BlackRock's IBIT holders sold 56,800 BTC near $63K in June, then bought 78,000 back near $77,600. Their average cost is $81,136 a coin, so they're about 6.5% under water now.

From IBIT's own daily holdings files, with each day's change in coins priced at that day's close.

June was the fund's worst month since launch, with outflows on 16 of its 21 trading days. Its worst five days on record, 24 to 30 June, ended on this cycle's lowest close so far, $58,532, when IBIT's holders were about 29% under water. Then they bought back in at higher prices, and by late September they were back in profit.

Now they're under water again. IBIT held 801,241 BTC on Thursday at an average cost of $81,136, so at about $75,850 the average holder is 6.5% down, around $4.2B on paper. The last five trading days took out 13,632 BTC, with outflows on every one of them, the most for any five-day stretch since the one ending 2 July.

The cost is that high because IBIT took in about 436,000 BTC between November 2024 and December 2025 at an average close of about $103,500, which lifted its average from about $60,300 to $82,900. Not every fund looks like this. Fidelity's FBTC and Bitwise's BITB average about $61,700 a coin, so their holders are still about 23% up, while ARK's ARKB sits at about $81,000, like IBIT.

How it's worked out: coins added are priced at that day's close and raise the fund's cost, and coins removed leave at its average cost, so the average only moves when coins come in. IBIT has published every day since launch, so its numbers have no estimated part. Fidelity's and Bitwise's histories before late October are estimated from their quarter-end filings, so treat those two as close rather than exact.