{"id":20574,"date":"2023-02-07T08:00:43","date_gmt":"2023-02-07T01:00:43","guid":{"rendered":"https:\/\/www.fiahub.com\/blog\/?p=20574"},"modified":"2025-05-14T21:03:20","modified_gmt":"2025-05-14T14:03:20","slug":"phan-tich-du-lieu-on-chain-tuan-6-2023","status":"publish","type":"post","link":"https:\/\/www.fiahub.com\/blog\/phan-tich-du-lieu-on-chain-tuan-6-2023\/","title":{"rendered":"Ph\u00e2n t\u00edch d\u1eef li\u1ec7u on-chain tu\u1ea7n 6\/2023: C\u00e1c s\u1ed1 li\u1ec7u on-chain Bitcoin cho th\u1ea5y c\u00e1c d\u1ea5u hi\u1ec7u t\u00edch l\u0169y v\u00e0 ti\u1ebfp t\u1ee5c t\u0103ng gi\u00e1 c\u1ee7a BTC"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">D\u1eef li\u1ec7u c\u1eadp nh\u1eadt t\u1eeb ng\u00e0y 30\/1 &#8211; 05\/2.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Xem th\u00eam<\/b><span style=\"font-weight: 400;\">: <a href=\"https:\/\/www.fiahub.com\/blog\/phan-tich-du-lieu-on-chain-tuan-5-2023\/\">Ph\u00e2n t\u00edch d\u1eef li\u1ec7u on-chain tu\u1ea7n 5\/2023: Ch\u1ec9 b\u00e1o NUPL tu\u1ea7n qua tr\u1edf l\u1ea1i khu v\u1ef1c hi v\u1ecdng, b\u00e1o hi\u1ec7u b\u1eaft \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1<\/a><\/span><\/li>\n<\/ul>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung b\u00e0i vi\u1ebft<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.fiahub.com\/blog\/phan-tich-du-lieu-on-chain-tuan-6-2023\/#Kinh_te_vi_mo_va_Bitcoin\" >Kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 Bitcoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.fiahub.com\/blog\/phan-tich-du-lieu-on-chain-tuan-6-2023\/#Bitcoin_co_the_bi_anh_huong_trong_ngan_han\" >Bitcoin c\u00f3 th\u1ec3 b\u1ecb \u1ea3nh h\u01b0\u1edfng trong ng\u1eafn h\u1ea1n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.fiahub.com\/blog\/phan-tich-du-lieu-on-chain-tuan-6-2023\/#Cac_so_lieu_tren_chuoi_dang_thuc_day_thi_truong_tang_gia\" >C\u00e1c s\u1ed1 li\u1ec7u tr\u00ean chu\u1ed7i \u0111ang th\u00fac \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.fiahub.com\/blog\/phan-tich-du-lieu-on-chain-tuan-6-2023\/#Loi_ket\" >L\u1eddi k\u1ebft<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Kinh_te_vi_mo_va_Bitcoin\"><\/span><b>Kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 Bitcoin<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Tu\u1ea7n qua l\u00e0 m\u1ed9t tu\u1ea7n \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng v\u00e0 c\u00f3 ph\u1ea7n thi\u1ebfu quy\u1ebft \u0111o\u00e1n tr\u00ean th\u1ecb tr\u01b0\u1eddng <a href=\"https:\/\/www.fiahub.com\/blog\/bitcoin-la-gi-tong-quan-ve-dong-tien-dien-tu-dau-tien\/\">Bitcoin<\/a> (<a href=\"https:\/\/www.fiahub.com\/vn\/mua-bitcoin\/\">BTC<\/a>). Trong \u0111\u00f3, gi\u00e1 dao \u0111\u1ed9ng gi\u1eefa l\u1ed7 v\u00e0 l\u00e3i v\u1edbi bi\u00ean \u0111\u1ed9 kho\u1ea3ng 1.0% m\u1ed7i chi\u1ec1u khi c\u00e1c nh\u00e0 giao d\u1ecbch xem x\u00e9t b\u00e1o c\u00e1o th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng m\u1edbi nh\u1ea5t c\u1ee7a Hoa K\u1ef3 m\u1ea1nh h\u01a1n nhi\u1ec1u so v\u1edbi d\u1ef1 ki\u1ebfn \u200b\u200bcho th\u00e1ng tr\u01b0\u1edbc. Theo s\u1ed1 li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb C\u1ee5c Th\u1ed1ng k\u00ea Lao \u0111\u1ed9ng Hoa