{"id":143928,"date":"2026-01-29T10:44:40","date_gmt":"2026-01-29T10:44:40","guid":{"rendered":"https:\/\/cryptonews.com\/vn\/?p=143928"},"modified":"2026-01-28T06:12:22","modified_gmt":"2026-01-28T06:12:22","slug":"wintermute-says-cryptos-bull-cycle-is-over-three-forces-will-drive-2026","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/vn\/news\/wintermute-says-cryptos-bull-cycle-is-over-three-forces-will-drive-2026\/","title":{"rendered":"Wintermute: Chu k\u1ef3 t\u0103ng gi\u00e1 c\u1ee7a crypto \u0111\u00e3 kh\u00e9p l\u1ea1i, ba l\u1ef1c ch\u00ednh s\u1ebd \u0111\u1ecbnh h\u00ecnh n\u0103m 2026"},"content":{"rendered":"

Trong nhi\u1ec1u n\u0103m, th\u1ecb tr\u01b0\u1eddng crypto s\u1ed1ng d\u1ef1a v\u00e0o m\u1ed9t ni\u1ec1m tin g\u1ea7n nh\u01b0 m\u1eb7c \u0111\u1ecbnh: chu k\u1ef3 b\u1ed1n n\u0103m. Halving \u2013 t\u00edch l\u0169y \u2013 b\u00f9ng n\u1ed5 \u2013 s\u1ee5p \u0111\u1ed5, r\u1ed3i l\u1eb7p l\u1ea1i. Nh\u01b0ng n\u1ebfu nh\u00ecn l\u1ea1i 2025 m\u1ed9t c\u00e1ch l\u1ea1nh l\u00f9ng, r\u1ea5t c\u00f3 th\u1ec3 chu k\u1ef3 \u0111\u00f3 \u0111\u00e3 kh\u00f4ng c\u00f2n v\u1eadn h\u00e0nh nh\u01b0 tr\u01b0\u1edbc.<\/p>

\"Th\u1ecb<\/figure>

Theo ph\u00e2n t\u00edch cu\u1ed1i n\u0103m t\u1eeb Wintermute, v\u1ea5n \u0111\u1ec1 kh\u00f4ng n\u1eb1m \u1edf vi\u1ec7c gi\u00e1 t\u0103ng hay gi\u1ea3m. C\u00e1i \u0111\u00e3 thay \u0111\u1ed5i l\u00e0 c\u1ea5u tr\u00fac c\u1ee7a th\u1ecb tr\u01b0\u1eddng. D\u00f2ng ti\u1ec1n gi\u1edd kh\u00f4ng c\u00f2n \u201cch\u1ea1y v\u00f2ng\u201d theo k\u1ecbch b\u1ea3n quen thu\u1ed9c n\u1eefa, m\u00e0 b\u1ecb gi\u1eef ch\u1eb7t trong nh\u1eefng t\u00fai thanh kho\u1ea3n l\u1edbn.<\/p>

D\u1eef li\u1ec7u OTC c\u1ee7a Wintermute cho th\u1ea5y \u0111i\u1ec1u t\u1eebng \u0111\u01b0\u1ee3c xem l\u00e0 quy lu\u1eadt \u2013 Bitcoin t\u0103ng tr\u01b0\u1edbc, sau \u0111\u00f3 lan sang Ethereum, r\u1ed3i bluechip v\u00e0 cu\u1ed1i c\u00f9ng l\u00e0 altcoin \u2013 \u0111ang y\u1ebfu \u0111i th\u1ea5y r\u00f5. Kh\u00f4ng ph\u1ea3i v\u00ec altcoin kh\u00f4ng c\u00f2n c\u00e2u chuy\u1ec7n, m\u00e0 v\u00ec ti\u1ec1n kh\u00f4ng c\u00f2n \u0111\u01b0\u1eddng \u0111\u1ec3 ch\u1ea3y.<\/p>

