{"id":65253,"date":"2026-03-26T08:35:28","date_gmt":"2026-03-26T01:35:28","guid":{"rendered":"https:\/\/hbbgroup.net\/bitcoin-miner-supply-shock-hasnt-arrived-yet-new-data-suggests\/"},"modified":"2026-03-26T10:56:56","modified_gmt":"2026-03-26T03:56:56","slug":"bitcoin-miner-supply-shock-hasnt-arrived-yet-new-data-suggests","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/bitcoin-miner-supply-shock-hasnt-arrived-yet-new-data-suggests\/","title":{"rendered":"C\u00fa s\u1ed1c ngu\u1ed3n cung t\u1eeb ph\u00eda th\u1ee3 \u0111\u00e0o Bitcoin v\u1eabn ch\u01b0a th\u1ef1c s\u1ef1 xu\u1ea5t hi\u1ec7n, theo d\u1eef li\u1ec7u m\u1edbi."},"content":{"rendered":"
\n

B\u1ee9c tranh ngu\u1ed3n cung t\u1eeb ph\u00eda th\u1ee3 \u0111\u00e0o Bitcoin hi\u1ec7n v\u1eabn th\u1eaft ch\u1eb7t h\u01a1n so v\u1edbi c\u00e1c chu k\u1ef3 tr\u01b0\u1edbc, nh\u01b0ng ch\u01b0a \u0111\u1ee7 \u0111\u1ec3 \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t c\u00fa s\u1ed1c ngu\u1ed3n cung th\u1ef1c s\u1ef1. D\u1eef li\u1ec7u m\u1edbi t\u1eeb b\u1ea3n tin Bitcoin Morning Brief c\u1ee7a Axel Adler Jr. cho th\u1ea5y c\u00e1c th\u1ee3 \u0111\u00e0o v\u1eabn c\u00f2n n\u1eafm gi\u1eef m\u1ed9t l\u01b0\u1ee3ng d\u1ef1 tr\u1eef OTC \u0111\u00e1ng k\u1ec3, trong khi \u00e1p l\u1ef1c b\u00e1n h\u01b0\u1edbng ra s\u00e0n giao d\u1ecbch v\u1eabn duy tr\u00ec \u1edf m\u1ee9c cao.<\/p>\n

Th\u1ee3 \u0111\u00e0o Bitcoin ph\u00e1t ra t\u00edn hi\u1ec7u tr\u00e1i chi\u1ec1u<\/p>\n

L\u1eadp lu\u1eadn c\u1ed1t l\u00f5i c\u1ee7a Adler d\u1ef1a tr\u00ean hai ch\u1ec9 b\u00e1o ri\u00eang bi\u1ec7t nh\u01b0ng c\u00f3 li\u00ean h\u1ec7 ch\u1eb7t ch\u1ebd v\u1edbi nhau. Ch\u1ec9 b\u00e1o th\u1ee9 nh\u1ea5t theo d\u00f5i \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng 30 ng\u00e0y c\u1ee7a l\u01b0\u1ee3ng BTC \u0111\u01b0\u1ee3c chuy\u1ec3n t\u1eeb v\u00ed th\u1ee3 \u0111\u00e0o l\u00ean c\u00e1c s\u00e0n giao d\u1ecbch, \u0111\u00f3ng vai tr\u00f2 nh\u01b0 m\u1ed9t th\u01b0\u1edbc \u0111o tr\u1ef1c ti\u1ebfp cho \u00e1p l\u1ef1c b\u00e1n th\u1ef1c t\u1ebf \u0111ang \u0111i v\u00e0o th\u1ecb tr\u01b0\u1eddng. Ch\u1ec9 b\u00e1o c\u00f2n l\u1ea1i \u0111o t\u1ed5ng s\u1ed1 d\u01b0 BTC \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef tr\u00ean c\u00e1c \u0111\u1ecba ch\u1ec9 OTC c\u00f3 li\u00ean h\u1ec7 v\u1edbi th\u1ee3 \u0111\u00e0o, qua \u0111\u00f3 cho th\u1ea5y v\u1eabn c\u00f2n bao nhi\u00eau h\u00e0ng t\u1ed3n kho c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c b\u00e1n ra ngo\u00e0i s\u1ed5 l\u1ec7nh c\u00f4ng khai.<\/p>\n

