7899;i nh&#7919;ng t&agrave;i s&#7843;n c&oacute; &#273;&#7897; bi&#7871;n &#273;&#7897;ng cao.
Nh&agrave; ph&acirc;n t&iacute;ch crypto Nwachukwu khuy&#7871;n ngh&#7883; c&aacute;c qu&#7929; n&ecirc;n gi&#7843;m t&#7927; l&#7879; n&#7855;m gi&#7919; c&aacute;c lo&#7841;i ti&#7873;n &#273;i&#7879;n t&#7917; c&oacute; bi&#7871;n &#273;&#7897;ng l&#7899;n nh&#432; Ethereum v&agrave; Solana, thay v&agrave;o &#273;&oacute; &#432;a chu&#7897;ng c&aacute;c t&agrave;i s&#7843;n th&#7921;c token h&oacute;a (RWAs) c&oacute; &#273;&#7897; &#7893;n &#273;&#7883;nh cao h&#417;n v&agrave; b&#7843;o to&agrave;n v&#7889;n.
L&#7853;p lu&#7853;n n&agrave;y ph&#7843;n &aacute;nh nh&#7919;ng lo ng&#7841;i v&#7873; nh&#7919;ng bi&#7871;n &#273;&#7897;ng nh&#432; s&ograve;ng b&#7841;c m&agrave; nhi&#7873;u danh m&#7909;c DAT &#273;ang g&#7863;p ph&#7843;i.
C&aacute;c RWAs token h&oacute;a cung c&#7845;p l&#7907;i nhu&#7853;n tr&ecirc;n chu&#7895;i v&agrave; kh&#7843; n&#259;ng k&#7871;t h&#7907;p, &#273;&#7891;ng th&#7901;i th&#432;&#7901;ng tr&aacute;nh &#273;&#432;&#7907;c nh&#7919;ng &#273;&#7907;t s&#7909;t gi&#7843;m l&#7899;n th&#7845;y trong th&#7883; tr&#432;&#7901;ng crypto.
M&#7909;c ti&ecirc;u c&#7889;t l&otilde;i c&#7911;a c&aacute;c qu&#7929; c&ocirc;ng ty v&#7851;n l&agrave; b&#7843;o to&agrave;n v&#7889;n v&agrave; &#273;&#7843;m b&#7843;o ho&#7841;t &#273;&#7897;ng l&acirc;u d&agrave;i, kh&ocirc;ng ph&#7843;i &#273;&#7847;u c&#417;.
M&#7897;t ng&#432;&#7901;i ch&#7881; tr&iacute;ch kh&aacute;c, Taiki Maeda, th&aacute;ch th&#7913;c m&ocirc; h&igrave;nh DAT, cho r&#7857;ng vi&#7879;c bi&#7871;n c&aacute;c t&agrave;i s&#7843;n phi t&#7853;p trung nh&#432; Bitcoin v&agrave; Ethereum th&agrave;nh c&aacute;c DAT g&#7897;p l&agrave;m t&#259;ng g&aacute;nh n&#7863;ng v&agrave; l&agrave;m h&#7887;ng gi&aacute; tr&#7883; n&#7897;i t&#7841;i.
Quan &#273;i&#7875;m n&agrave;y &#273;&#432;&#7907;c chia s&#7867; b&#7903;i m&#7897;t ph&#7847;n c&#7911;a c&#7897;ng &#273;&#7891;ng crypto lo ng&#7841;i r&#7857;ng vi&#7879;c &#273;&#432;a v&agrave;o th&#7875; ch&#7871; h&oacute;a d&#7851;n &#273;&#7871;n k&eacute;m hi&#7879;u qu&#7843;, &#273;&#7863;c bi&#7879;t &#273;&#7889;i v&#7899;i c&aacute;c altcoin g&#7855;n v&#7899;i chi&#7871;n l&#432;&#7907;c DAT.