ETF v\u00e0 c\u00e1c c\u00f4ng ty n\u1eafm gi\u1eef crypto tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n \u0111\u00e3 tr\u1edf th\u00e0nh nh\u1eefng v\u00f9ng h\u1ea5p th\u1ee5 v\u1ed1n kh\u00e9p k\u00edn. Ti\u1ec1n \u0111i v\u00e0o, nh\u01b0ng kh\u00f4ng quay v\u00f2ng ra ngo\u00e0i. N\u00f3 \u1edf l\u1ea1i v\u1edbi BTC, ETH v\u00e0 m\u1ed9t v\u00e0i c\u00e1i t\u00ean l\u1edbn \u2013 \u0111\u1ee7 \u0111\u1ec3 gi\u1eef th\u1ecb tr\u01b0\u1eddng s\u1ed1ng, nh\u01b0ng kh\u00f4ng \u0111\u1ee7 \u0111\u1ec3 th\u1ed5i b\u00f9ng ph\u1ea7n c\u00f2n l\u1ea1i.<\/p>

Trong khi \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb l\u1ea1i b\u1eadn r\u1ed9n v\u1edbi ch\u1ee9ng kho\u00e1n v\u00e0 c\u00e1c ch\u1ee7 \u0111\u1ec1 tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o AI. K\u1ebft qu\u1ea3 l\u00e0 m\u1ed9t n\u0103m m\u00e0 crypto nh\u00ecn b\u1ec1 ngo\u00e0i c\u00f3 v\u1ebb \u1ed5n, nh\u01b0ng b\u00ean trong th\u00ec c\u1ef1c k\u1ef3 c\u00f4 \u0111\u1eb7c.<\/p>

Khi \u201cm\u00f9a v\u1ee5\u201d ch\u1ec9 l\u00e0 k\u00fd \u1ee9c<\/h2><\/span>

2025 kh\u00f4ng \u0111i theo nh\u1ecbp quen thu\u1ed9c c\u1ee7a nh\u1eefng n\u0103m tr\u01b0\u1edbc. Kh\u00f4ng Uptober. Kh\u00f4ng c\u00fa n\u01b0\u1edbc r\u00fat cu\u1ed1i n\u0103m. Nh\u1eefng g\u00ec t\u1eebng \u0111\u01b0\u1ee3c mong \u0111\u1ee3i \u0111\u01a1n gi\u1ea3n l\u00e0\u2026 kh\u00f4ng x\u1ea3y ra.<\/p>

\u0110\u1ea7u n\u0103m, th\u1ecb tr\u01b0\u1eddng k\u1ef3 v\u1ecdng nhi\u1ec1u v\u00e0o m\u1ed9t ch\u00ednh quy\u1ec1n M\u1ef9 th\u00e2n thi\u1ec7n v\u1edbi crypto. Nh\u01b0ng ch\u1ec9 sau v\u00e0i th\u00e1ng, kh\u1ea9u v\u1ecb r\u1ee7i ro t\u1ee5t nhanh. C\u00e1c d\u1ef1 \u00e1n meme coin<\/a>, AI agent \u2013 nh\u1eefng th\u1ee9 t\u1eebng k\u00e9o thanh kho\u1ea3n \u2013 l\u1ea7n l\u01b0\u1ee3t x\u00ec h\u01a1i.<\/p>

Th\u00f4ng b\u00e1o \u00e1p thu\u1ebf ng\u00e0y 2\/4 c\u1ee7a Trump gi\u1ed1ng nh\u01b0 m\u1ed9t c\u00fa gh\u00ec th\u00eam. Giao d\u1ecbch d\u1ed3n v\u1ec1 \u0111\u1ea7u n\u0103m, r\u1ed3i ch\u1eadm d\u1ea7n. Xu\u00e2n, h\u00e8 tr\u00f4i qua trong tr\u1ea1ng th\u00e1i l\u00ecnh x\u00ecnh, thi\u1ebfu l\u1ef1c.<\/p>

Wintermute ch\u1ec9 ra m\u1ed9t \u0111i\u1ec1u kh\u00e1 \u201cph\u0169\u201d: nh\u1eefng g\u00ec ta t\u1eebng g\u1ecdi l\u00e0 m\u00f9a v\u1ee5 th\u1ef1c ra ch\u01b0a bao gi\u1edd l\u00e0 quy lu\u1eadt t\u1ef1 nhi\u00ean. \u0110\u00f3 ch\u1ec9 l\u00e0 c\u00e1c \u0111\u1ee3t t\u0103ng gi\u00e1 \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t b\u1edfi s\u1ef1 ki\u1ec7n \u0111\u1eb7c th\u00f9 \u2013 ETF n\u0103m 2023, thay \u0111\u1ed5i ch\u00ednh tr\u1ecb n\u0103m 2024.<\/p>

