{"id":143398,"date":"2025-12-31T01:59:16","date_gmt":"2025-12-31T01:59:16","guid":{"rendered":"https:\/\/cryptonews.com\/vn\/?p=143398"},"modified":"2025-12-29T01:58:05","modified_gmt":"2025-12-29T01:58:05","slug":"crypto-borrowing-shifts-as-defi-contracts-and-cefi-activity-rebounds-cryptoquant","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/vn\/news\/crypto-borrowing-shifts-as-defi-contracts-and-cefi-activity-rebounds-cryptoquant\/","title":{"rendered":"Ho\u1ea1t \u0111\u1ed9ng vay m\u01b0\u1ee3n ti\u1ec1n \u0111i\u1ec7n t\u1eed d\u1ecbch chuy\u1ec3n khi h\u1ee3p \u0111\u1ed3ng DeFi v\u00e0 m\u1ea3ng CeFi ph\u1ee5c h\u1ed3i: CryptoQuant"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"574\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/12\/29015950\/1766973590-1760982840-bc-defi-1024x574.jpg\" alt=\"Ho\u1ea1t \u0111\u1ed9ng vay crypto\" class=\"wp-image-143400\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/12\/29015950\/1766973590-1760982840-bc-defi-1024x574.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/12\/29015950\/1766973590-1760982840-bc-defi-300x168.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/12\/29015950\/1766973590-1760982840-bc-defi-768x431.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/12\/29015950\/1766973590-1760982840-bc-defi-450x252.jpg 450w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/12\/29015950\/1766973590-1760982840-bc-defi.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure><p>Th\u1ecb tr\u01b0\u1eddng crypto \u0111ang b\u01b0\u1edbc qua m\u1ed9t giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh kh\u00e1 nh\u1ea1y c\u1ea3m, v\u00e0 ho\u1ea1t \u0111\u1ed9ng vay m\u01b0\u1ee3n c\u0169ng b\u1eaft \u0111\u1ea7u cho th\u1ea5y nh\u1eefng thay \u0111\u1ed5i r\u00f5 r\u1ec7t. Trong khi m\u1ea3ng DeFi co l\u1ea1i nhanh khi gi\u00e1 \u0111i xu\u1ed1ng, c\u00e1c n\u1ec1n t\u1ea3ng vay t\u1eadp trung l\u1ea1i \u0111ang \u00e2m th\u1ea7m h\u00fat d\u00f2ng ti\u1ec1n vay tr\u1edf l\u1ea1i. <\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">DeFi leverage is fading.<br><br>AAVE borrowing is down ~70% since August as risk appetite fell with prices. <br><br>But on <a href=\"https:\/\/twitter.com\/Nexo?ref_src=twsrc%5Etfw\">@Nexo<\/a>, borrowing rebounded +155% WoW during the drawdown.<br><br>Users are choosing to borrow against collateral, not sell. <a href=\"https:\/\/t.co\/paqjLMeq5L\">pic.twitter.com\/paqjLMeq5L<\/a><\/p>&mdash; CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/2003748270271799506?ref_src=twsrc%5Etfw\">December 24, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p>D\u1eef li\u1ec7u m\u1edbi t\u1eeb CryptoQuant cho th\u1ea5y nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang \u0111i\u1ec1u ch\u1ec9nh c\u00e1ch xoay v\u1ed1n. Thay v\u00ec ch\u1ea5p nh\u1eadn r\u1ee7i ro cao nh\u01b0 tr\u01b0\u1edbc, h\u1ecd th\u1eadn tr\u1ecdng h\u01a1n, \u01b0u ti\u00ean gi\u1eef t\u00e0i s\u1ea3n nh\u01b0ng v\u1eabn c\u1ea7n ti\u1ec1n m\u1eb7t \u0111\u1ec3 xoay x\u1edf