Strategy, Inc. &#273;&atilde; &#273;&#7913;ng &#273;&#7847;u trong th&#7883; tr&#432;&#7901;ng DAT, <a href="https://beincrypto.com/microstrategy-december-crash-below-bitcoin-value/" target="_blank" rel="noreferrer noopener">duy tr&igrave; t&iacute;nh minh b&#7841;ch</a> th&ocirc;ng qua trang th&ocirc;ng tin mua Bitcoin ch&iacute;nh th&#7913;c c&#7911;a m&igrave;nh.
C&ocirc;ng ty n&agrave;y th&#432;&#7901;ng xuy&ecirc;n c&#7853;p nh&#7853;t t&igrave;nh h&igrave;nh n&#7855;m gi&#7919;, v&#7899;i d&#7919; li&#7879;u th&#7883; tr&#432;&#7901;ng Bitcoin m&#7899;i nh&#7845;t &#273;&#432;&#7907;c c&#7853;p nh&#7853;t v&agrave;o th&aacute;ng 12/2025. Strategy c&#361;ng &#273;&atilde; t&#7893; ch&#7913;c h&#7897;i ngh&#7883; Bitcoin for Corporations 2025 v&agrave;o th&aacute;ng 05, th&uacute;c &#273;&#7849;y &#273;&#7889;i tho&#7841;i v&#7873; vi&#7879;c ch&#7845;p nh&#7853;n v&agrave; qu&#7843;n l&yacute; qu&#7929; c&#7911;a doanh nghi&#7879;p.
Nh&#7919;ng s&aacute;ng ki&#7871;n n&agrave;y l&agrave;m n&#7893;i b&#7853;t s&#7921; &#7911;ng h&#7897; li&ecirc;n t&#7909;c c&#7911;a m&#7897;t s&#7889; t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i m&ocirc; h&igrave;nh DAT d&ugrave; g&#7863;p nh&#7919;ng th&aacute;ch th&#7913;c hi&#7879;n t&#7841;i.
Khi c&aacute;c th&#7883; tr&#432;&#7901;ng crypto v&#7851;n c&ograve;n bi&#7871;n &#273;&#7897;ng, nh&#7919;ng th&aacute;ng s&#7855;p t&#7899;i s&#7869; &#273;&#7863;t ra nh&#7919;ng th&#7917; th&aacute;ch li&#7879;u c&aacute;c c&ocirc;ng ty n&#7855;m gi&#7919; DAT c&oacute; th&#7875; &#273;i&#7873;u ch&#7881;nh &#273;&#7875; b&#7843;o to&agrave;n v&#7889;n trong khi v&#7851;n gi&#7919; ti&#7871;p x&uacute;c v&#7899;i crypto.
S&#7921; s&#7909;t gi&#7843;m l&#432;u l&#432;&#7907;ng v&#7889;n &#273;&aacute;ng k&#7875; b&aacute;o hi&#7879;u m&#7897;t giai &#273;o&#7841;n c&oacute; th&#7875; l&agrave; s&#7921; h&#7907;p nh&#7845;t v&agrave; t&aacute;i &#273;&aacute;nh gi&aacute; chi&#7871;n l&#432;&#7907;c, v&#7899;i s&#7921; t&#7891;n t&#7841;i ph&#7909; thu&#7897;c v&agrave;o thanh kho&#7843;n, l&#7921;a ch&#7885;n t&agrave;i s&#7843;n th&#7853;n tr&#7885;ng v&agrave; t&#7853;p trung h&#417;n v&agrave;o s&#7921; &#7893;n &#273;&#7883;nh thay v&igrave; &#273;&#7847;u c&#417;.

Dòng tiền DAT sụt giảm 90% — Có phải cuộc khủng hoảng thanh khoản đang tiềm ẩn trong lĩnh vực crypto của doanh nghiệp?

Gi&aacute; tr&#7883; Digital Asset Treasury (DAT) &#273;&atilde; gi&#7843;m m&#7841;nh, ch&#7881; &#273;&#7841;t 1.32 t&#7927; USD trong nh&#7919;ng th&aacute;ng g&#7847;n &#273;&acirc;y. &#272;&acirc;y l&agrave; m&#7913;c th&#7845;p nh&#7845;t trong n&#259;m 2025 v&agrave; gi&#7843;m &#273;&#7871;n 90% so v&#7899;i &#273;&#7881;nh &#273;i&#7875;m v&agrave;o th&aacute;ng 07.
