BlackRock’s Bitcoin ETF Investors Came Late to the Crypto Party

Core Insights - BlackRock Inc.'s iShares Bitcoin Trust (IBIT) has shown strong performance with over 40% annualized returns since its launch in January 2024, despite recent market volatility [2] - Average investors, however, have only realized an 11% annualized return, primarily due to poor timing in their investments [2][4] - The fund has experienced significant outflows, with over $2.3 billion withdrawn in November 2025, marking the largest monthly redemption and the longest streak of outflows since inception [3] Performance Analysis - The iShares Bitcoin Trust has effectively tracked Bitcoin's performance, achieving excellent total returns since inception [4] - The disparity between the fund's total return and the actual returns experienced by investors highlights the impact of market timing on investment outcomes [5] - Nearly 60% of IBIT's total dollar gains occurred within the first 66 days of its launch, a period when most investors had not yet entered the fund [6]