Khi c\u00e1c ch\u1ea5t x\u00fac t\u00e1c \u0111\u00f3 bi\u1ebfn m\u1ea5t, th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 l\u1ed9 b\u1ea3n ch\u1ea5t m\u1edbi: ph\u1ea3n \u1ee9ng theo tin t\u1ee9c, gi\u1eadt c\u1ee5c, kh\u00f4ng c\u00f3 qu\u00e1n t\u00ednh.<\/p>

Altcoin v\u00ec th\u1ebf c\u0169ng kh\u00f4ng c\u00f2n \u0111\u1ea5t di\u1ec5n d\u00e0i. Trung b\u00ecnh m\u1ed7i \u0111\u1ee3t s\u00f3ng ch\u1ec9 k\u00e9o \u0111\u01b0\u1ee3c ch\u01b0a t\u1edbi ba tu\u1ea7n. So v\u1edbi h\u01a1n hai th\u00e1ng c\u1ee7a n\u0103m tr\u01b0\u1edbc, s\u1ef1 kh\u00e1c bi\u1ec7t l\u00e0 qu\u00e1 r\u00f5.<\/p>

Launchpad memecoin, perpetual DEX, meta x402\u2026 t\u1ea5t c\u1ea3 \u0111\u1ec1u t\u1eebng l\u00f3e l\u00ean. Nh\u01b0ng r\u1ed3i t\u1eaft nhanh. M\u1ed9t ph\u1ea7n v\u00ec macro x\u1ea5u, ph\u1ea7n kh\u00e1c v\u00ec th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 qu\u00e1 m\u1ec7t sau 2024.<\/p>

Ti\u1ec1n t\u1ed5 ch\u1ee9c kh\u00f4ng r\u00fat, ch\u1ec9 l\u00e0 ch\u01a1i kh\u00e1c \u0111i<\/h2><\/span>

\u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0 d\u00f9 gi\u00e1 kh\u00f4ng \u201c\u0111\u00e3\u201d, ti\u1ec1n t\u1ed5 ch\u1ee9c v\u1eabn \u1edf l\u1ea1i.<\/p>

Wintermute ghi nh\u1eadn s\u1ed1 \u0111\u1ed1i t\u00e1c t\u1ed5 ch\u1ee9c t\u0103ng h\u01a1n 20% so v\u1edbi n\u0103m tr\u01b0\u1edbc. Nh\u01b0ng quan tr\u1ecdng h\u01a1n, c\u00e1ch h\u1ecd giao d\u1ecbch \u0111\u00e3 kh\u00e1c. \u00cdt th\u1eed nghi\u1ec7m, \u00edt \u201c\u0111\u00e1nh xem sao\u201d, nhi\u1ec1u k\u1ef7 lu\u1eadt h\u01a1n.<\/p>

Ph\u00e1i sinh \u2013 \u0111\u1eb7c bi\u1ec7t l\u00e0 quy\u1ec1n ch\u1ecdn \u2013 tr\u1edf th\u00e0nh s\u00e2n ch\u01a1i ch\u00ednh. Kh\u1ed1i l\u01b0\u1ee3ng options t\u0103ng h\u01a1n g\u1ea5p \u0111\u00f4i. C\u00e1c chi\u1ebfn l\u01b0\u1ee3c t\u1ea1o l\u1ee3i su\u1ea5t, ph\u00f2ng ng\u1eeba r\u1ee7i ro xu\u1ea5t hi\u1ec7n nhi\u1ec1u h\u01a1n nh\u1eefng c\u00fa c\u01b0\u1ee3c m\u1ed9t chi\u1ec1u.<\/p>

\u0110\u1ebfn qu\u00fd IV, danh ngh\u0129a giao d\u1ecbch quy\u1ec1n ch\u1ecdn cao g\u1ea7n g\u1ea5p b\u1ed1n l\u1ea7n so v\u1edbi \u0111\u1ea7u n\u0103m. Kh\u00f4ng ph\u1ea3i v\u00ec ai \u0111\u00f3 h\u01b0ng ph\u1ea5n, m\u00e0 v\u00ec th\u1ecb tr\u01b0\u1eddng \u0111ang h\u1ecdc c\u00e1ch t\u1ed3n t\u1ea1i trong tr\u1ea1ng th\u00e1i kh\u00f4ng c\u00f3 s\u00f3ng l\u1edbn.<\/p>