Khi \u0111\u1eb7t hai bi\u1ec3u \u0111\u1ed3 n\u00e0y c\u1ea1nh nhau, b\u1ee9c tranh hi\u1ec7n ra l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng v\u1eabn \u0111ang h\u1ea5p th\u1ee5 ho\u1ea1t \u0111\u1ed9ng ph\u00e2n ph\u1ed1i li\u00ean t\u1ee5c t\u1eeb ph\u00eda th\u1ee3 \u0111\u00e0o, ch\u1ee9 ch\u01b0a ph\u1ea3i m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 ngu\u1ed3n cung \u1ea9n \u0111\u00e3 c\u1ea1n ki\u1ec7t \u0111\u1ed9t ng\u1ed9t. Nh\u01b0 Adler nh\u1eadn \u0111\u1ecbnh: \u201c\u0110\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng, \u0111\u00e2y l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u tr\u00e1i chi\u1ec1u: ph\u1ea7n d\u01b0 cung OTC \u1ea9n \u0111\u00e3 b\u1ecb thu h\u1eb9p so v\u1edbi c\u00e1c chu k\u1ef3 tr\u01b0\u1edbc, nh\u01b0ng \u00e1p l\u1ef1c chi\u1ebfn thu\u1eadt qua k\u00eanh th\u1ecb tr\u01b0\u1eddng v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf.\u201d<\/p>\n

S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y r\u1ea5t quan tr\u1ecdng. S\u1ed1 d\u01b0 OTC th\u1ea5p c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem l\u00e0 t\u00edn hi\u1ec7u mang t\u00ednh x\u00e2y d\u1ef1ng, v\u00ec n\u00f3 h\u00e0m \u00fd r\u1eb1ng th\u1ee3 \u0111\u00e0o c\u00f2n \u00edt l\u01b0\u1ee3ng h\u00e0ng t\u1ed3n b\u00ean l\u1ec1 h\u01a1n \u0111\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch quy m\u00f4 l\u1edbn ngo\u00e0i s\u00e0n. Nh\u01b0ng n\u1ebfu s\u1ed1 coin m\u00e0 h\u1ecd \u0111ang \u0111\u00e0o ra v\u1eabn ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c chuy\u1ec3n l\u00ean s\u00e0n v\u1edbi t\u1ed1c \u0111\u1ed9 cao, th\u00ec \u00e1p l\u1ef1c cung t\u1ee9c th\u1eddi l\u00ean th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f2n nguy\u00ean.<\/p>\n

D\u1eef li\u1ec7u d\u00f2ng ti\u1ec1n l\u00ean s\u00e0n l\u00e0 tr\u1ecdng t\u00e2m c\u1ee7a l\u1eadp lu\u1eadn \u0111\u00f3. Theo Adler, l\u01b0\u1ee3ng BTC t\u1eeb th\u1ee3 \u0111\u00e0o \u0111\u1ed5 l\u00ean s\u00e0n \u0111\u00e3 t\u0103ng \u0111\u00e1ng k\u1ec3 sau Halving l\u1ea7n th\u1ee9 4 so v\u1edbi giai \u0111o\u1ea1n \u0111\u1ea7u ngay sau halving, v\u00e0 xu h\u01b0\u1edbng n\u00e0y c\u00f2n t\u0103ng t\u1ed1c m\u1ea1nh h\u01a1n k\u1ec3 t\u1eeb m\u00f9a thu n\u0103m 2025. B\u01b0\u1edbc sang n\u0103m 2026, ch\u1ec9 b\u00e1o trung b\u00ecnh \u0111\u1ed9ng 30 ng\u00e0y v\u1eabn duy tr\u00ec trong tr\u1ea1ng th\u00e1i m\u00e0 \u00f4ng g\u1ecdi l\u00e0 v\u00f9ng cao, cho th\u1ea5y \u201cm\u1ed9t ph\u1ea7n \u0111\u00e1ng k\u1ec3 ngu\u1ed3n cung m\u1edbi \u0111\u01b0\u1ee3c \u0111\u00e0o ra v\u1eabn \u0111ang ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o th\u1ecb tr\u01b0\u1eddng, v\u00e0 \u00e1p l\u1ef1c hi\u1ec7n t\u1ea1i t\u1eeb ph\u00eda th\u1ee3 \u0111\u00e0o ch\u01b0a th\u1ec3 \u0111\u01b0\u1ee3c xem l\u00e0 \u0111\u00e3 bi\u1ebfn m\u1ea5t.\u201d<\/p>\n