trong ng\u1eafn h\u1ea1n. <\/p><h2 class=\"wp-block-heading\">DeFi ch\u1eadm l\u1ea1i khi th\u1ecb tr\u01b0\u1eddng \u201cx\u1ea3 \u0111\u00f2n b\u1ea9y\u201d <\/h2><span class=\"replacer\"><\/span><p>Tr\u00ean <a href=\"https:\/\/cryptodnes.bg\/vn\/cryptocurrency\/what-is-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">c\u00e1c giao th\u1ee9c DeFi<\/a>, ho\u1ea1t \u0111\u1ed9ng vay \u0111ang gi\u1ea3m d\u1ea7n c\u00f9ng v\u1edbi \u0111\u00e0 suy y\u1ebfu chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng. K\u1ec3 t\u1eeb th\u00e1ng 8, kh\u1ed1i l\u01b0\u1ee3ng vay tr\u00ean nhi\u1ec1u n\u1ec1n t\u1ea3ng l\u1edbn \u0111i xu\u1ed1ng kh\u00e1 r\u00f5 khi trader b\u1eaft \u0111\u1ea7u thu h\u1eb9p v\u1ecb th\u1ebf, gi\u1ea3m \u0111\u00f2n b\u1ea9y \u0111\u1ec3 tr\u00e1nh r\u1ee7i ro. <\/p><p>Aave l\u00e0 c\u00e1i t\u00ean th\u1ec3 hi\u1ec7n xu h\u01b0\u1edbng n\u00e0y r\u00f5 nh\u1ea5t. Theo CryptoQuant, l\u01b0\u1ee3ng stablecoin USDT v\u00e0 USDC \u0111\u01b0\u1ee3c vay theo tu\u1ea7n tr\u00ean n\u1ec1n t\u1ea3ng n\u00e0y \u0111\u00e3 gi\u1ea3m t\u1edbi 69%, t\u1eeb m\u1ee9c \u0111\u1ec9nh kho\u1ea3ng 6,2 t\u1ef7 USD xu\u1ed1ng c\u00f2n 1,9 t\u1ef7 USD v\u00e0o cu\u1ed1i th\u00e1ng 11. <\/p><p>Di\u1ec5n bi\u1ebfn n\u00e0y ph\u1ea3n \u00e1nh \u0111\u00fang t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i. Khi gi\u00e1 gi\u1ea3m, ng\u01b0\u1eddi d\u00f9ng \u01b0u ti\u00ean \u0111\u00f3ng b\u1edbt c\u00e1c kho\u1ea3n vay c\u0169, tr\u1ea3 n\u1ee3 v\u00e0 h\u1ea1 r\u1ee7i ro, thay v\u00ec ti\u1ebfp t\u1ee5c vay th\u00eam \u0111\u1ec3 \u201c\u0111\u00e1nh l\u1edbn\u201d. <\/p><p>D\u00f9 v\u1eady, m\u1ea3ng t\u00e0i ch\u00ednh phi t\u1eadp trung DeFi v\u1eabn ch\u01b0a h\u1ec1 b\u1ecb b\u1ecf r\u01a1i. T\u1ed5ng d\u01b0 n\u1ee3 \u0111ang l\u01b0u h\u00e0nh tr\u00ean Aave hi\u1ec7n v\u1eabn \u1edf m\u1ee9c kho\u1ea3ng 16,3 t\u1ef7 USD, cho th\u1ea5y quy m\u00f4 t\u00edn d\u1ee5ng phi t\u1eadp trung v\u1eabn r\u1ea5t l\u1edbn, ch\u1ec9 l\u00e0 d\u00f2ng ti\u1ec1n m\u1edbi \u0111ang t\u1ea1m th\u1eddi ch\u1eefng l\u1ea1i.<\/p><p>Theo CryptoQuant, s\u1ef1 s\u1ee5t gi\u1ea3m trong ho\u1ea1t \u0111\u1ed9ng vay m\u1edbi cho th\u1ea5y kh\u1ea9u v\u1ecb r\u1ee7i ro mang t\u00ednh \u0111\u1ea7u c\u01a1 tr\u00ean DeFi \u0111ang gi\u1ea3m kh\u00e1 m\u1ea1nh trong giai \u0111o\u1ea1n n\u00e0y. <\/p><h2 class=\"wp-block-heading\">CeFi l\u00e0 ch\u1ed7 \u0111\u1ec3 xoay ti\u1ec1n khi gi\u00e1 kh\u00f4ng \u0111\u1eb9p <\/h2><span class=\"replacer\"><\/span><p>\u1ede m\u1ea3ng CeFi, l\u00fac \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng gi\u1ea3m th\u00ec ho\u1ea1t \u0111\u1ed9ng vay c\u0169ng ch\u1eefng l\u1ea1i. Kh\u00f4ng c\u00f3 g\u00ec l\u1ea1. Nh\u01b0ng m\u1ea5y tu\u1ea7n g\u1ea7n \u0111\u00e2y, s\u1ed1 li\u1ec7u b\u1eaft \u0111\u1ea7u cho th\u1ea5y m\u1ed9t h\u01b0\u1edbng kh\u00e1c. <\/p><p>CryptoQuant ghi nh\u1eadn l\u00e0 m\u1ed9t s\u1ed1 n\u1ec1n t\u1ea3ng vay t\u1eadp trung \u0111\u00e3 th\u1ea5y d\u00f2ng ti\u1ec1n quay l\u1ea1i. Gi\u00e1 th\u00ec