Honestly, I feel a bit regretful. There are still friends asking whether BlackRock's purchase data can be faked or whether their holdings are fully disclosed. The truth is, what many people fail to understand is that BlackRock's holdings aren't entirely purchased by BlackRock itself. In fact, the amount BlackRock buys itself is very small; most of it is bought by other investors or institutions. All the buy and sell data is compiled and summarized by multiple parties. Not to mention that the data can be seen on Bloomberg Terminal, almost all participating APs (which you can think of as market makers) can access the data. Plus, all of this is regulated by the SEC, and all the custodial BTC is held in Coinbase, not something BlackRock can manipulate on its own. This isn't because capitalists are inherently good, but because there is sufficient regulation. It's precisely because of strong regulation that investors are willing to entrust their money to BlackRock. What they trust isn't BlackRock itself, but the entire regulatory system.