I do not see this BlackRock's entry as a breakthrough for cryptography, rather an attack on future network decentralization.
Im not sure though. Bitcoin's utility is a store of value now the world works with money involved with it. This people who are interacted with bitcoin for investment scheme can also have their freedom to do so. Well they are using bitcoin though as Satoshi wanted too. Anyone can use bitcoin for peer to peer transaction, if you are aiming for that then these huge people are included also on those Satoshi's goal whether they use bitcoin big or small. They may have agenda for themselves but that isnt out of control.