v\u1eabn y\u1ebfu, ch\u01b0a h\u1ed3i g\u00ec r\u00f5 r\u00e0ng. Nh\u01b0ng ng\u01b0\u1eddi d\u00f9ng l\u1ea1i \u0111i vay nhi\u1ec1u h\u01a1n. <\/p><p>Nexo l\u00e0 v\u00ed d\u1ee5 kh\u00e1 r\u00f5. L\u01b0\u1ee3ng t\u00edn d\u1ee5ng b\u00e1n l\u1ebb r\u00fat theo tu\u1ea7n tr\u00ean n\u1ec1n t\u1ea3ng n\u00e0y t\u1eebng gi\u1ea3m m\u1ea1nh, t\u1eeb 34 tri\u1ec7u USD v\u00e0o gi\u1eefa th\u00e1ng 7 xu\u1ed1ng c\u00f2n 8,8 tri\u1ec7u USD v\u00e0o gi\u1eefa th\u00e1ng 11. Tuy nhi\u00ean, ngay tu\u1ea7n sau \u0111\u00f3, con s\u1ed1 n\u00e0y b\u1eadt t\u0103ng tr\u1edf l\u1ea1i l\u00ean 23 tri\u1ec7u USD &#8211; t\u0103ng 155% ch\u1ec9 trong m\u1ed9t tu\u1ea7n.<\/p><p>Di\u1ec5n bi\u1ebfn n\u00e0y ph\u1ea3n \u00e1nh xu h\u01b0\u1edbng quen thu\u1ed9c m\u1ed7i khi th\u1ecb tr\u01b0\u1eddng y\u1ebfu: nh\u00e0 \u0111\u1ea7u t\u01b0 mang crypto \u0111i th\u1ebf ch\u1ea5p \u0111\u1ec3 vay ti\u1ec1n, thay v\u00ec b\u00e1n ra \u1edf v\u00f9ng gi\u00e1 kh\u00f4ng thu\u1eadn l\u1ee3i. C\u00e1ch l\u00e0m n\u00e0y gi\u00fap h\u1ecd c\u00f3 ti\u1ec1n m\u1eb7t \u0111\u1ec3 xoay trong ng\u1eafn h\u1ea1n, \u0111\u1ed3ng th\u1eddi v\u1eabn gi\u1eef \u0111\u01b0\u1ee3c v\u1ecb th\u1ebf n\u1eafm gi\u1eef cho chu k\u1ef3 d\u00e0i h\u01a1n.. <\/p><p>Nh\u00ecn r\u1ed9ng ra, CeFi \u0111ang \u0111\u00f3ng vai tr\u00f2 nh\u01b0 m\u1ed9t ch\u1ed7 \u0111\u1ee1 thanh kho\u1ea3n trong nh\u1eefng nh\u1ecbp th\u1ecb tr\u01b0\u1eddng y\u1ebfu. C\u1ea7n ti\u1ec1n th\u00ec vay. C\u00f2n crypto th\u00ec ch\u01b0a v\u1ed9i x\u1ea3. <\/p><h2 class=\"wp-block-heading\">Hai m\u1ea3ng vay, hai vai t.r\u00f2 kh\u00e1c nhau <\/h2><span class=\"replacer\"><\/span><p>Ph\u00e2n t\u00edch c\u1ee7a CryptoQuant cho th\u1ea5y s\u1ef1 kh\u00e1c bi\u1ec7t kh\u00e1 r\u00f5 gi\u1eefa DeFi v\u00e0 CeFi trong nh\u1eefng giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng. DeFi th\u01b0\u1eddng ph\u1ea3n \u1ee9ng r\u1ea5t nhanh khi r\u1ee7i ro t\u0103ng l\u00ean, v\u1edbi \u0111\u00f2n b\u1ea9y b\u1ecb c\u1eaft m\u1ea1nh v\u00e0 d\u00f2ng ti\u1ec1n r\u00fat ra nhanh ch\u00f3ng. Trong khi \u0111\u00f3, CeFi l\u1ea1i c\u00f3 xu h\u01b0\u1edbng h\u1ea5p th\u1ee5 nhu c\u1ea7u vay khi nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0u ti\u00ean gi\u1eef t\u00e0i s\u1ea3n v\u00e0 b\u1ea3o to\u00e0n v\u1ed1n. <\/p><p>T\u00ednh t\u1eeb \u0111\u1ea7u n\u0103m 2025, t\u1ed5ng gi\u00e1 tr\u1ecb t\u00edn d\u1ee5ng t\u00edch l\u0169y \u0111\u01b0\u1ee3c r\u00fat kh\u1ecfi Nexo \u0111\u00e3 \u0111\u1ea1t kho\u1ea3ng 817 tri\u1ec7u USD, \u0111\u01b0a n\u1ec1n t\u1ea3ng n\u00e0y v\u00e0o nh\u00f3m c\u00e1c b\u00ean cho vay crypto ho\u1ea1t \u0111\u1ed9ng s\u00f4i \u0111\u1ed9ng nh\u1ea5t trong n\u0103m. <\/p><p>D\u1eef li\u1ec7u m\u1edbi nh\u1ea5t cho th\u1ea5y DeFi v\u00e0 CeFi kh\u00f4ng \u0111\u1ed1i l\u1eadp ho\u00e0n to\u00e0n. Trong nh\u1eefng giai \u0111o\u1ea1n <a href=\"https:\/\/cryptonews.com\/vn\/academy\/what-is-cryptocurrency\/\">th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed<\/a> ch\u1ecbu \u00e1p