DXY – chỉ số phản ánh sức mạnh của đồng đô la Mỹ – thường có mối quan hệ nghịch với các tài sản rủi ro. Cụ thể, khi DXY tăng, các tài sản rủi ro như cổ phiếu, crypto hay hàng hóa thường chịu áp lực giảm giá và ngược lại. Nguyên nhân chủ yếu đến từ tâm lý nhà đầu tư và sự dịch chuyển của dòng tiền: trong những giai đoạn bất ổn, USD được xem là tài sản trú ẩn an toàn, khiến dòng tiền rút khỏi các tài sản rủi ro; khi khẩu vị rủi ro cải thiện, dòng tiền quay trở lại các kênh đầu tư này, kéo theo sự suy yếu của DXY.

Ở thời điểm hiện tại, dù DXY vẫn đang trong trạng thái suy yếu, dòng tiền lớn lại không còn ủng hộ Bitcoin. Điều này thể hiện rõ qua việc giá BTC liên tục giảm từ vùng 124.000 USD xuống hiện tại mà chưa xuất hiện nhịp hồi phục nào thực sự đáng kể.

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The DXY – an index reflecting the strength of the US dollar – typically has an inverse relationship with risky assets. Specifically, when the DXY rises, risky assets such as stocks, cryptocurrencies, or commodities often experience downward pressure, and vice versa. The main reason stems from investor sentiment and the movement of capital: during periods of instability, the USD is XEM as a safe-haven asset, causing capital to withdraw from risky assets; when risk appetite improves, capital flows back into these investment channels, leading to a weakening of the DXY.

Currently, although the DXY index remains weak, large capital flows are no longer supporting Bitcoin. This is clearly demonstrated by the continuous decline in BTC price from around $124,000 to its current level without any significant recovery.

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