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BlackRock's spot Bitcoin ETF IBIT has been a brutal entry experience for mainstream Bitcoin investors, according to ETF Store President Nate Geraci. Citing Bloomberg data, Geraci noted IBIT once peaked at $44.4 billion in assets after its 2024 launch, and that average investors had been sitting on roughly 30% gains as recently as mid-2025.
Why it matters
That cushion has evaporated. Following the sharp decline in Bitcoin, the average IBIT investor is now down approximately 40%, according to Geraci. The drawdown matters because IBIT was the primary vehicle through which traditional retail and advisor-channel money entered Bitcoin exposure during the last cycle.
Market impact
A 40% average loss across a product that attracted tens of billions in mainstream inflows reframes the narrative that spot ETF buyers were insulated from the worst of the recent downturn. If the average entry sits near the prior high, the cohort is effectively the marginal seller on any bounce, and the cost basis of the largest US spot BTC ETF becomes a reference price the market now has to clear.
Frequently asked questions
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How much are BlackRock IBIT investors down on average?
According to ETF Store President Nate Geraci, citing Bloomberg data, the average BlackRock spot Bitcoin ETF (IBIT) investor is now down approximately 40% following Bitcoin's recent sharp decline.
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How big did IBIT get at its peak?
Geraci noted IBIT once reached $44.4 billion in assets after rapidly attracting inflows following its 2024 launch.
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Were IBIT investors in profit before the recent drop?
Yes. According to Geraci, average IBIT investors had gained about 30% as of mid-2025 before the recent Bitcoin decline erased those gains.
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Why does the IBIT loss matter for the broader market?
IBIT was the primary vehicle for traditional retail and advisor-channel money entering Bitcoin exposure. A 40% average loss means the average entry sits near the prior cycle high, making that cohort the marginal seller on any bounce.
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Who originally reported the average IBIT loss figure?
ETF Store President Nate Geraci shared the figure, citing Bloomberg data, and described the experience as a brutal entry for mainstream Bitcoin investors.
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