K\u1ef3, n\u1ec1n kinh t\u1ebf Hoa K\u1ef3 \u0111\u00e3 t\u1ea1o th\u00eam m\u1ed9t con s\u1ed1 kh\u1ed5ng l\u1ed3 517,000 vi\u1ec7c l\u00e0m v\u00e0o th\u00e1ng tr\u01b0\u1edbc, v\u01b0\u1ee3t xa m\u1ee9c t\u0103ng vi\u1ec7c l\u00e0m d\u1ef1 ki\u1ebfn l\u00e0 190,000, trong khi con s\u1ed1 c\u1ee7a th\u00e1ng 12 c\u0169ng ch\u1ee9ng ki\u1ebfn s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh t\u0103ng 30,000 l\u00ean 260,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong khi \u0111\u00f3, cu\u1ed9c kh\u1ea3o s\u00e1t h\u1ed9 gia \u0111\u00ecnh cho th\u1ea5y t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p gi\u1ea3m xu\u1ed1ng m\u1ee9c th\u1ea5p m\u1edbi h\u01a1n 5 th\u1eadp k\u1ef7 \u1edf m\u1ee9c 3.4%, m\u1eb7c d\u00f9 t\u1ef7 l\u1ec7 tham gia gia t\u0103ng. Thu nh\u1eadp trung b\u00ecnh m\u1ed7i gi\u1edd ti\u1ebfp t\u1ee5c t\u0103ng v\u1edbi t\u1ed1c \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh h\u00e0ng n\u0103m l\u00e0 4.4%, cao h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi k\u1ef3 v\u1ecdng. B\u00e1o c\u00e1o \u0111\u00e1nh b\u1ea1i k\u1ef3 v\u1ecdng c\u1ee7a c\u00e1c nh\u00e0 kinh t\u1ebf tr\u00ean di\u1ec7n r\u1ed9ng.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\u1ed9t nh\u00e0 kinh t\u1ebf c\u1ea5p cao t\u1ea1i BMO Capital Markets \u0111\u00e3 b\u00ecnh lu\u1eadn v\u1edbi b\u00e1o ch\u00ed t\u00e0i ch\u00ednh r\u1eb1ng b\u00e1o c\u00e1o l\u00e0m d\u1ea5y l\u00ean nh\u1eefng nghi ng\u1edd nghi\u00eam tr\u1ecdng v\u1ec1 n\u1ec1n kinh t\u1ebf \u0111ang r\u01a1i v\u00e0o suy tho\u00e1i v\u00e0 FED s\u1ebd k\u1ebft th\u00fac chu k\u1ef3 th\u1eaft ch\u1eb7t ti\u1ec1n t\u1ec7 v\u00e0o m\u00f9a xu\u00e2n n\u00e0y.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">D\u00f9 b\u1eb1ng c\u00e1ch n\u00e0o, ngay c\u1ea3 v\u1edbi nh\u1eefng s\u1eeda \u0111\u1ed5i c\u00f3 th\u1ec3 x\u1ea3y ra trong t\u01b0\u01a1ng lai, con s\u1ed1 \u201cth\u1ef1c\u201d c\u00f3 l\u1ebd v\u1eabn s\u1ebd l\u00e0 m\u1ed9t con s\u1ed1 r\u1ea5t m\u1ea1nh. K\u1ebft qu\u1ea3 l\u00e0, l\u1ee3i su\u1ea5t tr\u00ean \u0111\u01b0\u1eddng cong kho b\u1ea1c Hoa K\u1ef3 v\u00e0 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 t\u0103ng l\u00ean, trong khi ban \u0111\u1ea7u ch\u1ee9ng kho\u00e1n M\u1ef9 v\u00e0 Bitcoin ban \u0111\u1ea7u gi\u1ea3m.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tuy nhi\u00ean, nh\u1eefng ng\u01b0\u1eddi mua \u0111\u1ebfn \u0111\u1ec3 h\u1ed7 tr\u1ee3 c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro, c\u00f3 l\u1ebd v\u1edbi hy v\u1ecdng r\u1eb1ng d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t s\u1ebd l\u00e0m t\u0103ng kh\u1ea3 n\u0103ng C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang Hoa K\u1ef3 c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c \u201ch\u1ea1 c\u00e1nh m\u1ec1m\u201d nh\u01b0 k\u1ef3 v\u1ecdng, n\u01a1i h\u1ecd th\u1eaft ch\u1eb7t ch\u00ednh s\u00e1ch \u0111\u1ee7 \u0111\u1ec3 gi\u1ea3m l\u1ea1m ph\u00e1t m\u00e0 kh\u00f4ng c\u1ea7n k\u00edch \u0111\u1ed9ng m\u1ed9t cu\u1ed9c suy tho\u00e1i g\u00e2y m\u1ea5t vi\u1ec7c l\u00e0m tr\u00ean di\u1ec7n r\u1ed9ng. Tuy nhi\u00ean, Bitcoin \u0111\u00e3 kh\u00f4ng th\u1ec3 duy tr\u00ec m\u1ed9t \u0111\u1ee3t t\u0103ng gi\u00e1.