I know you didn't, but it seemed like you hinted that by math (not in reality) we should be expecting 30%. But maybe I just read it wrong.
I know the math is wrong because it does not include more factors to have a better math. Even with more factors if we have them and finally get a better math, there are many factors on market we can not know. Psychological effects usually are bigger than math based on factors we know. I made the simple math because many newbies will have simple thinking like that.
I don't think it is so.
Blackrock doesn't need BTC to profit on the markets. They already own a large chunk of the equity market.
Secondly, they don't want to have a directional market risk on Bitcoin (the one that usually triggers the stop ): they are hedgers, not traders.
They would make enough profit from management fees, without putting in place risky positions on the market).
BlackRock is a big corporate company and they create a lot of income from cash management.
I download their report for
2022 full-year report and
Q2 2023 report that show how big their corporate company is and how big their profit from management fee.
You are right with their big size, they don't have to take risk. Management safely and get income from management fee is enough for them.
Small investors take high risk because they want to get rich quickly but institutional investors are more keen on low percent of profit but aim at safety for their capital first.