\"Bitcoin<\/p>\n

D\u00f2ng ti\u1ec1n 30DMA c\u1ee7a to\u00e0n b\u1ed9 BTC t\u1eeb th\u1ee3 \u0111\u00e0o l\u00ean s\u00e0n giao d\u1ecbch | Ngu\u1ed3n: Axel Adler<\/p>\n

Nh\u1eefng tu\u1ea7n g\u1ea7n \u0111\u00e2y cho th\u1ea5y m\u1ee9c \u0111\u1ed9 h\u1ea1 nhi\u1ec7t nh\u1ea5t \u0111\u1ecbnh so v\u1edbi c\u00e1c \u0111\u1ec9nh g\u1ea7n nh\u1ea5t, nh\u01b0ng Adler kh\u00f4ng xem \u0111\u00f3 l\u00e0 t\u00edn hi\u1ec7u mang t\u00ednh quy\u1ebft \u0111\u1ecbnh. \u00d4ng vi\u1ebft: \u201cTrong v\u00e0i tu\u1ea7n g\u1ea7n \u0111\u00e2y, bi\u1ec3u \u0111\u1ed3 cho th\u1ea5y m\u1ed9t nh\u1ecbp tho\u00e1i lui c\u1ee5c b\u1ed9 kh\u1ecfi c\u00e1c m\u1ee9c \u0111\u1ec9nh g\u1ea7n \u0111\u00e2y. Tuy nhi\u00ean, trong b\u1ed1i c\u1ea3nh \u0111\u00e0 t\u0103ng m\u1ea1nh di\u1ec5n ra su\u1ed1t nhi\u1ec1u th\u00e1ng qua, \u0111i\u1ec1u n\u00e0y v\u1eabn ch\u01b0a \u0111\u1ee7 \u0111\u1ec3 \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t s\u1ef1 \u0111\u1ea3o chi\u1ec1u gi\u1ea3m \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn \u2014 \u0111\u00fang h\u01a1n, \u0111\u00e2y gi\u1ed1ng nh\u01b0 m\u1ed9t nh\u1ecbp t\u1ea1m d\u1eebng trong m\u1ed9t tr\u1ea1ng th\u00e1i d\u00f2ng ti\u1ec1n l\u00ean s\u00e0n v\u1eabn c\u00f2n \u1edf m\u1ee9c cao. \u0110\u1ec3 c\u00f3 th\u1ec3 n\u00f3i r\u1eb1ng \u00e1p l\u1ef1c t\u1eeb ph\u00eda th\u1ee3 \u0111\u00e0o th\u1ef1c s\u1ef1 gi\u1ea3m \u0111i, c\u1ea7n ph\u1ea3i th\u1ea5y \u0111\u01b0\u1eddng 30DMA gi\u1ea3m b\u1ec1n v\u1eefng kh\u1ecfi v\u00f9ng cao hi\u1ec7n t\u1ea1i, ch\u1ee9 kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t dao \u0111\u1ed9ng ng\u1eafn h\u1ea1n b\u00ean trong v\u00f9ng \u0111\u00f3.\u201d<\/p>\n

