{"id":245090,"date":"2025-11-18T09:57:52","date_gmt":"2025-11-18T09:57:52","guid":{"rendered":"https:\/\/cryptonews.com\/tr\/news\/bitcoin-slides-below-90k-as-etf-investors-face-first-major-losses-more-dips-ahead\/"},"modified":"2025-11-18T09:50:13","modified_gmt":"2025-11-18T09:50:13","slug":"bitcoin-90-bin-dolarin-altina-geriledi-spot-etf-yatirimcilari-ilk-kez-zararda","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/tr\/news\/bitcoin-90-bin-dolarin-altina-geriledi-spot-etf-yatirimcilari-ilk-kez-zararda\/","title":{"rendered":"Bitcoin 90 Bin Dolar\u0131n Alt\u0131na Geriledi: Spot ETF Yat\u0131r\u0131mc\u0131lar\u0131 \u0130lk Kez Zararda \u2013 D\u00fc\u015f\u00fc\u015f Devam Edecek mi?"},"content":{"rendered":"
\"Bitcoin<\/figure>

Bitcoin<\/a>, Sal\u0131 g\u00fcn\u00fc 90.000 dolarl\u0131k kritik psikolojik e\u015fi\u011fin alt\u0131na inerek, Nisan ay\u0131ndan bu yana bu seviyeyi ilk kez ihlal etti. Bu d\u00fc\u015f\u00fc\u015f, ayn\u0131 zamanda spot ETF \u00fcr\u00fcnleri piyasaya s\u00fcr\u00fcld\u00fc\u011f\u00fcnden beri ortalama bir ETF yat\u0131r\u0131mc\u0131s\u0131n\u0131 ilk kez toplu zarara itti.<\/p>

Ya\u015fanan gerileme, 2025 y\u0131l\u0131ndaki t\u00fcm kazan\u00e7lar\u0131 silerken, fiyat\u0131 Ekim ba\u015f\u0131nda ula\u015ft\u0131\u011f\u0131 126.000 dolar\u0131n \u00fczerindeki rekor zirvesinin<\/a> %30’dan fazla alt\u0131na \u00e7ekti. Milyarlarca dolarl\u0131k ger\u00e7ekle\u015fmemi\u015f zarar, hem bireysel hem de kurumsal portf\u00f6yler \u00fczerinde bask\u0131 olu\u015fturuyor.<\/p>

\"Bitcoin
Kaynak: TradingView<\/figcaption><\/figure>

Bloomberg’e g\u00f6re<\/a>, t\u00fcm ETF giri\u015flerinin ak\u0131\u015f a\u011f\u0131rl\u0131kl\u0131 ortalama maliyet baz\u0131n\u0131n \u015fu anda yakla\u015f\u0131k 89.600 dolar seviyesinde bulunuyor. Bitcoin, Sal\u0131 g\u00fcnk\u00fc Asya i\u015flem seans\u0131nda bu seviyeyi a\u015fa\u011f\u0131 y\u00f6nl\u00fc k\u0131rd\u0131. 40.000 ila 70.000 dolar aras\u0131nda al\u0131m yapan ilk yat\u0131r\u0131mc\u0131lar h\u00e2l\u00e2 k\u00e2rda olsa da, kurumsal sermaye giri\u015fine ra\u011fmen piyasa hissiyat\u0131 h\u0131zla bozuldu.<\/p>

Sat\u0131\u015f Bask\u0131s\u0131ndaki ‘M\u00fckemmel F\u0131rt\u0131na’ Tarihi Bir D\u00fc\u015f\u00fc\u015f\u00fc Tetikliyor<\/h2><\/span>

Ya\u015fanan sat\u0131\u015f dalgas\u0131, Bitcoin ETF’lerini lansmanlar\u0131ndan bu yana en b\u00fcy\u00fck ikinci geri \u00e7ekilmeye itti. Bu \u00fcr\u00fcnler, zirvelerinden bu yana toplu olarak 3,29 milyar dolar de\u011fer kaybetti. Sadece 17 Kas\u0131m’da, ETF \u00e7\u0131k\u0131\u015flar\u0131 254,51 milyon dolara ula\u015ft\u0131. Bu \u00e7\u0131k\u0131\u015flara BlackRock’\u0131n IBIT fonunun 145,57 milyon dolarl\u0131k kayb\u0131 \u00f6nc\u00fcl\u00fck ederken, Grayscale’in GBTC ve Ark’\u0131n ARKB fonlar\u0131nda da \u00f6nemli geri al\u0131mlar g\u00f6r\u00fcld\u00fc.<\/p>

\"Bitcoin
Kaynak: SosoValue<\/a><\/figcaption><\/figure>

Bitcoin dominans\u0131, bir aydan uzun bir s\u00fcredir ilk kez %60’\u0131n alt\u0131na inerken, Ether 3.000 dolar\u0131n alt\u0131na d\u00fc\u015ft\u00fc. XRP, BNB ve Solana gibi maj\u00f6r tokenlar ise %3 ila %5,6 aras\u0131nda geriledi.<\/p>

