{"id":78290,"date":"2026-05-07T09:10:17","date_gmt":"2026-05-07T02:10:17","guid":{"rendered":"https:\/\/hbbgroup.net\/spot-bitcoin-etfs-solved-access-but-custody-advisors-and-plumbing-still-lag-panelists-say\/"},"modified":"2026-05-07T10:01:43","modified_gmt":"2026-05-07T03:01:43","slug":"spot-bitcoin-etfs-solved-access-but-custody-advisors-and-plumbing-still-lag-panelists-say","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/spot-bitcoin-etfs-solved-access-but-custody-advisors-and-plumbing-still-lag-panelists-say\/","title":{"rendered":"C\u00e1c qu\u1ef9 ETF Bitcoin spot \u0111\u00e3 gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 ti\u1ebfp c\u1eadn, nh\u01b0ng l\u01b0u k\u00fd, c\u1ed1 v\u1ea5n v\u00e0 h\u1ea1 t\u1ea7ng v\u1eadn h\u00e0nh v\u1eabn c\u00f2n t\u1ee5t l\u1ea1i ph\u00eda sau, theo nh\u1eadn \u0111\u1ecbnh t\u1eeb c\u00e1c di\u1ec5n gi\u1ea3 trong h\u1ed9i th\u1ea3o."},"content":{"rendered":"
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C\u00e1c l\u00e3nh \u0111\u1ea1o c\u1ea5p cao t\u1eeb CoinShares, Calamos, ProShares v\u00e0 Flow Traders cho r\u1eb1ng s\u1ef1 t\u1eadp trung l\u01b0u k\u00fd qu\u00e1 l\u1edbn v\u00e0o Coinbase, m\u1ee9c \u0111\u1ed9 tham gia c\u00f2n h\u1ea1n ch\u1ebf c\u1ee7a c\u00e1c c\u1ed1 v\u1ea5n t\u00e0i ch\u00ednh v\u00e0 s\u1ef1 k\u00e9m hi\u1ec7u qu\u1ea3 trong d\u00f2ng ch\u1ea3y t\u1ea1o l\u1eadp qu\u1ef9 l\u00e0 nh\u1eefng v\u1ea5n \u0111\u1ec1 ti\u1ebfp theo c\u1ea7n \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft.<\/strong><\/p>\n

Ng\u00e0y 6\/5\/2026, 21:57 \u2014 th\u1eddi gian \u0111\u1ecdc: 3 ph\u00fat<\/p>\n

Make preferred on <\/a><\/p>\n<\/div>\n

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C\u00e1c qu\u1ef9 ETF Bitcoin spot \u0111\u00e3 gi\u1ea3i quy\u1ebft r\u00e0o c\u1ea3n ti\u1ebfp c\u1eadn t\u1ed3n t\u1ea1i l\u00e2u nay c\u1ee7a th\u1ecb tr\u01b0\u1eddng crypto b\u1eb1ng c\u00e1ch \u0111\u01b0a Bitcoin v\u00e0o c\u00e1c t\u00e0i kho\u1ea3n m\u00f4i gi\u1edbi v\u00e0 t\u00e0i kho\u1ea3n c\u1ed1 v\u1ea5n v\u1ed1n \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu. Sau hai n\u0103m r\u01b0\u1ee1i, c\u00e1c di\u1ec5n gi\u1ea3 t\u1ea1i h\u1ed9i ngh\u1ecb Consensus Miami c\u1ee7a CoinDesk \u0111\u1ec1u \u0111\u1ed3ng \u00fd r\u1eb1ng ph\u1ea7n \u0111\u00f3 \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3. Tuy nhi\u00ean, h\u1ecd cho r\u1eb1ng s\u1ef1 t\u1eadp trung l\u01b0u k\u00fd, m\u1ee9c \u0111\u1ed9 tham gia c\u00f2n h\u1ea1n ch\u1ebf c\u1ee7a c\u00e1c c\u1ed1 v\u1ea5n t\u00e0i ch\u00ednh v\u00e0 h\u1ea1 t\u1ea7ng v\u1eadn h\u00e0nh ph\u00eda sau v\u1eabn l\u00e0 nh\u1eefng v\u1ea5n \u0111\u1ec1 ch\u01b0a \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft.<\/p>\n