S&#7921; suy gi&#7843;m n&agrave;y &#273;&#7863;t ra nh&#7919;ng c&acirc;u h&#7887;i m&#7899;i v&#7873; &#273;&#7897; &#7893;n &#273;&#7883;nh trong chi&#7871;n l&#432;&#7907;c kho b&#7841;c t&#7853;p trung v&agrave;o c&aacute;c t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; &#273;&#7847;y bi&#7871;n &#273;&#7897;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-institutional-flows-collapse-amid-declining-confidence">D&ograve;ng v&#7889;n t&#7893; ch&#7913;c s&#7909;t gi&#7843;m gi&#7919;a b&#7889;i c&#7843;nh ni&#7873;m tin gi&#7843;m s&uacute;t</h2>

D&#7919; li&#7879;u t&#7915; <a href="https://defillama.com/digital-asset-treasuries" target="_blank" rel="noopener">DefiLlama</a> cho th&#7845;y r&#7857;ng d&ograve;ng ti&#7873;n DAT &#273;&#7841;t m&#7913;c th&#7845;p nh&#7845;t t&#7915; khi c&aacute;c t&#7893; ch&#7913;c b&#7855;t &#273;&#7847;u x&acirc;y d&#7921;ng kho d&#7921; tr&#7919; t&agrave;i s&#7843;n s&#7889; m&#7897;t c&aacute;ch m&#7841;nh m&#7869;.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/hEPJHg4hDr6nWLAuP2SXv4a3XbM=/smart/8cf3045b96f3413ebffe0c6f759dd7a6" alt="DAT Inflows by Asset" class="wp-image-778884">D&ograve;ng ti&#7873;n DAT theo t&agrave;i s&#7843;n. Ngu&#7891;n: <a href="https://defillama.com/digital-asset-treasuries" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>

S&#7889; ti&#7873;n 1.32 t&#7927; USD n&agrave;y r&#7845;t kh&aacute;c bi&#7879;t so v&#7899;i &#273;&#7881;nh cao v&agrave;o th&aacute;ng 07/2025, khi s&#7921; quan t&acirc;m &#273;&#7871;n vi&#7879;c n&#7855;m gi&#7919; ti&#7873;n &#273;i&#7879;n t&#7917; c&#7911;a c&aacute;c c&ocirc;ng ty &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c.
C&aacute;c t&#7893; ch&#7913;c h&agrave;ng &#273;&#7847;u nh&#432; <a href="https://vn.beincrypto.com/microstrategy-december-crash-below-bitcoin-value/" target="_blank" rel="noopener">Strategy, Inc. (tr&#432;&#7899;c &#273;&acirc;y l&agrave; MicroStrategy)</a>, BitMine Immersion Technologies, v&agrave; Marathon Digital n&#7855;m gi&#7919; h&agrave;ng ch&#7909;c t&#7927; &#273;&ocirc; t&agrave;i s&#7843;n s&#7889;. Tuy nhi&ecirc;n, <a href="https://vn.beincrypto.com/microstrategy-mnav-bitcoin-premium-collapse/" target="_blank" rel="noreferrer noopener">gi&aacute; tr&#7883; mNAV th&#7921;c hi&#7879;n v&agrave; ch&#432;a th&#7921;c hi&#7879;n c&#7911;a h&#7885; &#273;&atilde; gi&#7843;m &#273;&aacute;ng k&#7875;</a>.
Strategy, Inc. d&#7851;n &#273;&#7847;u v&#7899;i 48.411 t&#7927; USD, ti&#7871;p theo l&agrave; BitMine Immersion v&#7899;i 10.6 t&#7927; USD v&agrave; Marathon Digital v&#7899;i 4.5 t&#7927; USD.
