{"id":985,"date":"2025-10-13T10:45:29","date_gmt":"2025-10-13T10:45:29","guid":{"rendered":"https:\/\/www.coinspeaker.com\/tr\/?p=985"},"modified":"2025-10-27T11:39:59","modified_gmt":"2025-10-27T11:39:59","slug":"arthur-hayes-bitcoin-dort-yillik-dongu-sona-erdi","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/tr\/arthur-hayes-bitcoin-dort-yillik-dongu-sona-erdi\/","title":{"rendered":"Arthur Hayes: Bitcoin\u2019in 4 Y\u0131ll\u0131k D\u00f6ng\u00fcs\u00fc Art\u0131k Sona Erdi"},"content":{"rendered":"
BitMEX kurucu orta\u011f\u0131 Arthur Hayes, Bitcoin\u2019in geleneksel d\u00f6rt y\u0131ll\u0131k piyasa d\u00f6ng\u00fcs\u00fcn\u00fcn art\u0131k ge\u00e7ersiz oldu\u011funa inan\u0131yor. Bu d\u00f6ng\u00fc uzun s\u00fcredir yar\u0131lanma olaylar\u0131na ba\u011fl\u0131yd\u0131.<\/p>\n
Ayr\u0131nt\u0131l\u0131 bir blog yaz\u0131s\u0131nda Hayes, bu modelin eskiden traderlara bo\u011fa ve ay\u0131 d\u00f6nemlerini \u00f6ng\u00f6rmede yard\u0131m etti\u011fini a\u00e7\u0131klad\u0131. Art\u0131k ge\u00e7ersiz hale geldi\u011fini belirtti. Bunun yerine, Bitcoin\u2019in fiyat hareketlerini k\u00fcresel likidite ko\u015fullar\u0131 belirliyor. \u00d6zellikle Amerika Birle\u015fik Devletleri ve \u00c7in\u2019in para politikas\u0131 etkili.<\/p>\n
Hayes, \u00f6nceki piyasa zirvelerinin d\u00f6ng\u00fc d\u00f6rt y\u0131l sonra \u201cbitti\u011fi\u201d i\u00e7in olu\u015fmad\u0131\u011f\u0131n\u0131 savundu. K\u00fcresel para arz\u0131ndaki s\u0131k\u0131la\u015fma bu zirveleri tetikledi.<\/p>\n
Ona g\u00f6re Bitcoin fiyat\u0131, likiditenin geni\u015flemesi ve daralmas\u0131yla her zaman uyum sa\u011flad\u0131. \u00d6zellikle dolar ve yuan arz\u0131n\u0131n mevcudiyeti belirleyici oldu. Sabit bir yar\u0131lanma takvimine de\u011fil, bu dinamiklere uydu.<\/p>\n
Hayes\u2019e g\u00f6re<\/a> mevcut piyasa d\u00f6ng\u00fcs\u00fc, ge\u00e7mi\u015f \u00f6rneklerden tamamen farkl\u0131. ABD Hazinesi, Federal Rezerv\u2019in Ters Repo program\u0131ndan fon \u00e7ekti ve yeni hazine bonolar\u0131 ihra\u00e7 etti. B\u00f6ylece piyasaya yakla\u015f\u0131k 2,5 trilyon dolar aktard\u0131.<\/p>\n Ayr\u0131ca ABD Ba\u015fkan\u0131 Donald Trump, b\u00fcy\u00fcmeyi desteklemek ve bor\u00e7 y\u00fck\u00fcn\u00fc azaltmak i\u00e7in daha gev\u015fek para politikas\u0131 \u00e7a\u011fr\u0131s\u0131 yapt\u0131. Ekonomiyi \u201cs\u0131cak tutma\u201d iste\u011fi, likiditeyi art\u0131ran \u00f6nemli bir etken oldu.<\/p>\n Buna ra\u011fmen Federal Rezerv, enflasyon h\u00e2l\u00e2 hedefin \u00fczerinde olmas\u0131na kar\u015f\u0131n faiz indirimine y\u00f6neldi. Vadeli i\u015flemler piyasas\u0131, Ekim\u2019de faiz indirimi olas\u0131l\u0131\u011f\u0131n\u0131 y\u00fczde 94, Aral\u0131k\u2019ta ikinci indirim ihtimalini y\u00fczde 80 olarak fiyatl\u0131yor.