Probably yes, but Bitcoin is a global market, you can't manage every stablecoin to btc, every local currency to btc or every p2p market and premiums will show up over time.

There is for sure wiggle room to sell unbacked Bitcoin especially because you can't redeem it and hope you can keep playing that game netting fees and just back it later, but we've seen how that ends up, even if you have a massive balance sheet.

I guess if the blow up is big enough you still have the government as the lender of last resort, I wonder how that would go down, telling the public we need to bailout blackrock because of a bad bitcoin trade, lol