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_co_the_bi_anh_huong_trong_ngan_han\"><\/span><b>Bitcoin c\u00f3 th\u1ec3 b\u1ecb \u1ea3nh h\u01b0\u1edfng trong ng\u1eafn h\u1ea1n<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">B\u1ea5t ch\u1ea5p s\u1ef1 ph\u1ee5c h\u1ed3i t\u1ea1i th\u1eddi \u0111i\u1ec3m th\u00f4ng tin \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1, Bitcoin v\u1eabn c\u00f3 th\u1ec3 gi\u1ea3m xu\u1ed1ng th\u1ea5p h\u01a1n. Nhi\u1ec1u nh\u00e0 giao d\u1ecbch v\u00e0 nh\u00e0 ph\u00e2n t\u00edch ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u00e3 \u0111\u01b0a ra quan \u0111i\u1ec3m tr\u00ean m\u1ea1ng x\u00e3 h\u1ed9i r\u1eb1ng h\u1ecd v\u1eabn \u0111ang l\u1ea1c quan v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed, nh\u01b0ng m\u1ee5c ti\u00eau 25,000 USD c\u00f3 th\u1ec3 kh\u00f3 \u0111\u1ea1t \u0111\u01b0\u1ee3c h\u01a1n.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Th\u1eadt v\u1eady, nh\u1eefng ng\u01b0\u1eddi kh\u00e1c ch\u1ec9 ra r\u1eb1ng gi\u00e1 v\u00e0ng gi\u1ea3m k\u00e9o d\u00e0i h\u01a1n nhi\u1ec1u, l\u1ea7n tr\u01b0\u1edbc gi\u1ea3m kho\u1ea3ng 2.5% trong ng\u00e0y, hi\u1ec7n \u0111\u00e3 gi\u1ea3m g\u1ea7n 5% so v\u1edbi m\u1ee9c cao nh\u1ea5t trong nhi\u1ec1u th\u00e1ng m\u00e0 n\u00f3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u00e0 1,960 USD ch\u1ec9 m\u1ed9t ng\u00e0y tr\u01b0\u1edbc. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 v\u1ebb kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t \u0111\u1ed9ng th\u00e1i l\u1edbn trong th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed, nh\u01b0ng \u0111\u1ed1i v\u1edbi v\u00e0ng, m\u1ed9t t\u00e0i s\u1ea3n th\u01b0\u1eddng \u1ed5n \u0111\u1ecbnh h\u01a1n nhi\u1ec1u, th\u00ec \u0111\u00f3 l\u00e0 m\u1ed9t \u0111\u1ed9ng th\u00e1i l\u1edbn. V\u00e0 n\u00f3 th\u1ec3 hi\u1ec7n m\u1ee9c \u0111\u1ed9 th\u1eaft ch\u1eb7t \u0111\u00e1ng k\u1ec3 c\u1ee7a c\u00e1c \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh sau d\u1eef li\u1ec7u n\u00e0y, khi c\u00e1c nh\u00e0 giao d\u1ecbch m\u1ea1nh d\u1ea1n \u0111i\u1ec1u ch\u1ec9nh l\u1ea1i k\u1ef3 v\u1ecdng th\u1eaft ch\u1eb7t c\u1ee7a FED.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nh\u00ecn v\u00e0o Bitcoin t\u1eeb g\u00f3c \u0111\u1ed9 k\u1ef9 thu\u1eadt, n\u1ebfu s\u1ef1 bi quan v\u1ec1 c\u00e1c \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh th\u1eaft ch\u1eb7t h\u01a1n khuy\u1ebfn kh\u00edch vi\u1ec7c ch\u1ed1t l\u1eddi t\u0103ng l\u00ean, th\u00ec ti\u1ec1n \u0111i\u1ec7n t\u1eed n\u00e0y c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i m\u1ed9t s\u1ed1 nh\u01b0\u1ee3c \u0111i\u1ec3m ng\u1eafn h\u1ea1n \u0111\u1ed1i v\u1edbi h\u1ed7 tr\u1ee3 trong khu v\u1ef1c 22,500 USD, n\u01a1i c\u00f3 m\u1ed9t s\u1ed1 m\u1ee9c th\u1ea5p g\u1ea7n \u0111\u00e2y v\u00e0 t\u1ea1i \u0111\u01b0\u1eddng SMA 21 ng\u00e0y. D\u01b0\u1edbi m\u1ee9c \u0111\u00f3, 21,500 USD l\u00e0 v\u00f9ng h\u1ed7 tr\u1ee3 ng\u1eafn h\u1ea1n ch\u00ednh ti\u1ebfp theo.