Yahoo Finance
2024 was a massive turning point for crypto.
After years of regulatory back and forth, a few of the biggest asset managers in the world were allowed to offer spot Bitcoin (BTC) exchange-traded funds (ETFs).
Among them was BlackRock (NYSE: BLK), the world's largest asset management company.
The launch of itsiShares Bitcoin Trust ETF,or IBIT, came as a green signal for traditional investors who wanted to explore cryptocurrencies but did not know how or where.
A Bitcoin ETF allows people to bet on Bitcoin's price without buying or storing the cryptocurrency themselves.
As recently as mid-2025, the average IBIT holder was up roughly 30%, per Bespoke datacited by Bloomberg.
But after theflash crash of October 2025, Bitcoin's slide has flipped that gain into a steep loss.
Related: BlackRock shares surprising portfolio tip for investors The typical investor in BlackRock's IBIT is now down about 40%, according to Bespoke Investment Group.
This is a stark sign of how hard 2026's crypto selloff has hit the everyday buyers who got their Bitcoin exposure through the largest U.S.
The figure measures the average buyer's entry price against Bitcoin today instead of a single-day drop.
It reflects how far underwater the typical position sits, and those are paper losses until investors actually sell.
Nate Geraci of NovaDius Wealth Managementcalledit "a brutal intro to btc for mainstream investors." Bespoke analysts were blunt, adding that "those assets are hurting" and describing the funds so far as an "absolute disaster for investors." But they also noted that a fresh rally could still rewrite the story.
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