For a brief period, investors in BlackRock’s spot Bitcoin ETF looked like early winners. By mid-2025, the average IBIT holder was sitting on a 30% gain after the fund rapidly accumulated $44.4 billion in assets. That cushion is now gone, and then some. According to the original report from WuBlockchain, ETF Store President Nate Geraci cited Bloomberg data showing that the average IBIT investor is now down about 40% following a sharp Bitcoin sell-off.