<\/span><\/p>\n<figure id=\"attachment_20575\" aria-describedby=\"caption-attachment-20575\" style=\"width: 1785px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-20575\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-01-builink-bien-dong-gia-btc.jpg\" alt=\"Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 BTC\" width=\"1785\" height=\"778\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-01-builink-bien-dong-gia-btc.jpg 1785w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-01-builink-bien-dong-gia-btc-300x131.jpg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-01-builink-bien-dong-gia-btc-1024x446.jpg 1024w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-01-builink-bien-dong-gia-btc-150x65.jpg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-01-builink-bien-dong-gia-btc-768x335.jpg 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-01-builink-bien-dong-gia-btc-1536x669.jpg 1536w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-01-builink-bien-dong-gia-btc-450x196.jpg 450w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-01-builink-bien-dong-gia-btc-1200x523.jpg 1200w\" sizes=\"(max-width: 1785px) 100vw, 1785px\" \/><figcaption id=\"caption-attachment-20575\" class=\"wp-caption-text\">Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 BTC<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Cac_so_lieu_tren_chuoi_dang_thuc_day_thi_truong_tang_gia\"><\/span><b>C\u00e1c s\u1ed1 li\u1ec7u tr\u00ean chu\u1ed7i \u0111ang th\u00fac \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Nh\u01b0ng ngay c\u1ea3 trong tr\u01b0\u1eddng h\u1ee3p n\u1ec1n kinh t\u1ebf Hoa K\u1ef3 tr\u00e1nh \u0111\u01b0\u1ee3c suy tho\u00e1i, l\u1ea1m ph\u00e1t s\u1ebd m\u1ea5t nhi\u1ec1u th\u1eddi gian h\u01a1n \u0111\u1ec3 gi\u1ea3m v\u00e0 FED ph\u1ea3i \u00e1p d\u1ee5ng l\u00e3i su\u1ea5t tr\u00ean 5.0% trong ph\u1ea7n c\u00f2n l\u1ea1i c\u1ee7a n\u0103m nay. Nhi\u1ec1u ng\u01b0\u1eddi cho r\u1eb1ng Bitcoin kh\u00f3 c\u00f3 th\u1ec3 quay tr\u1edf l\u1ea1i chu k\u1ef3 m\u1edbi. M\u1ed9t l\u00fd do cho suy ngh\u0129 n\u00e0y l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 on-chain \u0111ang cho th\u1ea5y r\u1eb1ng th\u1ecb tr\u01b0\u1eddng g\u1ea5u \u0111\u00e3 k\u1ebft th\u00fac, h\u1ea7u h\u1ebft l\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean sau m\u1ed9t th\u1eddi gian d\u00e0i.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ngo\u00e0i ra, b\u1ea3y trong s\u1ed1 t\u00e1m ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt v\u00e0 on-chain ch\u00ednh \u0111\u01b0\u1ee3c theo d\u00f5i b\u1edfi c\u00f4ng ty ph\u00e2n t\u00edch ti\u1ec1n \u0111i\u1ec7n t\u1eed Glassnode hi\u1ec7n \u0111ang b\u00e1o hi\u1ec7u r\u1eb1ng th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1 Bitcoin ti\u1ebfp theo c\u00f3 th\u1ec3 s\u1ebd \u0111\u1ebfn. Glassnode ph\u00e2n t\u00edch li\u1ec7u Bitcoin c\u00f3 \u0111ang giao d\u1ecbch tr\u00ean c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 ch\u00ednh hay kh\u00f4ng, \u0111\u1ed9ng l\u1ef1c s\u1eed d\u1ee5ng m\u1ea1ng c\u00f3 t\u0103ng hay kh\u00f4ng, kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u00f3 quay tr\u1edf l\u1ea1i hay kh\u00f4ng v\u00e0 li\u1ec7u s\u1ed1 d\u01b0 t\u00e0i s\u1ea3n Bitcoin b\u1eb1ng USD c\u00f3 nghi\u00eang v\u1ec1 ph\u00eda HODLer d\u00e0i h\u1ea1n hay kh\u00f4ng?