Christopher Russell, Gi\u00e1m \u0111\u1ed1c ho\u1ea1ch \u0111\u1ecbnh v\u00e0 ph\u00e2n t\u00edch chi\u1ebfn l\u01b0\u1ee3c t\u1ea1i Calamos Investments, \u0111\u00e3 m\u00f4 t\u1ea3 th\u00e0nh c\u00f4ng v\u1ec1 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn b\u1eb1ng c\u00e1c con s\u1ed1. \u201cETF \u0111\u00e3 gi\u1ea3i quy\u1ebft \u0111\u01b0\u1ee3c m\u1ed9t v\u1ea5n \u0111\u1ec1 l\u1edbn, \u0111\u00f3 l\u00e0 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn,\u201d \u00f4ng n\u00f3i. Kho\u1ea3ng h\u01a1n ch\u1ee5c qu\u1ef9 ETF Bitcoin spot t\u1ea1i M\u1ef9 hi\u1ec7n \u0111ang n\u1eafm gi\u1eef t\u1ed5ng c\u1ed9ng kho\u1ea3ng 107 t\u1ef7 USD t\u00e0i s\u1ea3n, trong \u0111\u00f3 kho\u1ea3ng 20 t\u1ef7 USD \u0111\u1ebfn t\u1eeb c\u00e1c qu\u1ef9 hedge fund t\u1ed5 ch\u1ee9c, 12,5 t\u1ef7 USD \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 b\u1edfi c\u00e1c c\u1ed1 v\u1ea5n \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u0103ng k\u00fd v\u00e0 60% n\u1eb1m trong c\u00e1c t\u00e0i kho\u1ea3n b\u00e1n l\u1ebb tr\u1ef1c ti\u1ebfp.<\/p>\n

Trong t\u1ed5ng s\u1ed1 146 ngh\u00ecn t\u1ef7 USD t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi c\u00e1c c\u1ed1 v\u1ea5n t\u00e0i ch\u00ednh, kho\u1ea3n ph\u00e2n b\u1ed5 12,5 t\u1ef7 USD v\u00e0o Bitcoin ETF \u201cnghe c\u00f3 v\u1ebb l\u1edbn, nh\u01b0ng th\u1ef1c t\u1ebf l\u1ea1i r\u1ea5t nh\u1ecf,\u201d Russell cho bi\u1ebft. \u00d4ng nh\u1eafc \u0111\u1ebfn \u0111i\u1ec1u m\u00e0 \u00f4ng g\u1ecdi l\u00e0 \u201cv\u1ea5n \u0111\u1ec1 1%\u201d: \u201cH\u1ecd c\u00f3 th\u1ec3 ph\u00e2n b\u1ed5 1% v\u00e0o m\u1ed9t t\u00e0i s\u1ea3n c\u00f3 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng 50\u201360%, nh\u01b0ng h\u1ecd kh\u00f4ng mu\u1ed1n d\u00e0nh 50% th\u1eddi gian h\u1ecdp v\u1edbi kh\u00e1ch h\u00e0ng \u0111\u1ec3 gi\u1ea3i th\u00edch t\u1ea1i sao kho\u1ea3n \u0111\u1ea7u t\u01b0 1% \u0111\u00f3 l\u1ea1i gi\u1ea3m 50%.\u201d<\/p>\n

Jean-Marie Mognetti, CEO ki\u00eam \u0111\u1ed3ng s\u00e1ng l\u1eadp CoinShares, nh\u1ea5n m\u1ea1nh \u0111\u1ebfn v\u1ea5n \u0111\u1ec1 c\u1ea5u tr\u00fac. \u201cHi\u1ec7n t\u1ea1i t\u1ea5t c\u1ea3 h\u1ecd \u0111\u1ec1u \u0111ang s\u1eed d\u1ee5ng m\u1ed9t \u0111\u01a1n v\u1ecb l\u01b0u k\u00fd duy nh\u1ea5t l\u00e0 Coinbase, \u0111i\u1ec1u n\u00e0y t\u1ea1o ra r\u1ee7i ro t\u1eadp trung r\u1ea5t l\u1edbn tr\u00ean th\u1ecb tr\u01b0\u1eddng,\u201d \u00f4ng n\u00f3i. \u201cX\u00e9t v\u1ec1 m\u1eb7t b\u1ea3o v\u1ec7 v\u00e0 \u0111a d\u1ea1ng h\u00f3a th\u00ec g\u1ea7n nh\u01b0 b\u1eb1ng 0. N\u1ebfu b\u1ea1n \u1edf trong b\u1ea5t k\u1ef3 qu\u1ef9 hedge fund n\u00e0o, b\u1ea1n s\u1ebd mu\u1ed1n c\u00f3 nhi\u1ec1u prime broker \u0111\u1ec3 ph\u00e2n t\u00e1n r\u1ee7i ro.\u201d<\/p>\n

