BlackRock does not make money based on their entry into market. BlackRock does not make money if the price of Bitcoin goes up. BlackRock would only make money on the ETF management fees that they charge their customers. If anything, I feel that BlackRock would want the price of Bitcoin to go up so that it looks advantageous to clients, so that they can sell more shares, and in turn generate more fees.
And in turn they would also make fees when those clients sell when prices go down so expect them to do that also.
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