<\/p>\n Hayes, bu politika de\u011fi\u015fikli\u011finin likiditeyi bol tuttu\u011funu s\u00f6yledi. Sonu\u00e7 olarak, Bitcoin\u2019in<\/a> y\u00fckseli\u015fini s\u00fcrd\u00fcrmesi i\u00e7in gerekli ko\u015fullar\u0131n g\u00fc\u00e7lendi\u011fini belirtti.<\/p>\n Tarih boyunca Bitcoin bo\u011fa piyasalar\u0131, genellikle k\u00fcresel parasal geni\u015fleme d\u00f6nemlerinde ortaya \u00e7\u0131kt\u0131. \u0130lk b\u00fcy\u00fck y\u00fckseli\u015f, ABD Merkez Bankas\u0131 para arz\u0131n\u0131 art\u0131r\u0131rken ve \u00c7in kredi b\u00fcy\u00fcmesini h\u0131zland\u0131r\u0131rken ba\u015flad\u0131. Ancak 2013\u2019te para bas\u0131m\u0131 yava\u015flay\u0131nca bu s\u00fcre\u00e7 sona erdi.<\/p>\n Bir sonraki y\u00fckseli\u015f, yani 2017 ICO d\u00f6nemi, \u00c7in\u2019in kredi b\u00fcy\u00fcmesi ve yuan\u0131n de\u011fer kayb\u0131n\u0131n bir sonucuydu. Ayn\u0131 \u015fekilde, 2020\u20132021 rallisi de pandemi s\u0131ras\u0131nda ABD\u2019nin b\u00fcy\u00fck \u00f6l\u00e7ekli likidite enjeksiyonuyla desteklendi.<\/p>\n Hayes, bug\u00fcnk\u00fc d\u00f6ng\u00fcn\u00fcn de ayn\u0131 likidite mant\u0131\u011f\u0131yla ilerledi\u011fini d\u00fc\u015f\u00fcn\u00fcyor. Ayr\u0131ca Washington ve Pekin\u2019in gev\u015fek finansal politikalar\u0131 s\u00fcrerken, Bitcoin bu ortamdan yararlanmak i\u00e7in g\u00fc\u00e7l\u00fc bir konumda bulunuyor.<\/p>\n Bitcoin \u015fu anda<\/a> yakla\u015f\u0131k 122.000 dolar seviyesinde i\u015flem g\u00f6r\u00fcyor. Bu rakam, k\u0131sa s\u00fcre \u00f6nce ula\u015f\u0131lan 126.000 dolarl\u0131k zirvenin biraz alt\u0131nda. 7 Ekim\u2019de BlackRock\u2019un iShares Bitcoin Trust (IBIT) fonuna 899 milyon dolar giri\u015f oldu. Bu art\u0131\u015f, piyasa momentumunu korumada \u00f6nemli rol oynad\u0131.<\/p>\n Ayr\u0131ca 8 Ekim\u2019de Bitcoin spot ETF\u2019lerine 441 milyon dolar net giri\u015f ger\u00e7ekle\u015fti. B\u00f6ylece fonlar, art arda sekiz g\u00fcn boyunca pozitif giri\u015f serisini s\u00fcrd\u00fcrd\u00fc.<\/p>\n On October 8, Bitcoin spot ETFs recorded a total net inflow of $441 million, marking eight consecutive days of net inflows. Ethereum spot ETFs saw a total net inflow of $69.05 million, also extending their eight-day streak of inflows. — Wu Blockchain (@WuBlockchain) October 9, 2025<\/a><\/p><\/blockquote>\nPiyasay\u0131 Art\u0131k Yar\u0131lanmalar De\u011fil, Likidite Y\u00f6nlendiriyor<\/strong><\/h2>\n
Piyasa G\u00f6r\u00fcn\u00fcm\u00fc<\/strong><\/h2>\n
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https:\/\/t.co\/Hj2Gs49bWa<\/a> pic.twitter.com\/BZCdctwUtn<\/a><\/p>\n