Sau c\u00fa deleveraging ng\u00e0y 10\/10 \u2013 qu\u00e9t s\u1ea1ch kho\u1ea3ng 19 t\u1ef7 USD trong 24 gi\u1edd \u2013 c\u1ea3 t\u1ed5 ch\u1ee9c l\u1eabn b\u00e1n l\u1ebb \u0111\u1ec1u quay v\u1ec1 n\u01a1i an to\u00e0n: BTC v\u00e0 ETH.<\/p>

Altcoin ch\u1ecbu tr\u1eadn n\u1eb7ng nh\u1ea5t. Open interest b\u1ed1c h\u01a1i h\u01a1n m\u1ed9t n\u1eeda ch\u1ec9 trong v\u00e0i th\u00e1ng, khi \u0111\u00f2n b\u1ea9y d\u01b0 th\u1eeba b\u1ecb \u00e9p ra kh\u1ecfi h\u1ec7 th\u1ed1ng.<\/p>

Ba \u0111i\u1ec1u c\u00f3 th\u1ec3 l\u00e0m thay \u0111\u1ed5i cu\u1ed9c ch\u01a1i n\u0103m 2026<\/h2><\/span>

Wintermute kh\u00f4ng n\u00f3i th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u201cch\u1ebft\u201d. Nh\u01b0ng \u0111\u1ec3 thanh kho\u1ea3n th\u1ef1c s\u1ef1 lan t\u1ecfa tr\u1edf l\u1ea1i, c\u1ea7n nhi\u1ec1u h\u01a1n l\u00e0 hy v\u1ecdng.<\/p>

K\u1ecbch b\u1ea3n \u0111\u1ea7u ti\u00ean: ETF m\u1edf r\u1ed9ng ph\u1ea1m vi. N\u1ebfu Solana hay XRP th\u1ef1c s\u1ef1 c\u00f3 ETF, \u0111\u00f3 c\u00f3 th\u1ec3 l\u00e0 nh\u1eefng c\u00e1nh c\u1eeda m\u1edbi cho d\u00f2ng ti\u1ec1n.<\/p>

K\u1ecbch b\u1ea3n th\u1ee9 hai: Bitcoin (BTC)<\/a> ho\u1eb7c Ethereum c\u00f3 m\u1ed9t c\u00fa ch\u1ea1y \u0111\u1ee7 m\u1ea1nh \u0111\u1ec3 t\u1ea1o hi\u1ec7u \u1ee9ng t\u00e0i s\u1ea3n. V\u1ea5n \u0111\u1ec1 l\u00e0\u2026 ti\u1ec1n c\u00f3 ch\u1ecbu quay v\u00f2ng hay l\u1ea1i b\u1ecb gi\u1eef l\u1ea1i nh\u01b0 2025?<\/p>

K\u1ecbch b\u1ea3n cu\u1ed1i c\u00f9ng \u2013 v\u00e0 kh\u00f3 nh\u1ea5t \u2013 l\u00e0 b\u00e1n l\u1ebb quay l\u1ea1i crypto, r\u1eddi m\u1eaft kh\u1ecfi ch\u1ee9ng kho\u00e1n v\u00e0 AI. \u0110i\u1ec1u n\u00e0y \u0111\u1ed3ng ngh\u0129a v\u1edbi d\u00f2ng stablecoin m\u1edbi, th\u1ee9 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n \u0111ang r\u1ea5t thi\u1ebfu.<\/p>

Wintermute k\u1ebft l\u1ea1i kh\u00e1 nh\u1eb9, nh\u01b0ng \u0111\u1ee7 s\u00e2u: 2025 kh\u00f4ng ph\u1ea3i n\u0103m c\u1ee7a m\u1ed9t c\u00fa t\u0103ng gi\u00e1 l\u1edbn, nh\u01b0ng c\u00f3 th\u1ec3 l\u00e0 n\u0103m crypto r\u1eddi b\u1ecf vai tr\u00f2 s\u00f2ng b\u1ea1c \u0111\u1ec3 b\u01b0\u1edbc sang giai \u0111o\u1ea1n t\u00e0i s\u1ea3n tr\u01b0\u1edfng th\u00e0nh h\u01a1n.<\/p>