C\u1ea3nh b\u00e1o c\u1ee7a Mognetti xu\u1ea5t hi\u1ec7n trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n kh\u00f4ng c\u00f2n ho\u00e0n to\u00e0n ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ed9t \u0111\u01a1n v\u1ecb l\u01b0u k\u00fd duy nh\u1ea5t, d\u00f9 Coinbase v\u1eabn \u0111\u00f3ng vai tr\u00f2 trung t\u00e2m trong h\u1ea1 t\u1ea7ng ETF. Qu\u1ef9 FBTC c\u1ee7a Fidelity s\u1eed d\u1ee5ng Fidelity Digital Assets, qu\u1ef9 HODL c\u1ee7a VanEck ban \u0111\u1ea7u d\u00f9ng Gemini r\u1ed3i sau \u0111\u00f3 b\u1ed5 sung Coinbase, qu\u1ef9 IBIT c\u1ee7a BlackRock \u0111\u00e3 th\u00eam Anchorage Digital Bank b\u00ean c\u1ea1nh Coinbase, c\u00f2n \u0111\u1ec1 xu\u1ea5t ETF Bitcoin c\u1ee7a Morgan Stanley li\u1ec7t k\u00ea Coinbase Custody v\u00e0 BNY l\u00e0 c\u00e1c \u0111\u01a1n v\u1ecb l\u01b0u k\u00fd Bitcoin.<\/p>\n

Aaron Dimitri, c\u1ed1 v\u1ea5n ph\u00e1p l\u00fd v\u1ec1 t\u00e0i s\u1ea3n s\u1ed1 t\u1ea1i Flow Traders, cho bi\u1ebft ETF \u0111\u00e3 gi\u00fap Bitcoin chuy\u1ec3n t\u1eeb m\u1ed9t t\u00e0i s\u1ea3n ch\u1ec9 \u0111\u1ec3 mua v\u00e0 n\u1eafm gi\u1eef sang m\u1ed9t c\u00f4ng c\u1ee5 c\u00f3 th\u1ec3 t\u00edch h\u1ee3p v\u00e0o c\u1ea5u tr\u00fac danh m\u1ee5c \u0111\u1ea7u t\u01b0 r\u1ed9ng h\u01a1n. \u201cB\u1ea1n kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 mua v\u00e0 gi\u1eef m\u1ed9t t\u00e0i s\u1ea3n r\u1ed3i hy v\u1ecdng n\u00f3 t\u0103ng gi\u00e1 theo th\u1eddi gian,\u201d \u00f4ng n\u00f3i. \u201cB\u1ea1n c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng th\u00eam c\u00e1c s\u1ea3n ph\u1ea9m t\u1ea1o l\u1ee3i su\u1ea5t v\u00e0 nh\u1eefng c\u1ea5u tr\u00fac \u0111\u1ea7u t\u01b0 kh\u00e1c nhau.\u201d Theo Dimitri, ETF kh\u00f4ng lo\u1ea1i b\u1ecf s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a Bitcoin \u0111\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c, nh\u01b0ng gi\u00fap vi\u1ec7c \u0111\u00f3ng g\u00f3i v\u00e0 qu\u1ea3n l\u00fd m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac tr\u1edf n\u00ean d\u1ec5 d\u00e0ng h\u01a1n. \u201cN\u1ebfu \u0111\u00e3 b\u01b0\u1edbc l\u00ean t\u00e0u l\u01b0\u1ee3n si\u00eau t\u1ed1c, \u00edt nh\u1ea5t b\u1ea1n c\u0169ng mu\u1ed1n ch\u1eafc ch\u1eafn d\u00e2y an to\u00e0n \u0111\u00e3 \u0111\u01b0\u1ee3c kh\u00f3a ch\u1eb7t tr\u01b0\u1edbc khi chuy\u1ebfn \u0111i b\u1eaft \u0111\u1ea7u,\u201d \u00f4ng n\u00f3i.<\/p>\n