\u1ede ph\u00eda OTC, b\u1ee9c tranh c\u00f3 ph\u1ea7n tinh t\u1ebf h\u01a1n. S\u1ed1 d\u01b0 OTC li\u00ean quan \u0111\u1ebfn th\u1ee3 \u0111\u00e0o hi\u1ec7n \u1edf quanh m\u1ee9c 152,6 ngh\u00ecn BTC, th\u1ea5p h\u01a1n r\u1ea5t nhi\u1ec1u so v\u1edbi \u0111\u1ec9nh l\u1ecbch s\u1eed g\u1ea7n 595 ngh\u00ecn BTC v\u00e0o n\u0103m 2018 v\u00e0 ch\u1ec9 nh\u1ec9nh h\u01a1n kh\u00f4ng \u0111\u00e1ng k\u1ec3 so v\u1edbi \u0111\u00e1y c\u1ee7a chu\u1ed7i d\u1eef li\u1ec7u kho\u1ea3ng 146,9 ngh\u00ecn BTC \u0111\u01b0\u1ee3c ghi nh\u1eadn v\u00e0o th\u00e1ng 7\/2025. X\u00e9t theo ti\u00eau chu\u1ea9n d\u00e0i h\u1ea1n, \u0111i\u1ec1u n\u00e0y cho th\u1ea5y l\u01b0\u1ee3ng d\u1ef1 tr\u1eef OTC hi\u1ec7n v\u1eabn \u0111ang \u1edf tr\u1ea1ng th\u00e1i b\u1ecb n\u00e9n kh\u00e1 m\u1ea1nh.<\/p>\n

\"Bitcoin<\/figcaption><\/figure>\n

S\u1ed1 d\u01b0 c\u1ee7a nh\u00f3m \u0111\u1ecba ch\u1ec9 OTC Bitcoin | Ngu\u1ed3n: Axel Adler<\/em><\/p>\n

Tuy v\u1eady, Adler c\u0169ng b\u00e1c b\u1ecf r\u00f5 r\u00e0ng quan \u0111i\u1ec3m cho r\u1eb1ng ph\u1ea7n d\u1ef1 tr\u1eef n\u00e0y g\u1ea7n nh\u01b0 \u0111\u00e3 c\u1ea1n ki\u1ec7t ho\u00e0n to\u00e0n. \u00d4ng vi\u1ebft: \u201cM\u1ee9c hi\u1ec7n t\u1ea1i \u0111ang n\u1eb1m g\u1ea7n c\u1eadn d\u01b0\u1edbi c\u1ee7a v\u00f9ng dao \u0111\u1ed9ng l\u1ecbch s\u1eed, nh\u01b0ng n\u1ebfu n\u00f3i r\u1eb1ng l\u1edbp \u0111\u1ec7m n\u00e0y \u2018g\u1ea7n nh\u01b0 \u0111\u00e3 c\u1ea1n s\u1ea1ch\u2019 th\u00ec \u0111\u00f3 s\u1ebd l\u00e0 m\u1ed9t c\u00e1ch di\u1ec5n \u0111\u1ea1t qu\u00e1 m\u1ee9c: h\u01a1n 150.000 BTC v\u1eabn l\u00e0 m\u1ed9t kh\u1ed1i l\u01b0\u1ee3ng \u0111\u00e1ng k\u1ec3. Trong nh\u1eefng th\u00e1ng g\u1ea7n \u0111\u00e2y, s\u1ed1 d\u01b0 OTC dao \u0111\u1ed9ng trong m\u1ed9t bi\u00ean \u0111\u1ed9 t\u01b0\u01a1ng \u0111\u1ed1i h\u1eb9p, v\u00e0 th\u1eadm ch\u00ed v\u00e0o th\u00e1ng 2 c\u00f2n xu\u1ea5t hi\u1ec7n m\u1ed9t nh\u1ecbp t\u0103ng \u0111\u00e1ng ch\u00fa \u00fd. \u0110i\u1ec1u n\u00e0y gi\u1ed1ng v\u1edbi m\u1ed9t tr\u1ea1ng th\u00e1i d\u1ef1 tr\u1eef th\u1ea5p nh\u01b0ng v\u1eabn c\u00f2n t\u1ed3n t\u1ea1i, h\u01a1n l\u00e0 giai \u0111o\u1ea1n cu\u1ed1i c\u1ee7a vi\u1ec7c c\u1ea1n ki\u1ec7t ho\u00e0n to\u00e0n l\u1edbp \u0111\u1ec7m ngu\u1ed3n cung.\u201d<\/p>\n

