{"id":188628,"date":"2025-12-24T13:00:23","date_gmt":"2025-12-24T10:00:23","guid":{"rendered":"https:\/\/coinmuhendisi.com\/blog\/?p=188628"},"modified":"2025-12-24T10:34:56","modified_gmt":"2025-12-24T07:34:56","slug":"bitcoin-neden-2025te-altinin-gerisinde-kaldi","status":"publish","type":"post","link":"https:\/\/coinmuhendisi.com\/blog\/bitcoin-neden-2025te-altinin-gerisinde-kaldi\/","title":{"rendered":"Bitcoin Neden 2025\u2019te Alt\u0131n\u0131n Gerisinde Kald\u0131?"},"content":{"rendered":"

Bitcoin<\/strong>, g\u00fcvenli liman talebinde alt\u0131n\u0131n gerisinde kald\u0131. Son \u00fc\u00e7 ayda alt\u0131n<\/strong><\/a> ve g\u00fcm\u00fc\u015f<\/strong> de\u011fer kazanmaya devam ederken, Bitcoin yatay bir seyir izliyor. XWIN Research Japan ve di\u011fer piyasa analizleri, bu durumun yat\u0131r\u0131mc\u0131lar\u0131n g\u00fcvenli liman talebindeki art\u0131\u015fla ba\u011flant\u0131l\u0131 oldu\u011funu g\u00f6steriyor.<\/p>\n

Jeopolitik belirsizlikler ve faiz beklentilerindeki de\u011fi\u015fim, kurumlar\u0131n sermayelerini alt\u0131n ve g\u00fcm\u00fc\u015f gibi geleneksel g\u00fcvenli varl\u0131klara y\u00f6nlendirmesine yol a\u00e7t\u0131. \u00d6zellikle g\u00fcm\u00fc\u015f, s\u0131n\u0131rl\u0131 arz ko\u015fullar\u0131 ve spek\u00fclatif ak\u0131mlara duyarl\u0131l\u0131\u011f\u0131 nedeniyle alt\u0131n\u0131n hareketini daha da g\u00fc\u00e7lendirdi. Alt\u0131n, ilk kez ons ba\u015f\u0131na 4.500 dolar\u0131 a\u015ft\u0131, Bitcoin\u2019e g\u00f6re g\u00fc\u00e7l\u00fc performans g\u00f6steriyor. G\u00fcm\u00fc\u015f, 72,27 dolar seviyesine y\u00fckselerek alt\u0131n\u0131n hareketini destekliyor.<\/p>\n

10X Research kurucusu Markus Thielen\u2019e g\u00f6re, Bitcoin\u2019in 2025\u2019te alt\u0131n\u0131n gerisinde kalmas\u0131n\u0131n temel nedeni, Wall Street nezdinde \u201cdijital alt\u0131n\u201d anlat\u0131s\u0131n\u0131n kurumsal sermaye \u00e7ekmekte yetersiz kalmas\u0131. Alt\u0131n ve bak\u0131r gibi fiziksel varl\u0131klar g\u00fc\u00e7l\u00fc y\u00fckselirken, Bitcoin hem g\u00fcvenli liman hem de teknoloji temal\u0131 yat\u0131r\u0131mlardan yeterince pay alamad\u0131.<\/p>\n

Bitcoin Yat\u0131r\u0131mc\u0131lar\u0131 H\u00e2l\u00e2 Temkinli<\/h3>\n

Bitcoin ise h\u00e2l\u00e2 y\u00fcksek volatiliteye sahip bir risk varl\u0131\u011f\u0131 olarak g\u00f6r\u00fcl\u00fcyor. Riskin \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 d\u00f6nemlerde, sermaye \u00f6nce alt\u0131n ve devlet tahvillerine y\u00f6neliyor; Bitcoin \u00e7o\u011funlukla ikinci planda kal\u0131yor.<\/p>\n

CryptoQuant verilerine g\u00f6re, Bitcoin\u2019de g\u00f6r\u00fcn\u00fcr talep negatif seviyelere d\u00f6nd\u00fc. K\u0131sa vadeli yat\u0131r\u0131mc\u0131lar\u0131n SOPR g\u00f6stergesi 1\u2019in alt\u0131nda seyrediyor. Bu da k\u0131sa vadeli yat\u0131r\u0131mc\u0131lar\u0131n zarar veya ba\u015fa ba\u015f seviyede \u00e7\u0131k\u0131\u015f yapt\u0131\u011f\u0131n\u0131, dolay\u0131s\u0131yla sat\u0131\u015f bask\u0131s\u0131n\u0131n artt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. SOPR, bir coin\u2019in al\u0131\u015f fiyat\u0131 ile sat\u0131\u015f fiyat\u0131 aras\u0131ndaki de\u011fi\u015fime bakarak, yat\u0131r\u0131mc\u0131lar\u0131n k\u00e2r veya zarar oranlar\u0131n\u0131 g\u00f6steren bir g\u00f6stergedir.<\/p>\n