<a href="https://defillama.com/digital-asset-treasuries"><img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/4xM0QlZsCz7cK9y82un2iToRLsU=/smart/cb98dd96963b42a6bdd0833aed2cd5f9" alt="DAT Holdings by Institution" class="wp-image-778889"></a>T&agrave;i s&#7843;n DAT theo t&#7893; ch&#7913;c. Ngu&#7891;n: <a href="https://defillama.com/digital-asset-treasuries" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>

Xu h&#432;&#7899;ng gi&#7843;m cho th&#7845;y s&#7921; suy gi&#7843;m trong s&#7921; th&egrave;m mu&#7889;n c&#7911;a c&aacute;c t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i vi&#7879;c m&#7903; r&#7897;ng c&aacute;c v&#7883; th&#7871; n&agrave;y. M&#7863;c d&ugrave; h&#7847;u h&#7871;t c&aacute;c chi&#7871;n l&#432;&#7907;c DAT &#273;&#7873;u t&#7853;p trung v&agrave;o Bitcoin, nh&#432;ng m&#7897;t s&#7889; &#273;&atilde; &#273;a d&#7841;ng h&oacute;a sang Ethereum, Solana v&agrave; c&aacute;c <a href="https://vn.beincrypto.com/altcoins-all-time-highs-first-week-december/" target="_blank" rel="noopener">altcoin</a> kh&aacute;c.
Tuy nhi&ecirc;n, s&#7921; &#273;a d&#7841;ng h&oacute;a n&agrave;y kh&ocirc;ng &#273;&#7911; b&#7843;o v&#7879; kho b&#7841;c kh&#7887;i s&#7921; gi&#7843;m gi&aacute; t&agrave;i s&#7843;n trong chu k&#7923; th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i.
B&#7843;ng ph&acirc;n t&iacute;ch c&#7911;a DefiLlama cung c&#7845;p c&aacute;i nh&igrave;n s&acirc;u s&#7855;c v&#7873; c&aacute;c t&#7893; ch&#7913;c v&agrave; lo&#7841;i t&agrave;i s&#7843;n b&#7883; &#7843;nh h&#432;&#7903;ng n&#7863;ng n&#7873; nh&#7845;t. H&#7847;u h&#7871;t c&aacute;c c&ocirc;ng ty n&#7855;m gi&#7919; DAT ch&iacute;nh &#273;&#7873;u b&aacute;o c&aacute;o gi&aacute; tr&#7883; th&#7921;c hi&#7879;n th&#7845;p h&#417;n, ph&#7843;n &aacute;nh nh&#7919;ng gi&oacute; ng&#432;&#7907;c tr&ecirc;n th&#7883; tr&#432;&#7901;ng di&#7879;n r&#7897;ng v&agrave; s&#7921; s&#7909;t gi&#7843;m ni&#7873;m tin c&#7911;a nh&agrave; &#273;&#7847;u t&#432;.
D&#7919; li&#7879;u cho th&#7845;y s&#7921; chuy&#7875;n bi&#7871;n &#273;&aacute;ng ch&uacute; &yacute; trong c&aacute;ch <a href="https://beincrypto.com/learn/tradfi-explained" target="_blank" rel="noreferrer noopener">t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng (TradFi)</a> nh&igrave;n nh&#7853;n ti&#7873;n &#273;i&#7879;n t&#7917; nh&#432; m&#7897;t t&agrave;i s&#7843;n tr&ecirc;n b&#7843;ng c&acirc;n &#273;&#7889;i.