\u0110\u00e2y ch\u00ednh l\u00e0 \u0111i\u1ec3m m\u1ea5u ch\u1ed1t c\u1ee7a b\u00e0i ph\u00e2n t\u00edch. B\u00e1o c\u00e1o kh\u00f4ng cho r\u1eb1ng ngu\u1ed3n cung t\u1eeb th\u1ee3 \u0111\u00e0o \u0111ang d\u1ed3i d\u00e0o. \u0110i\u1ec1u m\u00e0 b\u00e1o c\u00e1o mu\u1ed1n nh\u1ea5n m\u1ea1nh l\u00e0 b\u1ed1i c\u1ea3nh ngu\u1ed3n cung hi\u1ec7n \u0111\u00e3 tr\u1edf n\u00ean th\u1eaft ch\u1eb7t h\u01a1n v\u1ec1 m\u1eb7t c\u1ea5u tr\u00fac so v\u1edbi c\u00e1c chu k\u1ef3 tr\u01b0\u1edbc, nh\u01b0ng v\u1eabn ch\u01b0a b\u01b0\u1edbc sang tr\u1ea1ng th\u00e1i khan hi\u1ebfm th\u1ef1c s\u1ef1. Theo Adler, c\u00e1c th\u1ee3 \u0111\u00e0o hi\u1ec7n \u201cc\u00f3 l\u01b0\u1ee3ng t\u1ed3n kho OTC th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi nh\u1eefng chu k\u1ef3 tr\u01b0\u1edbc\u201d, nh\u01b0ng ph\u1ea7n d\u1ef1 tr\u1eef n\u00e0y \u201cv\u1eabn ch\u01b0a bi\u1ebfn m\u1ea5t.\u201d Thay v\u00e0o \u0111\u00f3, n\u00f3 \u201ckh\u00f4ng c\u00f2n \u0111\u1ee7 l\u1edbn \u0111\u1ec3 t\u1ea1o ra c\u00f9ng m\u1ed9t m\u1ee9c d\u01b0 cung \u1ea9n m\u00e0 th\u1ecb tr\u01b0\u1eddng t\u1eebng ch\u1ee9ng ki\u1ebfn tr\u01b0\u1edbc \u0111\u00e2y.\u201d<\/p>\n

\u1ea2nh minh h\u1ecda \u0111\u01b0\u1ee3c t\u1ea1o b\u1eb1ng DALL\u00b7E, bi\u1ec3u \u0111\u1ed3 t\u1eeb TradingView.com.<\/em><\/p>\n<\/figcaption><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"

B\u1ee9c tranh ngu\u1ed3n cung t\u1eeb ph\u00eda th\u1ee3 \u0111\u00e0o Bitcoin hi\u1ec7n v\u1eabn th\u1eaft ch\u1eb7t h\u01a1n so v\u1edbi c\u00e1c chu k\u1ef3 tr\u01b0\u1edbc, […]<\/p>","protected":false},"author":5,"featured_media":65255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-65253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/65253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=65253"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/65253\/revisions"}],"predecessor-version":[{"id":65711,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/65253\/revisions\/65711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/65255"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=65253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=65253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=65253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}