Adler Asset Management nh\u00ecn c\u00f9ng m\u1ed9t b\u1ee9c tranh, t\u1eeb g\u00f3c \u0111\u1ed9 kh\u00e1c. Ch\u1ec9 s\u1ed1 t\u00e2m l\u00fd Bitcoin c\u1ee7a h\u1ecd r\u01a1i t\u1eeb v\u00f9ng c\u1ef1c k\u1ef3 l\u1ea1c quan xu\u1ed1ng d\u01b0\u1edbi trung l\u1eadp \u2013 m\u1ed9t t\u00edn hi\u1ec7u quen thu\u1ed9c c\u1ee7a thay \u0111\u1ed5i ch\u1ebf \u0111\u1ed9 th\u1ecb tr\u01b0\u1eddng.<\/p>

Ch\u1ec9 t\u00ednh ri\u00eang trong ng\u00e0y qua, h\u01a1n 200 tri\u1ec7u USD v\u1ecb th\u1ebf long b\u1ecb qu\u00e9t ch\u1ec9 trong m\u1ed9t gi\u1edd. Kh\u00f4ng \u1ed3n \u00e0o, kh\u00f4ng ho\u1ea3ng lo\u1ea1n di\u1ec7n r\u1ed9ng. Ch\u1ec9 l\u00e0 m\u1ed9t l\u1eddi nh\u1eafc: th\u1ecb tr\u01b0\u1eddng gi\u1edd v\u1eadn h\u00e0nh kh\u00e1c r\u1ed3i.<\/p>

2026 s\u1ebd kh\u00f4ng c\u00f2n l\u00e0 c\u00e2u chuy\u1ec7n \u201cmua g\u00ec \u0111\u1ec3 \u0103n s\u00f3ng\u201d. M\u00e0 l\u00e0 ti\u1ec1n \u0111ang \u1edf \u0111\u00e2u, v\u00ec sao n\u00f3 \u1edf \u0111\u00f3, v\u00e0 \u0111i\u1ec1u g\u00ec \u0111\u1ee7 m\u1ea1nh \u0111\u1ec3 k\u00e9o n\u00f3 \u0111i n\u01a1i kh\u00e1c.<\/p>","protected":false},"excerpt":{"rendered":"

Trong nhi\u1ec1u n\u0103m, th\u1ecb tr\u01b0\u1eddng crypto s\u1ed1ng d\u1ef1a v\u00e0o m\u1ed9t ni\u1ec1m tin g\u1ea7n nh\u01b0 m\u1eb7c \u0111\u1ecbnh: chu k\u1ef3 b\u1ed1n n\u0103m. Halving \u2013 t\u00edch l\u0169y \u2013 b\u00f9ng n\u1ed5 \u2013 s\u1ee5p \u0111\u1ed5, r\u1ed3i l\u1eb7p l\u1ea1i. Nh\u01b0ng n\u1ebfu nh\u00ecn l\u1ea1i 2025 m\u1ed9t c\u00e1ch l\u1ea1nh l\u00f9ng, r\u1ea5t c\u00f3 th\u1ec3 chu k\u1ef3 \u0111\u00f3 \u0111\u00e3 kh\u00f4ng c\u00f2n v\u1eadn h\u00e0nh nh\u01b0 tr\u01b0\u1edbc.Theo […]<\/p>\n","protected":false},"author":288,"featured_media":143929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7,3],"tags":[58],"editors":[57],"sponsored_companies":[],"class_list":["post-143928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","category-news","tag-tien-dien-tu","editors-thach-tuan"],"acf":[],"yoast_head":"\nChu k\u1ef3 t\u0103ng gi\u00e1 c\u1ee7a crypto \u0111\u00e3 kh\u00e9p l\u1ea1i, ba l\u1ef1c ch\u00ednh \u0111\u1ecbnh h\u00ecnh 2026<\/title>\n<meta name=\"description\" content=\"Trong nhi\u1ec1u n\u0103m, th\u1ecb tr\u01b0\u1eddng crypto s\u1ed1ng d\u1ef1a v\u00e0o m\u1ed9t ni\u1ec1m tin g\u1ea7n nh\u01b0 m\u1eb7c \u0111\u1ecbnh: chu k\u1ef3 b\u1ed1n n\u0103m. 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