&#272;i&#7873;u n&agrave;y minh ch&#7913;ng r&#7857;ng nh&agrave; &#273;&#7847;u t&#432; kh&ocirc;ng c&ograve;n &#273;&aacute;nh gi&aacute; cao chi&#7871;n l&#432;&#7907;c DAT. Thay v&agrave;o &#273;&oacute;, h&#7885; &#273;ang &#273;&#7843;o ng&#432;&#7907;c s&#7921; l&#7841;c quan th&#7845;y v&agrave;o &#273;&#7847;u n&#259;m 2025 khi vi&#7879;c &aacute;p d&#7909;ng ti&#7873;n &#273;i&#7879;n t&#7917; c&#7911;a doanh nghi&#7879;p &#273;&#432;&#7907;c ca ng&#7907;i l&agrave; m&#7897;t &#273;&#7893;i m&#7899;i l&#7899;n.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-liquidity-concerns-and-long-term-survival-risks">Lo ng&#7841;i v&#7873; thanh kho&#7843;n v&agrave; r&#7911;i ro t&#7891;n t&#7841;i l&acirc;u d&agrave;i</h2>

C&aacute;c nh&agrave; quan s&aacute;t ng&agrave;nh &#273;&atilde; n&ecirc;u l&ecirc;n m&#7889;i lo ng&#7841;i v&#7873; t&iacute;nh b&#7873;n v&#7919;ng c&#7911;a <a href="https://vn.beincrypto.com/hbar-price-dependent-on-bitcoin/" target="_blank" rel="noopener">altcoin</a> khi thi&#7871;u c&aacute;c k&ecirc;nh thanh kho&#7843;n m&#7841;nh.
CEO c&#7911;a CryptoQuant, Ki Young Ju <a href="https://x.com/ki_young_ju/status/1995456499066253782" target="_blank" rel="noopener">c&#7843;nh b&aacute;o</a> r&#7857;ng c&aacute;c d&#7921; &aacute;n thi&#7871;u ti&#7871;p c&#7853;n v&#7899;i DATs ho&#7863;c ETFs &#273;&#7889;i m&#7863;t v&#7899;i r&#7911;i ro d&agrave;i h&#7841;n t&#259;ng cao.
Ph&acirc;n t&iacute;ch c&#7911;a &ocirc;ng n&ecirc;u l&ecirc;n m&#7897;t &#273;i&#7875;m m&#7845;u ch&#7889;t: khi thanh kho&#7843;n tr&ecirc;n th&#7883; tr&#432;&#7901;ng altcoin gi&#7843;m, ch&#7881; nh&#7919;ng d&#7921; &aacute;n c&oacute; s&#7921; h&#7895; tr&#7907; c&#7911;a t&#7893; ch&#7913;c th&ocirc;ng qua DATs ho&#7863;c ETFs &#273;&#432;&#7907;c ph&ecirc; duy&#7879;t m&#7899;i c&oacute; tri&#7875;n v&#7885;ng t&#7891;n t&#7841;i h&#7907;p l&yacute;.
<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;Thanh kho&#7843;n altcoin &#273;ang c&#7841;n ki&#7879;t. C&aacute;c d&#7921; &aacute;n c&oacute; c&aacute;c k&ecirc;nh thanh kho&#7843;n m&#7899;i nh&#432; DAT v&agrave; ETFs c&oacute; c&#417; h&#7897;i t&#7891;n t&#7841;i l&acirc;u d&agrave;i h&#417;n. N&#7871;u altcoin c&#7911;a b&#7841;n kh&ocirc;ng ch&#417;i tr&ograve; thanh kho&#7843;n, r&#7911;i ro d&agrave;i h&#7841;n c&#7911;a n&oacute; c&oacute; th&#7875; cao,&rdquo; <a href="https://x.com/ki_young_ju/status/1995456499066253782?s=20" target="_blank" rel="noreferrer noopener nofollow">Ki vi&#7871;t</a>.
