After Bitcoin's Collapse, The Average IBIT Investor Has Swung From A 30% Gain To A 40% Loss, Analyst Says

Murphy described the decline as an emotional change, not a fundamental one, noting inflation, dollar strength, and a move into AI equities.

• After Bitcoin’s latest drop, the typical investor in BlackRock’s (BLK) spot Bitcoin ETF is down about 40%, ETF Store President Nate Geraci said.
• The same investor was down approximately 30% in mid-2025, Geraci said, calling it “a brutal intro to btc for mainstream investors.”
• Spot Bitcoin ETFs have lost about $5 billion this year, and IBIT’s assets are down by almost half from a late-2025 peak, said VettaFi’s Cinthia Murphy.

The average investor in BlackRock’s (BLK) spot Bitcoin (BTC) exchange-traded fund is down roughly 40% after Bitcoin’s recent collapse, ETF Store President Nate Geraci said on Friday.

Geraci cited Bloomberg data on X noting that even in mid-2025, the typical investor in the iShares Bitcoin Trust (IBIT) was still up around 30% before those gains were wiped off by the drop in Bitcoin. “Been a brutal intro to btc for mainstream investors,” he said.

That statistic is a dollar-weighted return, which factors in the magnitude and timing of investor inflows rather than the change in price of Bitcoin itself.  IBIT’s fund has a far higher cost basis than the current price, because most of its money went into the fund near the top of Bitcoin’s high.