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Whatever someone thinks about Blackrock and others now trying to dominate BTC markets and derivative products and what not, it is still something positive in the sense that all the retail investors can ride the wave that these gangsters are creating.
And they are certainly not in it to jump ship one or two years later. They understand that the market for digital value is scalable like nothing has ever been scalable before.
You might be correct that there are not as many of the ETF clients that are going to jump ship in one or two years, but they are still individuals, governments and institutions, they are not one monolith and the coins are not Blackrock's. Blackrock is merely an intermediary that has to follow the exposure of their clients in regards to having to buy and sell the bitcoin to cover the sold BTC spot price ETF shares.
Ok maybe using a phrase like "certainly not" takes things a bit too far. No need risking to be wrong because of using absolute terms. But as you said, they are an intermediary that follows the money and I am sure chances are very high that the "customer base" will most likely only grow from here. I don't like to call people who own BTC customers, but here it does apply as they get served by an intermediary.
I am basing my assumptions on observations in my closer environment. When I see 12 years old kids talking about BTC and cryptocurrencies, what are the chances that they prefer another asset class like gold or art over digital goods? The only risk I see is that all kinds of worthless digital goods could dilute some of the potential for BTC specifcially. But BTC clearly is the real deal and every time someone burns their fingers with some worthless meme coin or NFT, I believe that most of them will learn the lesson and decide to hold a significant portion of BTC in their portfolio even at quite a young age.
We will still see cycles I think and I am realistic about the downside and upside potential in the short term. Could BTC's price be cut in half? It could, it has done that in the past and it might do it again in the future. But unless something really bad happens, like some algorithmic issues or a new technology that makes BTC obsolete (which I have no idea about what that could be looking like in the near future), I am very optimistic for BTC.