</blockquote>

Tuy nhi&ecirc;n, ngay c&#7843; c&aacute;c <a href="https://vn.beincrypto.com/crypto-whales-december-dip-top-buys/" target="_blank" rel="noopener">altcoin &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7903;i DATs</a> v&agrave; &#273;&#417;n &#273;&#259;ng k&yacute; ETF c&#361;ng &#273;ang g&#7863;p kh&oacute; kh&#259;n. M&#7897;t infographic g&#7847;n &#273;&acirc;y v&#7899;i b&agrave;i &#273;&#259;ng c&#7911;a Ju li&#7879;t k&ecirc; 20 altcoin chia theo tr&#7841;ng th&aacute;i ph&ecirc; duy&#7879;t ETF v&agrave; l&#432;&#7907;ng n&#7855;m gi&#7919; kho b&#7841;c c&ocirc;ng ty.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/-7fh9aoXOV3h3SW7IRzy_v6sd5g=/smart/8bfbf065447143679ae439e1c2c342b9" alt="Projects securing new liquidity channels like DAT and ETFs" class="wp-image-778891">C&aacute;c d&#7921; &aacute;n c&oacute; k&ecirc;nh thanh kho&#7843;n m&#7899;i nh&#432; DAT v&agrave; ETFs. Ngu&#7891;n: <a href="https://x.com/ki_young_ju/status/1995456499066253782?s=20" target="_blank" rel="noreferrer noopener nofollow">Ki Young Ju tr&ecirc;n X</a>
 
Ch&#7881; c&oacute; Ethereum, Solana, XRP v&agrave; <a href="https://vn.beincrypto.com/grayscale-chainlink-etf-link-price-outlook/" target="_blank" rel="noreferrer noopener">Chainlink hi&#7879;n &#273;&atilde; &#273;&#432;&#7907;c ch&#7845;p thu&#7853;n</a> c&oacute; tr&#7841;ng th&aacute;i ETF. &#272;a s&#7889; c&aacute;c &#273;&#7891;ng coin kh&aacute;c &#273;ang n&#7857;m trong danh m&#7909;c &ldquo;&#273;&atilde; n&#7897;p h&#7891; s&#417;&rdquo; ho&#7863;c &ldquo;c&oacute; kh&#7843; n&#259;ng&rdquo;, m&#7863;c d&ugrave; c&aacute;c qu&#7929; c&ocirc;ng ty &#273;&#7841;i ch&uacute;ng n&#7855;m gi&#7919; nhi&#7873;u. H&igrave;nh &#7843;nh n&agrave;y l&agrave;m n&#7893;i b&#7853;t nh&#7919;ng r&#7911;i ro t&#259;ng cao li&ecirc;n quan &#273;&#7871;n c&aacute;c &#273;&#7891;ng coin thi&#7871;u h&#7895; tr&#7907; c&#7843; t&#7915; ETF v&agrave; DAT.
V&agrave;o th&aacute;ng 10/2025, CoinShares &#273;&atilde; ra m&#7855;t m&#7897;t ETF cung c&#7845;p ti&#7871;p x&uacute;c v&#7899;i 10 altcoin Layer 1 h&agrave;ng &#273;&#7847;u, theo m&#7897;t <a href="https://investor.coinshares.com/pressreleases/coinshares-launches-etf-offering-access-to-altcoins" target="_blank" rel="noreferrer noopener nofollow">th&ocirc;ng c&aacute;o b&aacute;o ch&iacute; ch&iacute;nh th&#7913;c</a>. Qu&#7929; n&agrave;y &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&igrave;m ki&#7871;m s&#7921; &#273;a d&#7841;ng h&oacute;a ti&#7871;p x&uacute;c v&#7899;i altcoin ngo&agrave;i Bitcoin v&agrave; Ethereum.
CoinShares c&#361;ng mi&#7877;n ph&iacute; qu&#7843;n l&yacute; &#273;&#7871;n th&aacute;ng 09/2026 &#273;&#7875; khuy&#7871;n kh&iacute;ch tham gia, ph&#7843;n &aacute;nh s&#7921; c&#7841;nh tranh gia t&#259;ng trong th&#7883; tr&#432;&#7901;ng ETF. Tuy nhi&ecirc;n, d&#7919; li&#7879;u cho th&#7845;y r&#7857;ng c&aacute;c DAT v&agrave; ETF t&#7853;p trung v&agrave;o altcoin ti&#7871;p t&#7909;c &#273;&#7889;i m&#7863;t v&#7899;i nh&#7919;ng th&aacute;ch th&#7913;c v&#7873; c&#7845;u tr&uacute;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-calls-for-strategic-shifts-in-treasury-management">K&ecirc;u g&#7885;i thay &#273;&#7893;i chi&#7871;n l&#432;&#7907;c trong qu&#7843;n l&yacute; ng&acirc;n qu&#7929;</h2>

M&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch cho r&#7857;ng c&aacute;c c&ocirc;ng ty trong l&#297;nh v&#7921;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; n&ecirc;n suy ngh&#297; l&#7841;i v&#7873; vi&#7879;c ti&#7871;p x&uacute;c v&#7899;i nh&#7919;ng t&agrave;i s&#7843;n c&oacute; &#273;&#7897; bi&#7871;n &#273;&#7897;ng cao.