l\u1ef1c, hai m\u1ea3ng n\u00e0y \u0111ang b\u1ed5 sung cho nhau: DeFi co l\u1ea1i \u0111\u1ec3 gi\u1ea3m r\u1ee7i ro, c\u00f2n CeFi tr\u1edf th\u00e0nh k\u00eanh gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 xoay thanh kho\u1ea3n v\u00e0 gi\u1eef nh\u1ecbp th\u1ecb tr\u01b0\u1eddng. <\/p>","protected":false},"excerpt":{"rendered":"<p>Th\u1ecb tr\u01b0\u1eddng crypto \u0111ang b\u01b0\u1edbc qua m\u1ed9t giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh kh\u00e1 nh\u1ea1y c\u1ea3m, v\u00e0 ho\u1ea1t \u0111\u1ed9ng vay m\u01b0\u1ee3n c\u0169ng b\u1eaft \u0111\u1ea7u cho th\u1ea5y nh\u1eefng thay \u0111\u1ed5i r\u00f5 r\u1ec7t. Trong khi m\u1ea3ng DeFi co l\u1ea1i nhanh khi gi\u00e1 \u0111i xu\u1ed1ng, c\u00e1c n\u1ec1n t\u1ea3ng vay t\u1eadp trung l\u1ea1i \u0111ang \u00e2m th\u1ea7m h\u00fat d\u00f2ng ti\u1ec1n vay tr\u1edf [&hellip;]<\/p>\n","protected":false},"author":288,"featured_media":143400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[58],"editors":[56],"sponsored_companies":[],"class_list":["post-143398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-tien-dien-tu","editors-tran-dai-phat"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ho\u1ea1t \u0111\u1ed9ng vay m\u01b0\u1ee3n ti\u1ec1n \u0111i\u1ec7n t\u1eed d\u1ecbch chuy\u1ec3n v\u1edbi DeFi v\u00e0 CeFi<\/title>\n<meta name=\"description\" content=\"Th\u1ecb tr\u01b0\u1eddng crypto \u0111ang b\u01b0\u1edbc qua m\u1ed9t giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh kh\u00e1 nh\u1ea1y c\u1ea3m, v\u00e0 ho\u1ea1t \u0111\u1ed9ng vay m\u01b0\u1ee3n c\u0169ng b\u1eaft \u0111\u1ea7u cho th\u1ea5y nh\u1eefng thay \u0111\u1ed5i r\u00f5 r\u1ec7t.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.com\/vn\/news\/crypto-borrowing-shifts-as-defi-contracts-and-cefi-activity-rebounds-cryptoquant\/\" \/>\n<meta property=\"og:locale\" content=\"vi_VN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ho\u1ea1t \u0111\u1ed9ng vay m\u01b0\u1ee3n ti\u1ec1n \u0111i\u1ec7n t\u1eed d\u1ecbch chuy\u1ec3n v\u1edbi DeFi v\u00e0 CeFi\" \/>\n<meta property=\"og:description\" content=\"Th\u1ecb tr\u01b0\u1eddng crypto \u0111ang b\u01b0\u1edbc qua m\u1ed9t giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh kh\u00e1 nh\u1ea1y c\u1ea3m, v\u00e0 ho\u1ea1t \u0111\u1ed9ng vay m\u01b0\u1ee3n c\u0169ng b\u1eaft \u0111\u1ea7u cho th\u1ea5y nh\u1eefng thay \u0111\u1ed5i r\u00f5 r\u1ec7t.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.com\/vn\/news\/crypto-borrowing-shifts-as-defi-contracts-and-cefi-activity-rebounds-cryptoquant\/\" \/>\n<meta property=\"og:site_name\" content=\"Cryptonews Vietnam\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-31T01:59:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2025\/12\/29015950\/1766973590-1760982840-bc-defi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"673\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ho\u1ea1t \u0111\u1ed9ng vay m\u01b0\u1ee3n ti\u1ec1n \u0111i\u1ec7n 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