Makro Etkenler Bitcoin\u2019in Yukar\u0131s\u0131n\u0131 S\u0131n\u0131rl\u0131yor<\/h3>\n

Alt\u0131n ve g\u00fcm\u00fc\u015f, uzun vadeli ve fiyat hassasiyeti d\u00fc\u015f\u00fck yat\u0131r\u0131mc\u0131 taban\u0131na sahipken, Bitcoin h\u00e2l\u00e2 k\u0131sa vadeli pozisyonlama ve marjinal talebe ba\u011f\u0131ml\u0131. Bu nedenle makroekonomik olumlu etkenler tek ba\u015f\u0131na Bitcoin\u2019in trendini yukar\u0131 ta\u015f\u0131yam\u0131yor.<\/p>\n

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    Alt\u0131n fiyatlar\u0131, y\u0131l ba\u015f\u0131ndan bu yana yakla\u015f\u0131k %12 y\u00fckseldi ve merkez bankalar\u0131n\u0131n al\u0131mlar\u0131yla destekleniyor.<\/p>\n<\/li>\n

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    G\u00fcm\u00fc\u015f, alt\u0131na g\u00f6re daha dar bir arz ve spek\u00fclatif talep etkisiyle yakla\u015f\u0131k %15 art\u0131\u015f kaydetti.<\/p>\n<\/li>\n

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    Bitcoin ise ayn\u0131 d\u00f6nemde %3\u20135 band\u0131nda yatay seyrediyor.<\/p>\n<\/li>\n<\/ul>\n

    Bitcoin ve Alt\u0131n Performans Fark\u0131<\/h3>\n

    BTC-alt\u0131n oran\u0131, bir Bitcoin almak i\u00e7in gereken alt\u0131n onsu miktar\u0131n\u0131 g\u00f6steriyor. Aral\u0131k 2024\u2019te yakla\u015f\u0131k 40 ons seviyesindeyken, 2025 boyunca %50 d\u00fc\u015ferek BTC ba\u015f\u0131na 20 ons seviyesine geriledi. Bu sert de\u011fi\u015fim, Bitcoin talebinde \u00e7\u00f6k\u00fc\u015ften ziyade, alt\u0131n\u0131n g\u00fc\u00e7l\u00fc performans\u0131 ve kurumsal giri\u015fler nedeniyle ortaya \u00e7\u0131kt\u0131.<\/p>\n

    Merkez bankalar\u0131 ekim ay\u0131na kadar 254 ton alt\u0131n sat\u0131n al\u0131rken, k\u00fcresel alt\u0131n ETF\u2019lerindeki varl\u0131klar y\u0131l\u0131n ilk yar\u0131s\u0131nda 397 ton artt\u0131. Bitcoin talebi ise y\u0131l\u0131n ikinci yar\u0131s\u0131nda zay\u0131flad\u0131. Spot ETF\u2019lerin y\u00f6netilen varl\u0131klar\u0131 152 milyar dolardan 112 milyar dolara geriledi. Ayr\u0131ca uzun vadeli yat\u0131r\u0131mc\u0131lar 500 bin BTC\u2019den fazla sat\u0131\u015f yapt\u0131.<\/p>\n

    Yat\u0131r\u0131mc\u0131lar Ne Beklemeli?<\/h3>\n

    XWIN Research Japan\u2019a g\u00f6re temel senaryo \u015fu \u015fekilde:<\/p>\n

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      Alt\u0131n ve g\u00fcm\u00fc\u015f, g\u00fcvenli varl\u0131k ak\u0131mlar\u0131yla desteklenmeye devam edecek.<\/p>\n<\/li>\n

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      Bitcoin, d\u00fc\u015f\u00fck talep ve k\u0131sa vadeli yat\u0131r\u0131mc\u0131 bask\u0131s\u0131 nedeniyle yukar\u0131 y\u00f6nl\u00fc hareketi s\u0131n\u0131rl\u0131 kalacak.<\/p>\n<\/li>\n<\/ul>\n

      Ancak Bitcoin\u2019de g\u00f6r\u00fcn\u00fcr talep kal\u0131c\u0131 olarak pozitif seviyelere y\u00fckselir ve STH SOPR 1\u2019in \u00fczerine stabil hale gelirse, mevcut de\u011ferlendirme yeniden g\u00f6zden ge\u00e7irilebilir.<\/p>\n

      Alt\u0131n Nedir? Nas\u0131l Al\u0131n\u0131r?<\/a><\/p><\/blockquote>\n