Nh&agrave; ph&acirc;n t&iacute;ch crypto Nwachukwu khuy&#7871;n ngh&#7883; c&aacute;c qu&#7929; n&ecirc;n gi&#7843;m t&#7927; l&#7879; n&#7855;m gi&#7919; c&aacute;c lo&#7841;i ti&#7873;n &#273;i&#7879;n t&#7917; c&oacute; bi&#7871;n &#273;&#7897;ng l&#7899;n nh&#432; Ethereum v&agrave; Solana, thay v&agrave;o &#273;&oacute; &#432;a chu&#7897;ng c&aacute;c t&agrave;i s&#7843;n th&#7921;c token h&oacute;a (RWAs) c&oacute; &#273;&#7897; &#7893;n &#273;&#7883;nh cao h&#417;n v&agrave; b&#7843;o to&agrave;n v&#7889;n.
L&#7853;p lu&#7853;n n&agrave;y ph&#7843;n &aacute;nh nh&#7919;ng lo ng&#7841;i v&#7873; nh&#7919;ng bi&#7871;n &#273;&#7897;ng nh&#432; s&ograve;ng b&#7841;c m&agrave; nhi&#7873;u danh m&#7909;c DAT &#273;ang g&#7863;p ph&#7843;i.
C&aacute;c RWAs token h&oacute;a cung c&#7845;p l&#7907;i nhu&#7853;n tr&ecirc;n chu&#7895;i v&agrave; kh&#7843; n&#259;ng k&#7871;t h&#7907;p, &#273;&#7891;ng th&#7901;i th&#432;&#7901;ng tr&aacute;nh &#273;&#432;&#7907;c nh&#7919;ng &#273;&#7907;t s&#7909;t gi&#7843;m l&#7899;n th&#7845;y trong th&#7883; tr&#432;&#7901;ng crypto.
M&#7909;c ti&ecirc;u c&#7889;t l&otilde;i c&#7911;a c&aacute;c qu&#7929; c&ocirc;ng ty v&#7851;n l&agrave; b&#7843;o to&agrave;n v&#7889;n v&agrave; &#273;&#7843;m b&#7843;o ho&#7841;t &#273;&#7897;ng l&acirc;u d&agrave;i, kh&ocirc;ng ph&#7843;i &#273;&#7847;u c&#417;.
M&#7897;t ng&#432;&#7901;i ch&#7881; tr&iacute;ch kh&aacute;c, Taiki Maeda, th&aacute;ch th&#7913;c m&ocirc; h&igrave;nh DAT, cho r&#7857;ng vi&#7879;c bi&#7871;n c&aacute;c t&agrave;i s&#7843;n phi t&#7853;p trung nh&#432; Bitcoin v&agrave; Ethereum th&agrave;nh c&aacute;c DAT g&#7897;p l&agrave;m t&#259;ng g&aacute;nh n&#7863;ng v&agrave; l&agrave;m h&#7887;ng gi&aacute; tr&#7883; n&#7897;i t&#7841;i.
Quan &#273;i&#7875;m n&agrave;y &#273;&#432;&#7907;c chia s&#7867; b&#7903;i m&#7897;t ph&#7847;n c&#7911;a c&#7897;ng &#273;&#7891;ng crypto lo ng&#7841;i r&#7857;ng vi&#7879;c &#273;&#432;a v&agrave;o th&#7875; ch&#7871; h&oacute;a d&#7851;n &#273;&#7871;n k&eacute;m hi&#7879;u qu&#7843;, &#273;&#7863;c bi&#7879;t &#273;&#7889;i v&#7899;i c&aacute;c altcoin g&#7855;n v&#7899;i chi&#7871;n l&#432;&#7907;c DAT.