Simeon Hyman, chi\u1ebfn l\u01b0\u1ee3c gia \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u t\u1ea1i ProShares, ph\u1ea3n \u0111\u1ed1i quan \u0111i\u1ec3m xem bi\u1ebfn \u0111\u1ed9ng l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 c\u1ea7n lo\u1ea1i b\u1ecf. \u201cBi\u1ebfn \u0111\u1ed9ng l\u00e0 m\u1ed9t \u0111\u1eb7c t\u00ednh, kh\u00f4ng ph\u1ea3i l\u1ed7i,\u201d \u00f4ng n\u00f3i, \u0111\u1ed3ng th\u1eddi ch\u1ec9 ra r\u1eb1ng Bitcoin v\u00e0 Ether \u0111\u1ec1u \u0111\u00e3 t\u0103ng 20% k\u1ec3 t\u1eeb khi chi\u1ebfn tranh t\u1ea1i Iran b\u1eaft \u0111\u1ea7u. N\u1ebfu m\u1ed9t t\u00e0i s\u1ea3n c\u00f3 bi\u1ebfn \u0111\u1ed9ng cao nh\u01b0ng kh\u00f4ng t\u01b0\u01a1ng quan ch\u1eb7t v\u1edbi c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu, \u201cch\u1ec9 c\u1ea7n th\u00eam m\u1ed9t l\u01b0\u1ee3ng nh\u1ecf v\u00e0o danh m\u1ee5c l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 c\u1ea3i thi\u1ec7n hi\u1ec7u qu\u1ea3 Sharpe ratio,\u201d Hyman cho bi\u1ebft. \u201cNh\u01b0ng b\u1ea1n ph\u1ea3i s\u1eb5n s\u00e0ng k\u1ec3 \u0111\u01b0\u1ee3c c\u00e2u chuy\u1ec7n \u0111\u00f3.\u201d \u00d4ng c\u0169ng cho r\u1eb1ng c\u00e1c s\u1ea3n ph\u1ea9m d\u1ef1a tr\u00ean h\u1ee3p \u0111\u1ed3ng futures v\u1eabn c\u00f3 vai tr\u00f2 ri\u00eang: BITO c\u1ee7a ProShares, ra m\u1eaft v\u00e0o th\u00e1ng 10\/2021, hi\u1ec7n n\u1eafm gi\u1eef kho\u1ea3ng 2 t\u1ef7 USD t\u00e0i s\u1ea3n nh\u01b0ng v\u1eabn giao d\u1ecbch v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng b\u1eb1ng 35% kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng ng\u00e0y c\u1ee7a IBIT t\u1eeb BlackRock \u2014 qu\u1ef9 spot ETF \u0111ang th\u1ed1ng tr\u1ecb th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Cu\u1ed9c th\u1ea3o lu\u1eadn di\u1ec5n ra trong b\u1ed1i c\u1ea3nh nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f2n nhi\u1ec1u b\u1ea5t \u1ed5n. Strategy, c\u00f4ng ty n\u1eafm gi\u1eef Bitcoin doanh nghi\u1ec7p l\u1edbn nh\u1ea5t v\u1edbi 818.334 BTC, \u0111\u00e3 b\u00e1o c\u00e1o kho\u1ea3n l\u1ed7 r\u00f2ng qu\u00fd 1 kho\u1ea3ng 12,5 t\u1ef7 USD trong tu\u1ea7n n\u00e0y. CoinDesk cho bi\u1ebft c\u00f4ng ty \u0111\u00e3 ph\u00e1t t\u00edn hi\u1ec7u c\u00f3 th\u1ec3 b\u00e1n m\u1ed9t ph\u1ea7n Bitcoin \u0111\u1ec3 \u0111\u00e1p \u1ee9ng ngh\u0129a v\u1ee5 tr\u1ea3 c\u1ed5 t\u1ee9c. Ho\u1ea1t \u0111\u1ed9ng t\u00edch l\u0169y c\u1ee7a Strategy t\u1eeb l\u00e2u \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t trong nh\u1eefng tr\u1ee5 c\u1ed9t nhu c\u1ea7u mang t\u00ednh c\u1ea5u tr\u00fac c\u1ee7a th\u1eddi k\u1ef3 h\u1eadu ETF.<\/p>\n

Khi \u0111\u01b0\u1ee3c h\u1ecfi v\u1ec1 m\u1ee5c ti\u00eau gi\u00e1 trong 5 n\u0103m t\u1edbi, Russell d\u1ef1 \u0111o\u00e1n Bitcoin s\u1ebd \u0111\u1ea1t 1 tri\u1ec7u USD trong v\u00f2ng 5 n\u0103m, \u201cnh\u01b0ng s\u1ebd kh\u00f4ng \u0111i theo m\u1ed9t \u0111\u01b0\u1eddng th\u1eb3ng.\u201d<\/p>\n<\/div>\n

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Nh\u00e0 s\u00e1ng l\u1eadp ki\u00eam CEO c\u1ee7a Input Output \u2014 c\u00f4ng ty \u0111\u1ee9ng sau Cardano \u2014 cho bi\u1ebft Google, Amazon v\u00e0 Facebook \u0111ang lo s\u1ee3 v\u00ec c\u00e1c AI agent s\u1ebd kh\u00f4ng h\u00e0nh x\u1eed nh\u01b0 con ng\u01b0\u1eddi khi \u0111\u1ed1i m\u1eb7t v\u1edbi qu\u1ea3ng c\u00e1o.<\/p>\n

Nh\u1eefng \u0111i\u1ec1u c\u1ea7n bi\u1ebft:<\/strong><\/p>\n