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u00e1c ch\u1ec9 s\u1ed1 on-chain ri\u00eang bi\u1ec7t nh\u01b0 Reserve Risk c\u1ee7a Bitcoin v\u00e0 MVRV-Z Score c\u0169ng \u0111ang cho th\u1ea5y t\u00edn hi\u1ec7u t\u0103ng gi\u00e1. Trong \u0111\u00f3, Reserve Risk Bitcoin g\u1ea7n \u0111\u00e2y \u0111\u00e3 gi\u1ea3m xu\u1ed1ng m\u1ee9c th\u1ea5p nh\u1ea5t t\u1eeb \u200b\u200btr\u01b0\u1edbc \u0111\u1ebfn nay, cho th\u1ea5y ni\u1ec1m tin c\u1ee7a HODLer g\u1ea7n \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Theo Glassnode,\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Reserve Risk<\/b><span style=\"font-weight: 400;\"> \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ni\u1ec1m tin c\u1ee7a nh\u1eefng ng\u01b0\u1eddi n\u1eafm gi\u1eef d\u00e0i h\u1ea1n so v\u1edbi gi\u00e1 c\u1ee7a \u0111\u1ed3ng ti\u1ec1n g\u1ed1c t\u1ea1i b\u1ea5t k\u1ef3 th\u1eddi \u0111i\u1ec3m n\u00e0o. Reserve Risk l\u00e0 m\u1ed9t b\u1ed9 dao \u0111\u1ed9ng theo chu k\u1ef3 d\u00e0i h\u1ea1n m\u00f4 h\u00ecnh h\u00f3a t\u1ef7 l\u1ec7 gi\u1eefa gi\u00e1 hi\u1ec7n t\u1ea1i (khuy\u1ebfn kh\u00edch b\u00e1n) v\u00e0 ni\u1ec1m tin c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n (chi ph\u00ed c\u01a1 h\u1ed9i kh\u00f4ng b\u00e1n).<\/span><\/li>\n<\/ul>\n<figure id=\"attachment_20576\" aria-describedby=\"caption-attachment-20576\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-20576\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-02-builink-on-chain-bitcoin-reserve-risk.jpg\" alt=\"Ch\u1ec9 s\u1ed1 on-chain Bitcoin Reserve Risk\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-02-builink-on-chain-bitcoin-reserve-risk.jpg 1800w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-02-builink-on-chain-bitcoin-reserve-risk-300x169.jpg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-02-builink-on-chain-bitcoin-reserve-risk-1024x576.jpg 1024w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-02-builink-on-chain-bitcoin-reserve-risk-150x84.jpg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-02-builink-on-chain-bitcoin-reserve-risk-768x432.jpg 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-02-builink-on-chain-bitcoin-reserve-risk-1536x864.jpg 1536w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-02-builink-on-chain-bitcoin-reserve-risk-450x253.jpg 450w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-02-builink-on-chain-bitcoin-reserve-risk-1200x675.jpg 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-20576\" class=\"wp-caption-text\">Ch\u1ec9 s\u1ed1 on-chain Bitcoin Reserve Risk<\/figcaption><\/figure>\n<ul>\n<li style=\"font-weight: 400;\"><b>MVRV-Z Score<\/b><span style=\"font-weight: 400;\">, so s\u00e1nh gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng v\u00e0 gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 khi m\u1ed9t t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao ho\u1eb7c b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p. Theo Glassnode, g\u1ea7n \u0111\u00e2y n\u00f3 c\u0169ng \u0111\u00e3 ph\u1ee5c h\u1ed3i b\u1ec1n v\u1eefng tr\u1edf l\u1ea1i m\u1ee9c 0 sau m\u1ed9t th\u1eddi gian d\u00e0i d\u01b0\u1edbi m\u1ee9c n\u00e0y. \u0110i\u1ec1u n\u00e0y \u0111\u00e3 x\u1ea3y ra trong l\u1ecbch s\u1eed khi b\u1eaft \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1.