Strategy, Inc. &#273;&atilde; &#273;&#7913;ng &#273;&#7847;u trong th&#7883; tr&#432;&#7901;ng DAT, <a href="https://beincrypto.com/microstrategy-december-crash-below-bitcoin-value/" target="_blank" rel="noreferrer noopener">duy tr&igrave; t&iacute;nh minh b&#7841;ch</a> th&ocirc;ng qua trang th&ocirc;ng tin mua Bitcoin ch&iacute;nh th&#7913;c c&#7911;a m&igrave;nh.
C&ocirc;ng ty n&agrave;y th&#432;&#7901;ng xuy&ecirc;n c&#7853;p nh&#7853;t t&igrave;nh h&igrave;nh n&#7855;m gi&#7919;, v&#7899;i d&#7919; li&#7879;u th&#7883; tr&#432;&#7901;ng Bitcoin m&#7899;i nh&#7845;t &#273;&#432;&#7907;c c&#7853;p nh&#7853;t v&agrave;o th&aacute;ng 12/2025. Strategy c&#361;ng &#273;&atilde; t&#7893; ch&#7913;c h&#7897;i ngh&#7883; Bitcoin for Corporations 2025 v&agrave;o th&aacute;ng 05, th&uacute;c &#273;&#7849;y &#273;&#7889;i tho&#7841;i v&#7873; vi&#7879;c ch&#7845;p nh&#7853;n v&agrave; qu&#7843;n l&yacute; qu&#7929; c&#7911;a doanh nghi&#7879;p.
Nh&#7919;ng s&aacute;ng ki&#7871;n n&agrave;y l&agrave;m n&#7893;i b&#7853;t s&#7921; &#7911;ng h&#7897; li&ecirc;n t&#7909;c c&#7911;a m&#7897;t s&#7889; t&#7893; ch&#7913;c &#273;&#7889;i v&#7899;i m&ocirc; h&igrave;nh DAT d&ugrave; g&#7863;p nh&#7919;ng th&aacute;ch th&#7913;c hi&#7879;n t&#7841;i.
Khi c&aacute;c th&#7883; tr&#432;&#7901;ng crypto v&#7851;n c&ograve;n bi&#7871;n &#273;&#7897;ng, nh&#7919;ng th&aacute;ng s&#7855;p t&#7899;i s&#7869; &#273;&#7863;t ra nh&#7919;ng th&#7917; th&aacute;ch li&#7879;u c&aacute;c c&ocirc;ng ty n&#7855;m gi&#7919; DAT c&oacute; th&#7875; &#273;i&#7873;u ch&#7881;nh &#273;&#7875; b&#7843;o to&agrave;n v&#7889;n trong khi v&#7851;n gi&#7919; ti&#7871;p x&uacute;c v&#7899;i crypto.
S&#7921; s&#7909;t gi&#7843;m l&#432;u l&#432;&#7907;ng v&#7889;n &#273;&aacute;ng k&#7875; b&aacute;o hi&#7879;u m&#7897;t giai &#273;o&#7841;n c&oacute; th&#7875; l&agrave; s&#7921; h&#7907;p nh&#7845;t v&agrave; t&aacute;i &#273;&aacute;nh gi&aacute; chi&#7871;n l&#432;&#7907;c, v&#7899;i s&#7921; t&#7891;n t&#7841;i ph&#7909; thu&#7897;c v&agrave;o thanh kho&#7843;n, l&#7921;a ch&#7885;n t&agrave;i s&#7843;n th&#7853;n tr&#7885;ng v&agrave; t&#7853;p trung h&#417;n v&agrave;o s&#7921; &#7893;n &#273;&#7883;nh thay v&igrave; &#273;&#7847;u c&#417;.