\"Bitcoin
Kaynak: CoinMarketCap<\/a><\/figcaption><\/figure>

Piyasa analistleri, d\u00fc\u015f\u00fc\u015f\u00fc benzeri g\u00f6r\u00fclmemi\u015f bir sat\u0131\u015f bask\u0131s\u0131 yaratan birden fazla fakt\u00f6r\u00fcn birle\u015fimine (confluence) ba\u011fl\u0131yor. Son on y\u0131lda Bitcoin biriktiren uzun vadeli sahipler, psikolojik 100.000 dolar hedeflerine ula\u015ft\u0131ktan sonra k\u00e2r al\u0131m\u0131 yap\u0131yor. D\u00f6rt y\u0131ll\u0131k d\u00f6ng\u00fc teorisine inanan yat\u0131r\u0131mc\u0131lar ise \u00e7\u0131k\u0131\u015f zamanlamas\u0131n\u0131 ayarlamaya \u00e7al\u0131\u015f\u0131yor.<\/p>

VALR Kurucu Orta\u011f\u0131 ve CEO’su Farzam Ehsani, Cryptonews’e yapt\u0131\u011f\u0131 a\u00e7\u0131klamada, d\u00fc\u015f\u00fc\u015f\u00fcn geleneksel piyasa korkular\u0131ndan kaynakland\u0131\u011f\u0131n\u0131 belirtti. <\/p>

Ehsani, “Kripto piyasas\u0131ndaki gerilemenin ana nedeni, geleneksel piyasalardaki artan yat\u0131r\u0131mc\u0131 korkular\u0131” <\/em>dedi. Ehsani, “\u00d6zellikle yapay zek\u00e2 ile ili\u015fkili teknoloji hisseleri, yat\u0131r\u0131mc\u0131lar\u0131n mevcut \u00e7arpanlar\u0131n a\u015f\u0131r\u0131 y\u00fcksek oldu\u011funa inanarak k\u00e2r almaya ba\u015flamas\u0131yla bask\u0131 alt\u0131na girdi”<\/em> diye ekledi. <\/p>

Fed’in Aral\u0131k ay\u0131nda faiz indirimlerini erteleme olas\u0131l\u0131\u011f\u0131n\u0131n %50’nin alt\u0131na d\u00fc\u015fmesiyle artan endi\u015feler, dijital varl\u0131klar genelinde risk i\u015ftah\u0131n\u0131 daha da azaltt\u0131.<\/p>

Piyasa Pani\u011fine Ra\u011fmen G\u00fc\u00e7l\u00fc Eller Birikim Yap\u0131yor<\/h2><\/span>

Yayg\u0131n ay\u0131 hissiyat\u0131na ra\u011fmen, zincir \u00fcst\u00fc veriler, tarihsel olarak \u00f6nemli piyasa hareketlerinden \u00f6nce g\u00f6r\u00fclen al\u0131\u015f\u0131lmad\u0131k bir paterni ortaya koyuyor. <\/p>

CryptoQuant analizi, uzun vadeli ve fiyata duyars\u0131z yat\u0131r\u0131mc\u0131lardan gelen talebin 6 Ekim’den bu yana 159.000 BTC’den 345.000 BTC’ye y\u00fckseldi\u011fini g\u00f6steriyor; bu, son d\u00f6ng\u00fclerde g\u00f6r\u00fclen en b\u00fcy\u00fck birikimdir.<\/p>

\"Bitcoin
Kaynak: CryptoQuant<\/a><\/figcaption><\/figure>

Normalde, kal\u0131c\u0131 tutucular taraf\u0131ndan ger\u00e7ekle\u015ftirilen bu kadar agresif bir absorpsiyon, arz s\u0131k\u0131\u015fmalar\u0131n\u0131 ve k\u0131sa vadeli rallileri tetikler. Ancak bu sefer, fiyat tam tersi y\u00f6nde keskin bir \u015fekilde a\u015fa\u011f\u0131 hareket etti.<\/p>

CryptoQuant’tan Ki Young Ju, bu hareketi uzun vadeli sahiplerin kendi aralar\u0131nda ger\u00e7ekle\u015ftirdi\u011fi bir rotasyon olarak nitelendirdi<\/a>. <\/p>

Ju, “Bu d\u00fc\u015f\u00fc\u015f, sadece uzun vadeli sahiplerin kendi aralar\u0131nda yapt\u0131\u011f\u0131 bir rotasyon. Eski Bitcoin sahipleri, varl\u0131klar\u0131n\u0131 uzun vadede tutacak olan geleneksel finans oyuncular\u0131na sat\u0131\u015f yap\u0131yorlar”<\/em> diye belirtti. <\/p>

Ju, ETF’ler, MicroStrategy ve di\u011fer kanallar\u0131n s\u00fcrekli olarak taze likidite enjekte etmesiyle piyasa yap\u0131s\u0131n\u0131n temelde de\u011fi\u015fti\u011fini; egemen fonlar\u0131n, emeklilik fonlar\u0131n\u0131n ve \u015firket hazinelerinin art\u0131k daha da b\u00fcy\u00fck likidite kanallar\u0131 olu\u015fturdu\u011funu kaydetti.<\/p>

\n

This dip is just long-term holders rotating among themselves. Old Bitcoiners are selling to tradfi players, who will also hold for the long run.

The reason I predicted the top early this year is that OG whales were dumping hard. But the market structure has changed. ETFs, MSTR,\u2026
https:\/\/t.co\/eGTRqPivFT<\/a><\/p>— Ki Young Ju (@ki_young_ju) November 17, 2025<\/a><\/blockquote>