<\/span><\/li>\n<\/ul>\n<figure id=\"attachment_20577\" aria-describedby=\"caption-attachment-20577\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-20577\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-03-builink-mvrv-z-score.jpg\" alt=\"Ch\u1ec9 s\u1ed1 on-chain Bitcoin MVRV Z-Score\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-03-builink-mvrv-z-score.jpg 1800w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-03-builink-mvrv-z-score-300x169.jpg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-03-builink-mvrv-z-score-1024x576.jpg 1024w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-03-builink-mvrv-z-score-150x84.jpg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-03-builink-mvrv-z-score-768x432.jpg 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-03-builink-mvrv-z-score-1536x864.jpg 1536w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-03-builink-mvrv-z-score-450x253.jpg 450w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/02\/02-06-03-builink-mvrv-z-score-1200x675.jpg 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-20577\" class=\"wp-caption-text\">Ch\u1ec9 s\u1ed1 on-chain Bitcoin MVRV Z-Score<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Loi_ket\"><\/span><b>L\u1eddi k\u1ebft<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Bitcoin c\u0169ng s\u1edbm \u0111\u01b0\u1ee3c d\u1ef1 \u0111o\u00e1n s\u1ebd ch\u1ec9 tr\u1ea3i qua <a href=\"https:\/\/www.fiahub.com\/blog\/ban-biet-gi-ve-golden-cross-va-death-cross-trong-phan-tich-ky-thuat\/\">golden cross<\/a> th\u1ee9 b\u1ea3y (trong \u0111\u00f3 \u0111\u01b0\u1eddng SMA 50 ng\u00e0y v\u01b0\u1ee3t l\u00ean tr\u00ean \u0111\u01b0\u1eddng SMA 200 ng\u00e0y) trong 10 n\u0103m qua. Khi nh\u1eefng \u0111i\u1ec1u n\u00e0y x\u1ea3y ra sau m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng k\u00e9o d\u00e0i, ch\u00fang th\u01b0\u1eddng l\u00e0 t\u00edn hi\u1ec7u mua trung v\u00e0 d\u00e0i h\u1ea1n tuy\u1ec7t v\u1eddi. V\u1edbi nh\u1eefng \u0111i\u1ec1u tr\u00ean, c\u00f3 v\u1ebb nh\u01b0 s\u1ebd c\u00f3 nhi\u1ec1u nhu c\u1ea7u v\u1ec1 Bitcoin \u1edf c\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 quan tr\u1ecdng khi (v\u00e0 n\u1ebfu) gi\u00e1 gi\u1ea3m xu\u1ed1ng.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>D\u1eef li\u1ec7u c\u1eadp nh\u1eadt t\u1eeb ng\u00e0y 30\/1 &#8211; 05\/2. Xem th\u00eam: Ph\u00e2n t\u00edch d\u1eef li\u1ec7u on-chain tu\u1ea7n 5\/2023: Ch\u1ec9 b\u00e1o NUPL tu\u1ea7n qua tr\u1edf l\u1ea1i khu v\u1ef1c hi v\u1ecdng, b\u00e1o hi\u1ec7u b\u1eaft \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1 Kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 Bitcoin Tu\u1ea7n qua l\u00e0 m\u1ed9t tu\u1ea7n \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng v\u00e0 c\u00f3 ph\u1ea7n thi\u1ebfu<\/p>\n","protected":false},"author":23,"featured_media":20578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21849],"tags":[221,3102,8097],"class_list":{"0":"post-20574","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-phan-tich-nhan-dinh","8":"tag-bitcoin","9":"tag-btc","10":"tag-on-chain"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ph\u00e2n t\u00edch d\u1eef li\u1ec7u on-chain tu\u1ea7n 6\/2023 - 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